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Own an exective flat for 10 yrs.loan left 2 yr($50.000 ) .Me and my spouse age 54..with 2 son both in the uni and graduating next year.CPF account zero as paying for current flat.Cash on hand about $140.000
Question > it's wise to invest in a 2 bedroom and rent out my flat to finance the mortage?
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1 Answer

Mike Lim
Replied
Morning,

As you have existing mortgage loan, you will only be granted 60% loan for your upcoming purchase. Thus with only $140k cash in hand, you will have problem buying studio, less to say 2 bedroom apartment.
Alternatively, check with CPF board on how much CPF both of you can use after selling your executive unit. Downgrade to 4 or 5 room flat and unit the possible cash balance to pruchase a smaller condo for investment, under your children's name.

FYI
Mike Lim
 96929209 
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