Asked by
1. I’m 56 years old how much max amount and how many years loan I’m entitle for
2. I’m a self employed for 30 years. My income was average of >200k pa. Recent 1 years because of Covid my income is 150,000 pa.
3. At my age, what is the min down payment I have to pay for a private condo or executive condo asking around 1 million
4. Currently I have a private condo that I owned for around six years. To know how much u can sell
0
801 views
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

7 Answers

YT Tan (陈永达)
Good afternoon Sir/ Mdm,

The loan amount that you might be eligible could be around $445k based on 9 years loan tenure, haircut of 30% of your income as a self employed and total debt servicing ratio (TDSR) of 55%.

This will be your 75% max loan. 25% Downpayment will be minimum 5% cash and 20% cpf/ cash downpayment. Other cost will be stamp duty, legal fees, mortgage stamp duty etc.

If you are able to come out with more downpayment, you most likely eligible up to 55% loan of $800k on 19 years loan tenure. Downpayment will be minimum 10% cash for 35% cpf/ cash.

Both loan to value will be based upon that you dont have any outstanding loan and no additional buyer's stamp duty (ABSD) is payable if your existing private has been sold/ optioned.

Do note that the EC you are eligible will be resale (fulfilled 5 years MOP). You wont be eligible for new or those resale selling within MOP as you are a private property owner now.

By the way care to share more about your existing condo so I will work out your numbers for you first before proceeding further?

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner Read More
0
Dear Sir/Mdm,

Based on your income of 150,000 pa and your age of 56 years old, the maximum loan that you will be eligible for is in the region of $450,000 over a 9 years period.

As you current own a private condo, you can sell this place and use the sale proceeds to finance the purchase of the 1 mil condo or resale EC. In such a manner, you are able to minimise your cash outlay and also avoid paying the Additional Buyer Stamp Duty.

I will need to gather more information from you before I can help you estimate the selling price of your current property. With the information, I can work out a financial plan for you so that you can have an overview of how much cash you will have after the sale and purchase and whether the need to utilise the loan. We can also examine whether is is a good option to move.

Please feel free to contact me so that I can understand your situation and assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a Read More
0
Robbie Chen Chee Howe
Hi,

Based on the information given, you will be able to loan up to about $450k, based on your TDSR, up till age 65. If you wish to have a longer loan tenure, you may borrow up to age 75, where you can have a bigger loan of approximately $800k. Should you wish to take up a bigger loan, your LTV drops to 55%, which means you have to fork out up to 45% as downpayment plus the stamp duties.

As you currently own a private property, you're not eligible to purchase a brand new EC direct from the Developer. You can purchase a new launch or a resale condo.

For an estimate on your current property's valuation, you can drop me a WhatsApp message with your property details. I will be able to generate you a full detailed report for your property.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0
Hi Sir/Madam

1) Based on $150k Pa. (self employed) the estimated loan you can get:
$445k (up till age 65 / 9 years loan tenure) with Loan To Value max 75% or
$800k (up till age 75 / 19 years loan tenure) with Loan To Value max 55%
The loan amount might be changed depend on your existing obligations (Existing Property loan, car loan, credit cards, etc)
I will suggest to check your in principal approval of your loan from banker.
I can connect you with reputable banker for this, free of charge and no obligation.
2) For Singaporean 1st Property Based on $1 mill, and assuming loan is 55%
5% Cash = $50,000
40% Cash/CPF = $400,000
BSD (Cash/CPF) = $24,600
Legal fee = $2,500 (estimated)
Please contact me at (65) 96608508  and I can share the breakdown for this calculation including timeline.
3) Selling price of your current place will be depend on which project, level, facing, condition of unit, etc
Appreciate if you can contact me at (65) 96608508  with details of your unit so I can advise accordingly
4) If you have not sell your current property and buy another property, 2nd property ABSD might apply.
It is important to work out your financial plan before making a move.
Factors to take into consideration will be sale proceeds from the sale of your current property, current and CPF return, loan, stamp duty, etc
I will be glad to go through the financial and timeline planning with you.
5) How many bedrooms are you looking to buy and which area you prefer?
I have current price list, promo of every projects in Singapore and will be glad to advise you

I will be glad to assist
Appreciate if you can contact me at (65) 96608508 
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
0
Hi,

With the latest NOA at 150k pa, the estimated loan will be approximately 445k based on 9 years loan tenure (up till 65 years old). This is based on max 75% loan, with downpayment and stamp duty requirements at approximately 29% .

If you are open to stretch to 19 year loan tenure (till 75 yrs old), and to come up with higher down payment, you can also loan up to estimated 800k. This is based on 55% max loan to value, and approximately 49% for downpayment and stamp duties.

If you like to maximize the loan for the $1mil property, you should go for a longer loan tenure beyond 9 years so to obtain 550k loan financing.

The estimated valuation of your current condo also depends on the floor level, condition and facing of the unit. I understand you like to do a thorough run through of the financials before you decide your next move. I have done so for several of my clients, and happy to assist on the same for you, on no obligation basis.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More
0
Hi,

1) The maximum loan amount is around $445k till 65 years old based on your age and last year's income.
2) Minimum down payment is 25% of which 5% must be in cash for a 75% mortgage loan.
3) If you have an existing mortgage loan then your maximum loan amount for the 2nd mortgage loan will be limited to 45%.
4) Therefore for a $1M property, you have to prepare a down payment of $555k.
5) As for the possible selling price of your existing private property. You will have to provide the type and level in order for me to do an assessment.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
0

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Previously Asked Questions