Upgrading To EC

[jfoo2]

Hi all,

I would like to check with you guys regarding the usage of CPF when I upgrade my HDB flat to a Executive Condominum.

Let say we sell our HDB Flat for $600k and the new EC is $700k. Both our CPF ordinary account adds up to $100k.

If I want to pay off the new EC of $700k in one lump sum, would both me and my wife be able to use our CPF balance (i,e 100k) to pay off the sale of the upgraded EC?

The reason why I am considering paying off one-shot is to be able to take on a 2nd bank loan at 80% for investment purposes. So I like to reserve my cash (and use CPF to clear it)

Is there any CPF minimum sum policy that we need to adhere to?

Thanks

[Dennis Ng]

Hi all,

I would like to check with you guys regarding the usage of CPF when I upgrade my HDB flat to a Executive Condominum.

Let say we sell our HDB Flat for $600k and the new EC is $700k. Both our CPF ordinary account adds up to $100k.

If I want to pay off the new EC of $700k in one lump sum, would both me and my wife be able to use our CPF balance (i,e 100k) to pay off the sale of the upgraded EC?

The reason why I am considering paying off one-shot is to be able to take on a 2nd bank loan at 80% for investment purposes. So I like to reserve my cash (and use CPF to clear it)

Is there any CPF minimum sum policy that we need to adhere to?

Thanks

for your existing property, you can use the full amount in CPF Ordinary account to pay Housing Loan.

If you want to use CPF for 2nd property, need to fulfill Min Sum Cash Component of S$65,500. You can only use CPF In excess of this amount from 1 Jul 2011.

[jfoo2]

thanks a lot.