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My parents want to sale 4rooms resale flat, which they bought 10 years ago and downgrade to 3 rooms BTO flat. He can't afford to pay monthly payment. He is 62 years old and he is a taxi driver. Now he plan to buy 3 room BTO flat and settle full amount by paying thru CPF and the balance by cash. This is 2nd time he buying BTO flat. Is he eligible to purchase BTO flat at this age and can he pay the total amount by cash. TQ.
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1 Answer

Mike Lim
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Afternoon Kay,

With your parent's age, do check with CPF board on how much are they entitled for the next purchase, due to the retirement account.
Being a taxi driver, the amount of loan that can be disperse to him might also be limited. Paying the new purchase fully by cash is not an issue, provided they are willing to part wit the money.
You need to do some homework before your parent can advance forward.

FYI
Mike Lim
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