AskGuru Q&A Community

Evening,

Should you opt to clear the current mortgage loan, you will be eligible for 80% loan on your next purchase. 20% down payment of $1.2 mil is $240k. ABSD of 7 to 15% is payable depending on your citizenship status. After inclusion of standard stamp duty and miscellaneous expenses, you will require addition of $380k.
Should you opt to proceed with getting another mortgage loan, you can only obtain max of 50% loan. Along with ABSD, SSD and miscellaneous expenses, you will require around $320k cash.
Do note that the ABSD is computed based on 15%.

Feel free to contact me should you require my assistance.

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

Hi,

The max loan for your 2nd property would be 50% and ABSD payable is 7% if you are SC. Is that something worth considering? Otherwise, there could be other ways to workaround we can explore. 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

Good day sir / madam

You can avoid paying additional buyer stamp duty ABSD if you are willing to sell your 1st property.

After selling 1st property , you and your mrs can each buy a property , using 1 name only per property to avoid ABSD .

Kindly contact me for a no-obligations chat for your property needs .

My charges are 1% comm for exclusive selling rights to your property or 2% for open listing .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More

Seriously, this isn't the best of time to look into a 2nd property for investment if any form of loan is required. If there is a need to purchase a 2nd property for own stay, perhaps you should then look into restructuring your portfolio according to your financial profiling. We will need to know more about your exact financial standing in order to better advise on what could then be a best option moving forward. Let me know more details about your plans moving forward and we can discuss further?

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

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

My self introductory video on https://youtu.be/6UfrCOCB6Mg

Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

G.A Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ "Landed 7772" in Mobile Apps Store or Play Store now! Read More

Happy lunar new year to you, investor!

My suggestion is either to decouple or sell off this property and purchase two properties.

1) Decouple. Let's say you will to become 100% owner of your current property.

You must be financially capable to take over your wife's ownership which free up your wife's name to purchase a second property without being subject to 7% ABSD and ability to take up max 80% bank loan.

If your wife purchase solely by herself, initial outlay will be around 23% of $1.2M = $270.6k. You still have around $230k to take over your wife's share.

i) 5% cash and 15% CPF OA or cash downpayment
ii) estimated 3% buyer's stamp duty

To make this happen, you must pay whatever your wife paid in CPF back to her in cash and be able to take on the loan by yourself.

Other expenses will be:

i) buyer's stamp duty on her share of property
ii) legal fees

If you are keen to explore this method, I will be more than willing to share with you.

2) sell off current property to purchase two properties under two individual names.

This method will be more straightforward, dont need to think that much.

As you see that even if you pay off your current $400k loan, yes you can obtain 80% bank loan but you wont be able to pay the initial outlay of 30% ($354.6k). You will be lacking of at least $254.6k.

i) 20% downpayment
ii) estimated 3% buyer's stamp duty (BSD)
iii) 7% additional buyer's stamp duty (ABSD) as Singaporean

Even if you never pay off current loan, you need initial outlay of at least 60% ($714.6K) which you will lack of at least $214.6k all because you can only loan up to max 50%.

i) 50% downpayment
ii) estimated 3% buyer's stamp duty (BSD)
iii) 7% additional buyer's stamp duty (ABSD) as Singaporean

Hope my sharing is beneficial to your decision making.

By the way, may I know what's your intention in getting a second property? Investment I suppose?

Probably you can share more information with me so I will be in a better position to advise and assist you further.

Hope to hear from you soon! Cheers.

Warmest Regards,
YT Tan
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
BEstate 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 buyer,

That could be possible with certain steps taken, but it depends on your situation. Do give me a call before we take this further.

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

Hi Sir,

In my opinion, the best bet will be to decouple the current property from your wife. After the decoupling is done, the other party can proceed to purchase the property without having to pay the Additional Buyer Stamp Duty (7%) for a 2nd property purchase.

However, in view of the current market situation, it may not be wise to purchase a 2nd property for an investment as rental yields may not be sufficient to cover the mortgage payment at the current price.

May I know what is the main motivation behind buying a 2nd property so that I can advise you better.

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

Testimonial from Satisfied Clients (2015)

“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 through Nick) Read More

Hi,
Fyi, ABSD of 7% (for Singaprean, 2nd property) will be payable and the max loan is 50% of the valuation price. I would like to assist you to work out the financial plan.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More

Hi,

Re: Our Preferred Experienced SG Professional

You can opt for trust of deed for any child you have. Dun have to pay for ABSD and solely owned by your child even under the status of baby.

Only concern is the child owned solely the property and have the rights to the property at age of 21 years old. Also have the rights to pursue the rental yield before reached 21 years old.

Call us now, we can explore further in detail.

We are contactable at 92222389  or onassis@sgrealtor.com.

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | CES Certified SG Realtor l SGRealtor.com
EXPERIENCED. PROACTIVE. SINCERITY. FEEDBACK
ACTA (Full); PDCE (Singapore); MSc BIT(Middlesex); BBA (South Australia)

Featured Realtor Services recognition by SGReview.com and SGBride.com

Singapore Line : (+65) 92222389 
Malaysia Line: (+60) 111-0788889
Email: onassis@sgrealtor.com
Skype: incomecare

Our Clients' Success Is Our Success
“Clients’ always at ease putting their properties with us”

Our SG Realtor Services Youtube
Residential- https://www.youtube.com/watch?v=3kI2tBtopuM
Commercial- https://www.youtube.com/watch?v=ELAXddJ6nEk

I no longer have to introduce myself with presence that memorable at SGRealtor.com, SGAgent.com and SGAgents.com.
Do what the 99.99% won’t do

Upcoming 2016, we are in the progress to create property portals to serve our SG clients better.

www.HiSingapore.com –Singapore Housing and Commercial Property Guide
www.Listing.sg – SG Properties Listings
www.CommercialSingapore.com – Commercial Listings
www.SGHouses.com – Residential Listings
www.Showsuite.com – SG Developer Projects Listings

SG Commercial Websites
www.SGCBD.com
www.CBDSingapore.com
www.SingaporeCBD.com
www.SgOfficeRental.com
www.SgShophouse.com

SG Landed Houses Websites – www.LandedGroup.com
www.SGGCB.com
www.SGBungalow.com
www.SGDetached.com
www.SGSemiD.com
www.SGTerrace.com
www.SGCluster.com

SG Districts Websites
www.BukitTimah.com.sg
www.Holland.com.sg
www.MarineParade.com.sg
www.sentosaisland.com.sg

Overseas Website
www.NewLaunch.my - Malaysia
www.PropertyPh.com - Philippines
www.VNProperty.com - Vietnam Read More