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

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  • Jim Ng
    Jim Ng
    Level 5. Genius
    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.

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  • Colin Lim
    Colin Lim
    Level 3. Wonderkid
    Answered on 10 Nov 2018

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

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