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Hi Nik,

You can't take HDB loan for the next HDB purchase as you are coming from private property, you can only take bank loan. If the purchase price matches the valuation (meaning no cash over valuation), the main cash outlay is the 5k, reno costs and the agent success fee of 1%+GST .

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that Ivan’s listing of our unit was detailed and stood out from other listings. Because of this, we also engaged Ivan's service to help us search and buy our new resale home. After some searches and viewings, we managed to secure one at a reasonable price with his help. With Ivan’s cheery and positive demeanour, selling our unit to procuring a new one, was a smooth journey for us. It was a pleasure to have worked with him. Read More

Hi Nik,

If you have sufficient CPF to fully pay up the HDB flat, the cash outlay will be the option fee which is usually 5k and Cash Over Valuation (COV) if any. After selling your condo, you will not be eligible for a HDB loan and therefore only bank loan is possible.

Please feel free to contact me so that I can understand your situation and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

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“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer) Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, you could only go for bank loan in your case and assuming you have sufficient CPF to fully pay off the HDB flat, then your cash portion used will only be the deposit of $5000 plus COV if any.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi, I am Brendan!

Based on what you mentioned, yes you only need cash for HDB OTP 5k + COV (if any).
Also, you will not be eligible for HDB loan.

Will you like to do an analysis before making a purchase?
Pls contact me at 9754 5207  or wa.me/6597545207.

Thank you!
Brendan Bay, ERA Read More

Hi Nik,

You will be ineligible for HDB loan since you are downgrading from a private property. In terms of cash component, you will be able to use any amount between $2-$5000 depending on your agreement with seller for cash component, and if there is any COV as well, this will be covered by cash. For CPF usage, if the remaining lease of the property is able to cover the youngest owner to at least 95 years old, you may use your respective Ordinary Account (OA) savings up to the lower of the purchase price or the valuation price of the property at the time of purchase, otherwise, you may use your respective Ordinary Account (OA) savings up to a percentage of the lower of the purchase price or the valuation price of the property at the time of purchase. The amount of CPF savings allowed for your property depends on the extent that the remaining lease of the property can cover the youngest owner up to age 95. No further CPF usage is allowed thereafter.

Hope the above is helpful and if it is, please assist to click on the Upvote button for support.

Thank you!

Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
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Hi
You are right in the first scenario should you be able to fully pay off the HDB in CPF after selling your private property. HDB requires very little cash outlay. However this is assuming the HDB you purchase did not have any COV. If there is COV, you will need to pay the COV amount in cash since COV could not be covered by CPF. COV has been a norm for HDB transactions in recent years. If you take a bank loan, 5% of the value of the house needs to be paid in cash (eg $400k house value, $20k in cash). This excludes any COV which if any, must be top up in cash. From your profile, you might not be eligible for a HDB loan as private property owners face a 'debarment period' of 30 months after selling their private property from applying for HDB loan. I have assisted various clients like yourself in planning for their downgrading plans. Do contact me at 93375051  for a free and non obligatory discussion on this.
Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051  Read More

Hi Nik,

I'm confused about your questions, do you mean you sold your HDB, or sold your condo?

From the questions you posted, I think you're not very well-versed in sale and purchase procedures. I strongly advise you engage a professional to handle your sale and purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi Nik. You can use cpf to fully pay your HDB. Pls note that If you are 55 and above, you need to set aside Basic Retirement Sum. feel free to contact me for property sell buy rent service. Mei Foong PropNex 89387686  Read More