Asked by Anonymous

My wife and I just moved into a 3rm Punggol BTO flat with our 3 year old girl. We're getting divorced upon reaching MOP and will sell the flat. How much CPF do I need to buy an EM 5rm flat?

The plan is for her to buy a flat with my daughter and I will buy as a single since I'll be more than 35 years old. My wife wants to buy a 3 room resale flat. Current flat: 3rm Punggol BTO flat (Price: 190k, HDB loan: 100k, rest: grants and CPF

Share this
Answer this question
Write your answer

Answers (2)

Sort by:
Most Upvote
  • Most Recent
  • Most Upvote
    • Jim Ng
      Jim Ng
      46 Answers, 114 Upvotes
      Answered on 11 Nov 2018

      Hi, from a quick search , the market prices of 5 room EMs are around $500k-$600k.

      You need to have 10% set aside as downpayment for this flat, which is around $50k to $60k.

      The next question I have for you is, are you and your wife joint-tenants for your 3-room BTO flat? If yes, that would mean the proceeds of your 3 room Punggol BTO flat would be split evenly between both of you.

      Therefore, once you sell the flat, there'll be a surplus of $90k split evenly between you and your wife, which mean you'd have $45k surplus.

      On top of that, you'll have to leave a remaining of the amount you took in grant with accrued interest in your CPF account.

      The remaining surplus can then be used to finance your new flat.

      Comments (0)
      Share this
    • Colin Lim
      Colin Lim
      24 Answers, 37 Upvotes
      Answered on 10 Nov 2018

      EM 5rm flat is how much? How you check?

      Comments (0)
      Share this

Manage your money for free today!

Download on the App StoreGet it on Google Play
  • Quick overview
    Quick overview of your bank and card transactions.
  • Secure syncing
    Secure syncing of your bank or credit cards transactions
  • Automatic categorization
    Automatic categorization and analysis for your expenses
Seedly app