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ive got a situation here ,

i sold my BTO flat in aug 2022 and i recieved a sum of cash proceeds . my main concern to sell of the flat was due to heavy debts which was bad and i used that to settle off the mischellennous fees like agents,, debts and other sourses.

now i left with less then 10k

does this mean i can never buy a house anymore because i do not have the 50% proceeds ?

and as much as there are people advicing us to go for bank loan , to fork out additional 15k is a pain .

we have enough for the otp and all . but not to cover the purchase price

any advice ?
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2 Answers

Jay Lim 林俊哲
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Hello!

You can still purchase a flat. Unfortunately you cannot simply pay for the initial otp and make payments as it is due.

During purchase, cpf board will look at your loan eligibility either from hdb/banks and whether you have sufficient cash + cpf to cover the remaining shortfall of the purchase price.

I will advise you to seek an agent assistance to look into your financing to assess your affordability. Feel free to reach out to me if you are interested.

Regards,
Jay Lim
 +65 8885 6761 
PropNex Realty Pte Ltd
w: https://themindful.space | bringing clarity to property Read More
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Geryl Lim
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Unless you go to appeal with HDB in doing away with using the 50% of your proceeds to purchase a HDB using another HDB loan, otherwise your only option is to go for bank loan. In fact you are likely not the first person who has such issues, the only thing is what options did the other have? I have encountered many who simply has no other option but to rent an apartment, but during this current rental market where prices are crazy, it also doesn't make sense to rent, therefore sorry to say that unless you appeal and hope it approves, if not bank loan is your only option. Read More
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