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My Own Notes

Mr. HDB sold his HDB flat for $600K, with an outstanding loan of $200K, leaving $400K in sales proceeds. From the $400K, $250K was used to repay the CPF amount with accrued interest. This left $150K cash on hand. When buying a $1M condo, putting down a 5% cash payment of $50K and 20% CPF payment of $200K, along with paying various other fees, Mr. HDB was left with $100K cash and $22.4K CPF without using any of his own money.

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Jason Ong Wicky
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37 views

My Own Notes

Mr. HDB sold his HDB flat for $600K, with an outstanding loan of $200K, leaving $400K in sales proceeds. From the $400K, $250K was used to repay the CPF amount with accrued interest. This left $150K cash on hand. When buying a $1M condo, putting down a 5% cash payment of $50K and 20% CPF payment of $200K, along with paying various other fees, Mr. HDB was left with $100K cash and $22.4K CPF without using any of his own money.

Uploaded by

Jason Ong Wicky
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Compiled for:

Mr HDB
SALE OF YOUR HDB
Assuming that you sold your current HDB flat
based on the following conditions

Selling Price: $600K


Outstanding Loan: $200K
Sales Proceeds: $400K ($600K - $200K)

Next, we will need to determine how much $$$ will be


returned to your CPF + Accrued Interest after the
transaction. Based on the assumption that CPF used +
accrued interest = $250K

Cash on hand = $150K ($400K - $250K)


Then, assuming that you are getting a $1M Condo

5% Cash down payment: $50K


20% CPF down payment: $200K
75% Housing loan: $750K
Buyers Stamp Duties (BSD): $24.6K
Legal fee: $3K
After deducting all these expenses, let's see how much
cash you are left with. :)
Cash: $100K ($150K - $50K)
CPF: $22.4K ($250K - $200K - $24.6K - $3K)

There you go, congratulations, you will be eligible to


upgrade to a condo from a HDB without having to pay
anything out of your own pocket and also create an
additional savings of $100K cash and $22.4K CPF!
HTTPS://WWW.STRAITSTIMES.COM/OPINION/WILL-
YOU-STILL-LOVE-YOUR-HDB-FLAT-WHEN-ITS-OVER-
64
Name: Ong Weike (Jason)

CEA Registration Number: R059019G

Agency Licence Number: L3002382K

HP Number: +65 8112 0970

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