Gabriel Tham

Tag Team Member at Kenichi Tag Team

25 Feb 2021

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If buy HDB Resale and use HDB loan first, then change to bank loan, need top up downpayment?

If buy HDB resale and use HDB loan first, then change to bank loan, need top up downpayment?

Since HDB loan downpayment is 10% and bank loan is 20% downpayment, if switch to bank loan need pay the difference?

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Mortgage Master

25 Feb 2021

Hi Gabriel.

Assuming its the hardest case scenario

HLE 90%

10% Fully CPF usage

And you want to refinance immediately to a bank loan.

(Note : Must wait for HLE to disburse first)

Ok so for the hardest case scenario, its hard because banks maximum refinance Loan to value for these are around 80% - 85% subject to approval.

However in most circumstances, due to HLE forcing you to use most of your CPF, your LTV is below 85%

you can then do it immediately.

No need any cash downpayment.

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