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Hi,

There might be over lying limitations with your proposal. You may wish to contact me at 96659926  for a non obligatory discussion and I could run you through the entire process transaction highlighting all the key aspects (loan issues, financial flow, proposal of projects to upgrade , sharing of transaction caveats for selling and purchase etc) AS well as propose various alternatives you can work out due to cash flow issues.
One to note, for the purchase of your private property, you will not need to shoulder agent commision fees. Look forward to hearing from you!

Visit my website to view my testimonials & recent awards to gather more information on me: www.kumarrai.com

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com
www.singapore-newproperties.com.
dkumar@era.com.sg

About Me-

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Hi,

Once you change HDB units, you have to physically occupy it for another 5 years before you are eligible to purchase private property. Hence your idea can't work out.

If its due to the 20% downpayment, the sales proceeds from your 4A flat sale (if you are open the idea) might be sufficient to provide for the condo. It is more useful if we can discuss on the financial situation together over email or in person. Thanks and hope to speak soon.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com
Www.ivanng10.com Read More

Afternoon,

Once you have downgraded to 3 room flat, you will need to fulfill the MOP requirement before you are eligible to buy your second property again. Alternatively, you can request extension of stay from your buyer and so that you can utilize the funding to facilitate the purchase.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good evening condo upgrader,

As mentioned by my fellow professionals, you have to fulfill minimum occupation period of 5 years if you decide to downgrade to a smaller HDB before be eligible to purchase a private property.

Maybe you can share with me more so I can advise you with an aid of a financial plan.

Btw do you have intention to sell off your current place?

If you have, you can obtain a bridging loan if you have a valid OTP.

Hope to hear from you soon so I can elaborate further.

Oh btw normally for private transactions, you don't have to fork out any commission to your representative. They will take from developer or seller's agent.

Hope my explanation helps! Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com Read More

Good afternoon,

Sincerest apologies for the late reply. Propertyguru doesnt prompt us when there's any reply to our post.

Let me answer your questions now.

1) Yes you can use CPF OA funds to finance your monthly mortgage repayments.

2) Depends. If both of have utilised CPF OA funds in your current bukit batok unit then you have to set aside a minimum sum of $77.5k each.

For instance, if both of you have to set aside minimum sum, your wife can use up to $109k and you will have around $53.5k for the downpayment of condo purchase.

3)Bank will require the necessary documents from both of you to generate in principle approval (IPA). From this IPA, you will know how much loan amount both of you can obtain based on TDSR ruling, income, age, debts etc.

As you currently have an outstanding housing loan of $55k, you only able to obtain up to 50% loan thus your downpayment will be 50% (25% cash and 25% CPF/ cash).

You might want to fully pay up your HDB first before purchasing a second residential property so you can obtain up to 80% bank loan. 20% downpayment will be 5% cash and 15% CPF/ cash.

Do take note that you will still be subject to 7% additional buyer's stamp duty if both of you are Singaporeans.

4)Yes you are able to rent out your current HDB provided your household has at least 1 Singaporean. If both of you are SPR, then you cant.

Maybe you can share more information about your cash finances via email or call so I can advise you further whether is it feasible for you (1) to purchase a private property either based on (i) current situation or (ii) fully pay up your current housing loan first or (2)you have to sell off your current HDB in order to purchase a private property.

Hope to hear from you soon! If you need a meet up, we can meet somewhere near your place as I stay in Jurong West only.

Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com Read More