Asked by CeePee
Hi! We have a 4rm HDB in Sengkang valued at approximately $350k and we would have fulfilled the five year mimimum occupancy period in Jan 2010. The property is fully paid for using our CPF a few years ago. We are considering selling it, does it mean that after returning our CPF ordinary accounts the principal sum withdrew plus the accrued interest, we will be receiving the remaining amount in cash? is there any other levies that we might incur? Secondly, we are considering buying a resale condo (99 lease hold) of about 8 years old, if we were to proceed with the purchase, are we able to pay only the initial 5 % in cash (1% + 4%) and have the remaining downpayment paid for using CPF from the proceeds of the sale of our HDB and the exiting amount available in our CPF ordinary accounts? Do the banks provide a bridging loan service for us to acquire the resale condo whilst we wait for the monies from the proceedings of the sale of our HDB flat?
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