At a time of low interest rates, where new money was practically free, this might have made some sense, but very quickly (some projects launched then aren’t even completed yet), this “asset progression” strategy turned into a debt nightmare especially when new rates are hovering around 4.1-4.3% p.a. Let’s dive deep into the proposed plan and why many could end up losing their homes or declaring bankruptcy soon. The Sell 1 HDB Buy 2 Condo scheme had a few requirements to make it work:

1. You are in a dual-income household
2. You both qualify for enough financing
3. You receive sufficient funds from selling your HDB

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