AskGuru Q&A Community

Hi,

The typical breakdown of EC as follows:
Cash 5% 39k
Cpf OA 15% 117k
Max bank loan 80%
Stamp duties and legal fees approx 3% (can use CPF OA)
Resale levy of 40k (if hdb bought with grant or direct from hdb)

You also need to fulfil other EC eligibility conditions such as not exceeding 14k per month, have not taken subsidies more than 2 times for hdb flats purchased etc.
The loan attainable depends on applicants age , income and credit profile and any other loans. I have work with similar cases before and will be glad to share on the best approach for the upgrade. May I know which EC you are considering?

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 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(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! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More

Dear Sir/Mdm,

You seem to be in a very good position to upgrade as your cash and CPF position will be sufficient to cover the 5% cash and 15% CPF and Stamp Duty when purchasing the EC.

You will need to ascertain whether you will be eligible to purchase a new EC as you will need to satisfy the household income cap of $14,000 and you and your parents must not have enjoyed the housing subsidy more than once.

As for the loan, for EC purchase, the Mortgage Servicing Ratio is 30%. It is important to check on your loan amount and tenure with a banker as your parents are older and may not be able to take a longer loan.

I have assisted many clients to upgrade seamlessly from their HDB to a new EC. Please feel free to contact me so that I can assist you to do up a financial plan and assist you further on your upgrading journey!

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

Featured on Council for Estate Agencies (CEA) Newsletter:
https://www.cea.gov.sg/docs/default-source/module/newsletter/3-2017/bouquets-for-property-agents.html

Testimonial from Satisfied Clients (2016/2017)
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”

Peter & Wendy (Property Seller)

“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 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

Good evening buyer,

Happy 2018 to you!

It's great to find out there are like minded people like you that are looking at EC (property with huge capital appreciation).

Let me go through the eligibility schemes and financial portion with you.

1) must be either first or second timer
- cannot purchase bto or resale flat with housing grant twice if not not eligible

- if second timer, you will be subject to resale levy based on the flat type that you taken housing grant or bto

2) eligibility schemes
- if you purchasing with your parents, it will be under public scheme.

3) income ceiling
- combined income cannot exceed $14k

4) Loan eligibility
- it will be based on the ages of the applicants/ owners. max loan tenure is 30 years or up to retirement age of 65 years old. Your loan tenure might be shorten if you decide to include your parents as borrowers.

- loan amount will be based on mortgage servicing ratio and total debt servicing ratio. do let my banker assists you in the assessment.

Probably we can work out financial plan first and explore your options.

If we based on $780k and able to obtain max 80% bank loan, the calculation will be as such:

5% cash: $39,000
15% cash or cpf: $117,000
stamp duty: $18,000 (cpf)
legal fee: $3000 (cpf)

The finances you have on hand are sufficient to apply for an EC so we left with bank loan at the moment.

FYI my most valuable buys in Yishun/ Sembawang:

1) Criterion
893 sqft
$704,800

2) Brownstone
936 sqft
$754,400

3) Parc Life
947 sqft
$744,480

Hope my sharing is valuable and informative to your upgrading plans.

May I know how can I value add further in your property needs?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

Accolades:

Platinum achiever (Clock $100k commission within 1 month) August 2017(Propnex)
Top Individual Achiever August 2017(Powerful Negotiators Group)
Top Private Property Transactors January 2017 (Propnex)

Find out your property value for FREE on a monthly basis. Simply sign up by clicking the link below:

http://bit.ly/yt_proptrack Read More

Hi,
Base on your financial status, should be quite comfortable to purchase the EC at 780K. The addition cost will the legal fee, stamp duty, mortgage duty and the condo monthly maintenance. Kindly drop me an email for me to share the estimated loan quantum and more of the purchase requirement.

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

May I suggest you write to gavin.ng@orangetee.com or call 9620 0827  . We can have a chat on all your concerns including a pro-forma financial plan so that you have a clear understanding.

Gavin Read More

Hi,

To buy EC, it is just like buying private property, you can only apply for bank loan and engage lawyer yourselves.

Bank loan structure is such, max loan amount is 80% of property value. 20% downpayment is as such:
(1) 5% must be cash = $39k
(2) 15% can be cash or/and CPF = $117k

The rest of the cash payment are as follow:
Resale levy = $40k
Legal fee = $2k~4k.
Mortage stamp duty = $500
Buyer Stamp duty = $18k

Thus overall cash portion = $99.5~101.5k
CPF portion = $117k

Do note that how much you can loan from bank is dependent on MSR assessment. The above calculation assumption is you are able to receive 80% of the property value, which is a maximum amount
MSR is ensure buyer can only use up to 30% of gross monthly income to repay their loans. And your household income ceiling is kept at max of $14k. On top of that the max loan tenure is kept at 25 years or at 65 years old.

Please ensure you receive a proper assessment from banker before making any purchase.
I can help to recommend some bankers to assist you over this if necessary.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly. Read More

Hi Yes it is a possibility. Do contact me at 97970200  to discuss more

Mark, your RIGHT choice
MCG Read More