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Midnightbaker

18 Aug 2020

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I have purchased a resale HDB with grants and HDB loan but I hope to own a EC or PC one day. Should I sell my HDB ASAP at a net loss?

Have purchased first property: resale HDB prime location (26 years old this year. Point block, near 3 MRT stn, mature estate, 4rm) for 648k, slightly below valuation of 650k. Bought with grants, HDB loan. mortgage about 2.6k. Did minimal renovations (about 35k)

Based on desktop searches, properties in the block and the next block are rarely on sale and easily snatched up despite the price range. This is a young resale unit in a very mature estate.

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Lee John

18 Aug 2020

Loo from 1M65 said to live within your means. No need to go for private property which rings true to me. I would save the money for retirement so I can spend more on things I prefer.

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I had bought a resale HDB flat with grant. After 10 years I sold and bought brand new EC. However, I have intended to sell my EC after 5 years. Am I eligible to purchase a new BTO flat?

Should I make partial repayment to my HDB loan now if I intend to sell my flat in the next few years and buy a resale, BTO or EC?

If I buy a resale HDB before selling and take a 2nd HDB loan, between the refund to CPF and HDB wipe out of OA, can I transfer part of the OA to SA? Or must all refunded CPF go to the new HDB loan?

In current interest rate climate, shld we go for bank or hdb loan? I also understand the idea of some who recommended taking HDB and switch to Bank loan. Also, don't intend to sell the resale flat?

Is MIP (Mortgage Interest Policy) compulsory for all HDB unit? I am taking UOB home loan for HDB resale purchase. Was advised to take MIP from the HDB instead from the bank as it'll be cheaper. Is this true?

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