AskGuru Q&A Community

Hi Mdm Lim,

Can I check if you have purchased this unit using Bank Loan/HDB Loan? Did you utilise any housing grant for this purchase?

Since you have purchased your EA in the open market in March 2008, your MOP should be the following should you have not utilised the housing grant:

1) 2½ years from effective date of resale if you have taken a loan from HDB.

2) 1 year from the effective date of resale if:
i. the owner has not taken a loan from HDB; or
ii. he has taken a loan from the bank/financial institution to finance the purchase.

We are in no position to advise on how to solve the inconsistent income issue, and that downgrading to a smaller unit is likely helpful in that you are likely to require a lower loan quantum for financing. Alternatively, you may choose to use a bank loan for your downgrade purchase such that you are able to utilise the cash proceeds from the sale of your current EA. My friend has recently sold their unit at a reasonable pricing.

If you need to work out some of the figures to understand better, perhaps I can arrange a meet up with you for discussion. In addition, if I may also share with you a checklist my team of dedicated salespersons have designed to try help our exclusive HDB clients improve the valuation, it will also be beneficial for you. My team of salesperson who are operating in your estate has collectively numerous years of experience in this industry and is in an excellent position to assist you.

Hope to hear from you soon.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More

Hi Mdm Lim,

Since you bought the EA in March 2008 without CPF housing grant, you can definitely sell your flat now since the MOP of 2.5 years (if you took HDB loan) and 1 year (if you took Bank loan) has been met.

From Jan 12 to July 12, the transacted prices of EA in sembawang can vary from 477k to 608k. So how much your selling price is really depends on the exact location of your EA.

There are many people who downgrade to a smaller unit to cash out money. I cannot say this is the best way to solve your financial problem but this is one way you can consider.

Before that, need to do a detailed calculation to find out how much money you can cash out after all the selling and buying.

Appreciate you can contact me at 98628691  to discuss. I will be glad to meet up with you to discuss in more details.

Thanks.
Ander DTZ Read More

Afternoon Mdm Lim,

The current estimated valuation for your unit is around $495k to $560k, depending on which block you are located in. Asking COV is around $30k to $55k, depending on your unit's level, facing, condition and ethnic restriction.

Without grant, you would have fulfilled your MOP if you have being staying there since the day of purchase. As for the downgrade, it would be good to look at units that are within your budget yet big enough to house you and your loved ones.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More