Asked by Lukman
My existing flat purchased when I was a Permanent Residence. at that time I pay the 10% down payment using cash, and the 90% I am taking Bank loan and pay the installment using CPF.
Now I am Singaporean. I am buying BTO from government and intent to take loan from HDB. my BTO will be ready in 3-4 years time.
I am thinking to pay off my existing bank loan using cash, while waiting for my BTO since I am thinking I will get my money back when I sell off my existing flat.
The objective is to save the loan interest rate that I have to pay, which much higher than what I will get from bank saving.
But now there is 50% of cash proceed rule to be placed back for our next flat.
My question:
For my above scenario, when I sell off my existing flat, do I need to put back the 50% of cash proceeds? If Yes, then how much the 50% of cash proceeds being calculated? Will it be calculated after minus off the cash money that I have placed in?
Now I am Singaporean. I am buying BTO from government and intent to take loan from HDB. my BTO will be ready in 3-4 years time.
I am thinking to pay off my existing bank loan using cash, while waiting for my BTO since I am thinking I will get my money back when I sell off my existing flat.
The objective is to save the loan interest rate that I have to pay, which much higher than what I will get from bank saving.
But now there is 50% of cash proceed rule to be placed back for our next flat.
My question:
For my above scenario, when I sell off my existing flat, do I need to put back the 50% of cash proceeds? If Yes, then how much the 50% of cash proceeds being calculated? Will it be calculated after minus off the cash money that I have placed in?
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