Noobie Qn

[CDS1234]

Dear All,

I'm very inexperience in all these buying/selling of pty.
Am totally new and would like to buy a FH condo for own stay.

I am wondering on this scenario where I may have decided to buy a certain condo unit .
How long do I have before I can make the final downpayment , as I will need some time to sell off my current HDB unit(I do not wan to sell my HDB unit before i get the new condo unit, as i have no place to stay) and I would like to put all my profits either in Cash/CPF as my downpayment for my new condo unit and take as minimal loan as possible.
Will I be given sufficient time to sell off my current HDB unit to get the proceeds and fork out all the $$$ for the downpayment of my new condo unit?

Thanks :)

[cashrich]

Dear All,

I'm very inexperience in all these buying/selling of pty.
Am totally new and would like to buy a FH condo for own stay.

I am wondering on this scenario where I may have decided to buy a certain condo unit .
How long do I have before I can make the final downpayment , as I will need some time to sell off my current HDB unit(I do not wan to sell my HDB unit before i get the new condo unit, as i have no place to stay) and I would like to put all my profits either in Cash/CPF as my downpayment for my new condo unit and take as minimal loan as possible.
Will I be given sufficient time to sell off my current HDB unit to get the proceeds and fork out all the $$$ for the downpayment of my new condo unit?

Thanks :)

Good idea.. be cash rich

Remember someone said cash is king?

[Blue]

Dear All,

I'm very inexperience in all these buying/selling of pty.
Am totally new and would like to buy a FH condo for own stay.

I am wondering on this scenario where I may have decided to buy a certain condo unit .
How long do I have before I can make the final downpayment , as I will need some time to sell off my current HDB unit(I do not wan to sell my HDB unit before i get the new condo unit, as i have no place to stay) and I would like to put all my profits either in Cash/CPF as my downpayment for my new condo unit and take as minimal loan as possible.
Will I be given sufficient time to sell off my current HDB unit to get the proceeds and fork out all the $$$ for the downpayment of my new condo unit?

Thanks :)

Hi, without selling your HDB to cash out, you need to have 20% downpayment to pay for the condo of which 5% by cash, 15% by cash / CPF. You also need to pay stamp duty which is 3% of purchase price - $5400 by cash / CPF.

The balance 80% will be needed progressively depending on stage of completion of condo - but your bank loan will take care of it.

If condo is already completed, your bank loan will also take care of the 80%, and you need to service your loan from thereon.

Your HDB - you can sell anytime to downpay your condo loan provided your bank loan package allows u to do so.

To sell your HDB, it takes 6 months to complete to get your money. But you only have 3 months to make your 20% downpaymnt for the condo.

[CDS1234]

Hi, without selling your HDB to cash out, you need to have 20% downpayment to pay for the condo of which 5% by cash, 15% by cash / CPF. You also need to pay stamp duty which is 3% of purchase price - $5400 by cash / CPF.

The balance 80% will be needed progressively depending on stage of completion of condo - but your bank loan will take care of it.

If condo is already completed, your bank loan will also take care of the 80%, and you need to service your loan from thereon.

Your HDB - you can sell anytime to downpay your condo loan provided your bank loan package allows u to do so.

To sell your HDB, it takes 6 months to complete to get your money. But you only have 3 months to make your 20% downpaymnt for the condo.


Hi Blue,

Thanks for the answers.
Guess I have no other option , but take up the full 80% Bank loan and once I sold my HDB, I will then use all my $ in my CPF acct and all my Cash to pay down my Bank loan.

[Blue]

Hi Blue,

Thanks for the answers.
Guess I have no other option , but take up the full 80% Bank loan and once I sold my HDB, I will then use all my $ in my CPF acct and all my Cash to pay down my Bank loan.

Dun pay down your bank loan even if you have the cash from the sale proceeds of your HDB bec housing loan interest is low now. Make your money work for you than you work for the money. Instead, re-invest the cash in property / stock mkt / commodities - gold or oil. These in general fetch higher returns than reducing loan interest. Of cos, there are risks involved.