Downgrade

[Zc31 0]

Would like to seek advice wat's the issues to face for condo downgrade to hdb.

Still entitled? It's for my parents cox lesser ppl in the house now liao, hence the downgrade.

[Homeowner 1]

Need to get HDB resale, cannot go for HDB direct (WIS, etc.) Cannot get HDB loan, need to get bank loan. If condo in good location and can afford to hold 2 prop., can get a small 3 room flat and rent out the condo. Conservancy fee cheaper, got utility and conservancy fee rebates but no security & condo facilities. Subsidised upgrading by developer (hdb) every 25-30 years (?)

[Zc31 0]

Since need to get bank loan n cannot get cpf, might be feasible to hold 2 property i guess.

But what's this part abt cpf can onli draw out amt above 100k?

My parents turning 55 soon, so wat happens to the base 100k?

[Homeowner 1]

Yes, you must meet a minimum sum (the last I checked, abt $50k total for OA and SA) first before you can use the CPF for the second property. You can call the CPF board to check whether your parents have enough to use their CPF for the second property. Think your case is different 'cos parents turning 55 soon...not so sure abt what happens when you reach 55 and abt this 100k thing...not there yet.

[Zc31 0]

Yes, you must meet a minimum sum (the last I checked, abt $50k total for OA and SA) first before you can use the CPF for the second property. You can call the CPF board to check whether your parents have enough to use their CPF for the second property. Think your case is different 'cos parents turning 55 soon...not so sure abt what happens when you reach 55 and abt this 100k thing...not there yet.

Hehe ya lor i also nto there yet. At 55, my worker cpf acc ceased. i wonder if he still has cpf contribution or pure cold hard cash now cox he still works.