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Morning Mr. Wong,

If you are SC, you will be eligible to keep your HDB unit while holding onto your second property. However, as you have existing loan, and nearing the age of 55, your loan amount might only hit max of 50%. You will be required to work on 25% cash and 25% CPF and/or cash for the down payment.

Do feel free to contact me for further discussion.

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

Hi Mr. Wong,

Thanks for sharing. You will have to meet your MOP before you can purchase the pte property. Yes you still can own your HDB once you purchase the pte property.

As you have an outstanding hdb loan, your maximum bank loan for pte property will be only 50%, (banks issue loans typically up to 65 years old) and you have to pay ABSD of 7% and since you are before 55 years old, you have to set aside 1/2 of minimim sum before you can use CPF for property purchase. When you are 55, you have to set aside full minimum sum of $155K.

Assuming your family members are occupiers, you cannot just transfer ownership to your son alone as change of ownership is treated like a sale/purchase process, ie he has to form a family nucleus. You can consider to transfer to both your wife and son.

Ideally, you should pay down fully the HDB loan first (potentially a higher loan quantum for pte prop), purchase before you turn 55 (so CPF usage is less restrictive). After paying down HDB loan, you could speak to your preferred banker to see how much loan they are willing to support.

Hope this helps! Can I speak to you to understand your requirements further? There are some strong rental yield projects which I can recommend and draw up a property plan which you can consider. Thanks!

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More

Hi Mr Wong,

Allow me to value add to your investment experience if you are seriously looking into investment as there are definitely more options than investing in condos.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop

Regards,

Geryl LIM

Real Estate Director

Masters Of Real Estate

M.O.R.E Property Pte Ltd (L3010548F)

CEA Reg R014783H

Mobile: +65-81577565  /+65-92787772

Email: geryl7772@gmail.com

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