6 Answers

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Ling CK
Hi,

1) COV is the additional cash that beyond the market rate.
2) The banks and HDB loan department do not recognize this amount as part of the HDB flat value.
3) Therefore you can't use the 50% cash proceeds for this.
4) The 50% cash proceeds are only for the value of the property.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Ivan Ng
Hi,

Unfortunately no, the 50% sale cash proceeds is used to fund and offset the purchase price so that your hdb loan is minimized. COV is another component in addition and beyond the purchase price, and is payable by cash only. You have to top up either from your cash savings or from the excess of the 50% sale cash proceeds (if any).

I have worked on various similar cases and would be happy to share the best approach for your scenario. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Nick Tan
Dear Sir/Mdm,

You will not be able to use the 50% sale proceeds to form part of the Cash Over Valuation as this part of sales proceeds will need to be used to offset the loan amount when you take up a 2nd HDB loan. If you wish to maximise the cash you are able to get from the sale, you may wish to consider taking a bank loan.

Please feel free to contact me so that I can list down both scenarios and run through with you the finances so that you can understand which is the better approach.

Regards,
Nick Tan
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YT Tan (陈永达)
Good afternoon C,

I am afriad to inform you that COV is on top of purchase price therefore you are not eligible to use the 50% of sales proceeds to offset COV.

If you wish to use more sales proceeds for other usage, have you think of using bank loan for your next purchase before? Have you done a comparison before?

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

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YT Tan
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Robbie Chen Chee Howe
Hi,

The purpose of the 50% cash proceeds is to "right-size" your 2nd HDB loan. Hence, you will not be able to set aside this cash to pay for any COV for your flat purchase.

If Cash is your concern, and you have substantial Cash proceeds from your first flat, you may wish to explore taking up a bank loan instead.

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