Hi,
Are you considering to purchase completed resale private property or properties under construction?
My understanding from my legal partners is that for resale private properties, the CPF monies will not be released in time to pay for stamp duties. So you are right in saying paying cash first then reimbursement from CPF (if there are enough in the OA).
For purchase of private properties under construction, if the timelines are managed carefully, it is possible to pay stamp duties directly from CPF.
Before obtaining a bridging loan from the bank, you need a valid Option to Purchase for your 1st property to show that you are disposing it. The quantum that you can get depends on the a few factors of the disposed property, that I would need more info on.
It appears your housing plans requires some careful planning, may I share with you more to help you safeguard your interests? I will be glad to understand your requirements further and tailor a plan that addresses your needs. Thanks and hope to hear from you soon!
Warm regards,
Ivan ERA
97432395
ivanng10@gmail.com
Read More
