Asked by Tim
My wife and I currently stay in a HDB flat (not fully paid up). In July 2010 (before the new prop rulings came in), we bought a condo and paid for the 5% OTP in cash as reqd. For the remaining 15% we realised that our savings plus CPF (OA a/c) was not sufficient but the agent/lawyer mentioned that we can dip into our CPF minimum sum/ reserves to make up for this shortfall based on the assertion that
(i) The condo purchased will be for self stay and not investment
(ii) We need to sell our HDB flat within 6mths of TOP of the condo.
I am trying to find info about this particular ruling online but cannot seem find anything on this. Can any guru advise?
Also, assuming that there is now a change in circumstances and we wish to retain our flat, what can we do and is there any penalty being imposed? Any help is much appreciated.
*off-hand, I cannot remember the specific name of the reserve that we were allowed to use to top up the difference.. apologies for any confusion
(i) The condo purchased will be for self stay and not investment
(ii) We need to sell our HDB flat within 6mths of TOP of the condo.
I am trying to find info about this particular ruling online but cannot seem find anything on this. Can any guru advise?
Also, assuming that there is now a change in circumstances and we wish to retain our flat, what can we do and is there any penalty being imposed? Any help is much appreciated.
*off-hand, I cannot remember the specific name of the reserve that we were allowed to use to top up the difference.. apologies for any confusion
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