Asked by
I own a 4 room bto in tampines mop in 2022. We have less than 150k of hdb loan left to pay bought for 300k. We have combined cpf OA of $70k as of now. Age 33. Mthly combined salary is slightly above 9k. Not inclusive of bonuses. No other loans or car etc. we want to upgrade to condo. How do we do this with minimal
Cash upfront and how much is the cost of the condo that we can purchase if we do not want to top up cash mthly? Only use cpf.
0
257 views
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Hi,

Sure I be happy to assist with the detailed calculations but will still need more information. It is likely you would need to sell off the HDB first to unlock the sale cash proceeds for the down payment of the condo.

I have worked on various similar hdb upgrading scenarios and would be happy to share the best approach.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
W: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.

-- HDB Jurong West 5-RM Sellers, Exec Apartment Purchasers, Lenz & Michelle --

We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.

We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.

We would never expect such a smooth sailing experience of selling and buying of property. Your professionalism in work will definitely be remembered and rewarded. All the best in your property venture! Read More
0
Hi,

1) It is worth the trouble to look into an upgrade at your age.

2) In general, a person might only have a maximum of 2 times of upgrade of accommodation in one's lifetime. So it is good to start your property planning as young as possible. Since this is one of the biggest investments not only for simple accommodation, it is also for long-term investment.

3) As per current trend. HDB flat appreciation is much slower than private. Private residences appreciation is almost 2 times of HDB flat. Earlier planning also meant you have a good chance of early retirement.

4) There are typical 2 approaches you may consider:
(a) Buy first, pay ABSD. Get back ABSD upon selling your HDB when you collect the key for your purchase.
(b) Sell first, buy later.

5) 4(a) is ideal if you can afford the 12% ABSD, and able to receive a sufficient loan of 45% because this is the 2nd mortgage loan.
6) 4(b), allowed you to receive a maximum of 75% loan, and avoid paying ABSD upfront. However, will need to stay in temporary accommodation until the new purchase is ready.
7) The payment structure of a condo is 5% cash, 20% cash &/or CPF, loan 75%.
8) We will need to do a detailed and careful calculation before can provide a useful solution for your consideration.
9) The info currently provided is insufficient for such tedious calculations. I would suggest having a coffee session to go through all the details.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
0
Robbie Chen Chee Howe
Hi,

Based on the figures that you stated here, it is possible for you to make the upgrade to a condo after you have met your 5-year MOP.

The minimum cash downpayment for a condo is 5% of the purchase price, which I believe can be covered from the sale proceeds of your HDB flat. Depending on the condo you purchase, you may also have balance CPF funds left after the purchase, which could be used to service your monthly mortgage instalments thereafter.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you. Please get in touch with me for a more in-depth discussion on your property plans.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Previously Asked Questions