AskGuru Q&A Community

Hi Joanne,

The typical breakdown of EC purchase at 870k as follows:
5% cash
15% cpf OA
80% max bank loan
Stamp duties and legal fees approx 3%

Max loan attainable depends on age, income and credit profile and any other major debt obligations at the moment, subject to bank approval.

For (1)
I think the 15% and stamp duties are not an issue, perhaps only the 5% cash portion.

For (2)
It depends on the loan amount taken eventually. Assuming a 600k loan at 1.5% pa 20 years tenure its about 2.4k per month.

Whether the arrangement can be done to sell the current flat first before buying depends on which project you are looking at. I am quite active with EC sales, may I know you are considering Signature or Criterion?

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

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 
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(Client's Testimonials)

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

-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :) Read More

Hi Joanne,

I believe my colleagues have answered you on the financial portion. For your case, my suggestion is you will need to sell your HDB first before making the purchase of the EC.

During the transition, you may need to take a bridging loan due to your insufficient funds. It will be good to check with a banker directly for the loan assessment as we are only able to provide an estimation as we do not know the exact amount of your outstanding debt.

I have assisted clients in a similar situation as yourself to upgrade to an EC from a HDB smoothly. Please feel free to contact me so that I can understand your situation better and propose a suitable timeline for the cash flow and the sale and purchase!

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

Testimonial from Satisfied Clients (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 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 benefited 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)

“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)

“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

Hi do contact me at 97970200  or ngsiewwhye@gmail.com to discuss more

Mark, your RIGHT choice
MCG Read More

Hi Joanna
You have sufficient CPF to cover the 15% down payment, if you have enough cash to cover the 5% booking fee, i.e. 43K, you will be ok to buy the EC first.

However, based on your age, you may be better off to consider other options instead of EC. For that I need to have detailed financial planning session with you to work out the proposals.

Feel free to call for further discussions.

Warmest regards
Belinda Zhao
Associate Senior Marketing Director
CEA Reg No. : R051311G
Propnex Realty Pte Ltd
Mobile: (65) 9628 0661 
Email: belindazhao1@gmail.com
https://newlaunchguru.sg/ Read More

Hi Joanne. Let meet us and I will walk you through the entire procedure. No need to worry, I have assisted many couples to upgrade,
Feel free to reach me via 91442664  . Looking forward to hear from you.
Tricia Tan 91442664  Read More