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Evening Chua,

Your wife can use all the CPF monies for the next purchase. The hurdle that you need to clear is your CPF component. Being more than 55, you are required to set aside at least 50% of minimum sum before you are allowed to use the rest for the upcoming purchase.
Given your age and income, bank should be able to loan you up to 65 or 70 year old. These would be totally dependent on the bank's discrete. However, it's not advisable to take high loan as your CPF contribution will be lower than normal. It's also vulnerable as your health might be an issue. You can try to work out on your profit margin on sales and plan properly for the purchase. Prudence on financial management is very important at such time.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More

Hi Mr Chua,

Mike is absolutely right in his comment on prudence in financial management for your scenario.

Given your situation, it is pretty tricky to purchase in terms of CPF utilization for financing the purchase with the minimum sum regulation.

Do you have any other alternatives for downgrading for example having an adult child to copurchase the new unit or perhaps stay on at your current place and rent out any additional rooms which you may have?

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More