Good evening Eileen,
I will assume that you are going to purchase a private property as your second property.
Do take note that you will be subject to additional buyer's stamp duty for your second residential property purchase. 7% as Singaporean or 10% as a SPR.
The initial outlay will be such as if you are able to obtain a 80% bank loan:
1) 5% cash downpayment
2) 15% CPF OA funds/ cash downpayment
3) estimated 3% buyer's stamp duty
4) 7% ABSD as a SC
5) legal fees, valuation fee, stamp duty for mortgage etc.
Bear in mind that if you have utilize CPF OA funds in your current property, you have to set aside a minimum sum of $77.5k in your CPF OA + SA first before you can use the excess OA funds into this second property purchase.
Probably you can share more information on your finances so I will be in a better position to advise you.
Hope to hear from you soon!
Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
ECG Property Pte Ltd
(M):
+65 9111 5171
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
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