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upgrade to condo from hdb,

When switching from an HDB to a condo and to upgrade to condo from hdb, one crucial point has to be addressed: can you afford to maintain your HDB as an investment or do you need to sell it first?<br>What are the financial repercussions if I upgrade to a condo while keeping my HDB as an investment?<br>Many Singaporeans find it alluring to keep their HDB as an investment and upgrade to a condo, mainly if the rental income is near or more than the monthly mortgage payment. However, several more financial factors must be considered to determine your ability to pay. The consequences of keeping your HDB

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upgrade to condo from hdb,

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  1. UPGRADE TO CONDO FROM HBD https://www.mopupgraders.sg/

  2. UPGRADE TO CONDO FROM HBD - MOPUPGRADERS Increase your HDB to Condo ratio The fantasy of upgrading from an HDB to a condo may have been sold to you in several Facebook advertisements, such as "Sell your HDB and buy two condos for a secure future in Singapore!" and "Upgrading from an HDB to a condo with the same salary? …" and so forth. Let's not split hairs; this is clickbait. When switching from an HDB to a condo and to upgrade to condo from hdb, one crucial point has to be addressed: can you afford to maintain your HDB as an investment or do you need to sell it first? What are the financial repercussions if I upgrade to a condo while keeping my HDB as an investment? Many Singaporeans find it alluring to keep their HDB as an investment and upgrade to a condo, mainly if the rental income is near or more than the monthly mortgage payment. However, several more financial factors must be considered to determine your ability to pay. The consequences of keeping your HDB and purchasing private property in Singapore are all listed below. Notably, you must, by law, remain residing in your HDB after purchasing private property; however, you may request HDB's approval to rent out your HDB flat. a. CPF Your new condo will be your secondary residence because you plan to keep your HDB (provided you don't already own one). So, you'll be bound by the same guidelines as those for "purchasing a condo first" mentioned above, i.e.

  3. From your CPF Ordinary Account, you may withdraw a maximum of 100% of the condo's valuation limit (the valuation limit is equal to the lesser of the property's market value or purchase price). Before withdrawing any funds for the condo purchase, you must first set aside a Basic Retirement Sum (BRS) in your CPF. This means that you must maintain a minimum amount in your combined CPF accounts and can only withdraw funds up to that level. This sum is specified on the CPF website and changes according to age. Depending on your age and the lease length, the CPF withdrawal limit can be lower. The government amended the CPF contribution limits for the acquisition of real estate on May 10, 2019. You are permitted to withdraw from your CPF Ordinary Account (OA) up to 100% of the market value or the purchase price of the property, whichever is lesser. Loan from HDB When you purchase a condo and want to keep both, it is OK to owe money on your present HDB home still. Therefore, buying a property has no impact whatsoever on your HDB loan. How does one transition from an HDB to a condo? The upgrading process may change depending on whether you're purchasing first, selling first, or neither. We'll outline the procedures for both buying and selling below. a. How to sell an HDB apartment The processes that you and your property agent will take to sell your current HDB and then upgrade to a condo are as follows: On the HDB website, submit your "Intent to Sell" form. Estimate the selling and cash proceeds of your apartment. Start selling your home by promoting it.

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