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Afternoon Vincent,

The current issue is not purely about how much you earn. It's more on how creditable you are. Loan amount eligible to you is based on your credit status. If you do not have good and clean credit record or have alot of outstanding loan, you will only be getting loan amount proportionate to 30% of your monthly income - current outstanding monthly installment payable.

Assuming that your record is good, you should be able to get 80% loan. And being SC, you will be eligible to keep your HDB after purchase of private property.

DO feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Vincent,

As professional realtor, we provide a one-stop service to your housing needs.

Here is the answer based on your given conditions.
Basis :
- 45 years old
- looking to buy 2nd property,
- keeping HDB
- no outstanding housing loan
- no other debts
I am taking the assumption that you are Singapore Citizen (PR not allow to buy private property while holding onto HDB flat)and your monthly fixed income is $12,000.

You are eligible for 80% bank loan (max)for 20 year loan tenure or a 60% loan for up to 30 year loan tenure.

For financial prudence, a 20 year loan is encouraged. As a guide, your max
a) monthly loan repayment allowable is $7,200.
b) loan amount is $1,241,400
c) the private property valuation price should not higher than $1,551,800.
d) based on (c) the minimum 5% cash down payment will be $77,590 and stamp duties of $149,780 (includes 5% ABSD)

I have two charts on loan to value ratio as well as calculating the total debt servicing ratio framework. Should you or anyone require further explanation or need the two charts, email me.

Cheers
Josef
HP : 94505033 
email : josefteo.kf@gmail.com
web : josefteo.myweb.sg Read More

Hi Mr Vincent,

for Your case,
1) you can loan up to 80% up to 20 years.

2) if you do not have other personal loans like car loan, base on your income of 12000, you can loan up to 1.25m.

Feel free to contact me for any other questions. I am from Huttons, professional for condo transactions.

Best Regards,
Robert Peng
HP: 98001968 
Email: Robertpeng001@gmail.com
CEA: R042525J
Huttons Read More