Hi HDB upgrader,
First you have to work out your sum (sale of HDB and purchase of EC) and seek advice (Approval in princple) from bankers to see whether can you afford to upgrade.
For bank mortgage repayment, it's definitely okay for you to pay in cash if your CPF is insufficient for full monthly repayments.
But you have to bear this in mind: buy within means.
Btw which EC are you targeting at? New EC or under constriction or resale EC?
As due to the recent cooling measures, I will recommend you to sell first before buy. Because if you choose to buy first then sell, you will be subject to ABSD of 7% then only after you sell your HDB within 6 months from completion of EC, you are able to apply for ABSD refund.
If you choose to sell first then buy, both of you wont be subject to any ABSD as the EC will be considered as your first property.
Hope it helps!
If you need any assistance in your property needs, I am just a call away.
Cheers!
Warmest Regards,
YT TAN
Senior District Manager
R043025D
(M):
9111 5171
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd
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