Evening Alvin,
If you are PR, you are required to sell away your HDB unit within 6 months from key collection. By if you are SC and have fulfilled your MOP, you will be eligible for the purchase. As your outstanding loan is only $60k plus, you might want to consider clearing this mortgage before you move into the second purchase. As if you have existing mortgage, you are only eligible for 50% loan where 25% have to be in cash and balance 25% can be in CPF and cash. On the other hand, if you do not have existing mortgage loan in hand, you can get 80% loan where 5% must be in cash and 15% in CPF and cash. Assuming that ou do not have enough CPF, the cash payout will be an additional $240k.
Do feel free to contact me for further discussion,
Regards.
Mike Lim
96929209
m52i@yahoo.com
ERA
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