Good afternoon investor,
Great hearing from you!
It depends on a few factors whether do you need to sell your HDB in order to purchase a private property.
1) Any outstanding loan?
If you don't, you can obtain 80% loan and your downpayment will be 20%.
But if you do, you will only able to obtain up to 50% bank loan thus your downpayment will be 50%.
2) Finances on hand
Do take note that if you have utilised CPF OA funds in your current HDB, you will have to set aside a minimum sum of $77.5k in your CPF OA + SA first before you can use the excess in this purchase.
Maybe you can share more information so I can further advise you with a financial aid.
If you have to sell off your HDB in order to purchase a private property, you might consider this.
Sell your HDB first then have a rental agreement with the seller that you are purchasing the unit from. Once funds have been released from the sale, pump the funds into the purchase.
Pros is that you only have to shift house once and you don't have to worry about the finances. Cons will only be that you need to incur rental expenses in the unit you are purchasing.
Hope my explanations and opinions help!
If you need any further assistance or advice, feel free to contact me. FYI I am assisting a client staying in Jurong with the same situation as you too. If need be, I can drop by to meet you up to discuss as well (I reside in Jurong too).
Hear from you soon!
Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
(M):
+65 9111 5171
(E): yt.lovelyhomes@gmail.com
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