AskGuru Q&A Community

Good morning investor,

Yes you are absolutely spot on that you need to set current basic retirement sum ($80.5k) if you have utilised CPF OA funds in your current HDB.

The total CPF withdrawal for the second or subsequent property will also be capped at 100% of the Valuation Limit, which is the lower of the purchase price or valuation of the property at the time of purchase, if the remaining lease is at least 60 years.​

Hope my sharing is beneficial to your property investment.

May I know how can I value add further in this investment?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi,

After setting aside the basic retirement sum, you can use the excess OA for 2nd property. Do note that 7% ABSD will apply. Thanks and hope to assist further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Afternoon,

If both of you have set aside the CPF minimum sum, you can utilize the balance of the CPF OA for the financing on your second purchase. Do noted that ABSD of 7% would be payable.

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

Hi buyer,

You can use the excess CPF OA funds up to 100% of the valuation amount of the second property. However, do note that you can get the maximum 80% loan only if the loan tenure + weighted average age of you and your wife < 60. If you're buying a new project, BSD + ABSD + Legal fees ~ 10% can be paid using CPF as well.

Feel free to contact me at your convenience, and I can recommend you to some good investment buys.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Hi Mdm,

1. You will be able to use 100% of the excess CPF to purchase a condo unit after setting aside half the minimum sum of 80.5k.

2. May I know what is the quantum of the condo units that you are looking at so that I can plan out a comprehensive financial plan for you?

3. Do note that buying a 2nd property will incur a Additional Buyer Stamp Duty of 7% of the purchase price.

Please feel free to contact me so that I can understand your needs better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nicktan@propertyavenue.com.sg / nick96444854@gmail.com
(W) www.nick-tan.com / www.propertyavenue.com.sg

Testimonial from Satisfied Clients (2015/2016)
“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 from Property Avenue 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 is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

Mr and Mrs Chan (Sold and Bought a property through Nick) Read More