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hello, I am an SC and my wife SPR. We own a HDB with the loan fully paid.
We intend to buy a Condo around 1.2m and rent out HDB.
Questions
1. Is the above feasible ?
2. If yes then my loan for the condo would be with a 20% down payment ?
3. Can i utilize all of my CPF OA for the new loan? How to find out how much minimum sum I need to keep in my CPF -OA ? I am 42 yrs old.

I would be grateful for the answers. Thanks
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6 Answers

Hi,

Yes as long as you are SC and have met MOP of 5 years, you can purchase private and rent out HDB. Your 2nd loan will be max 80%, and downpayment 20%. Please also note you will also incur ABSD owing to your wife SPR status. For minimum sum requirements it depends on cohort. Thanks and may I work with you on the financials so you can achieve your upgrading objectives? Thanks and Hope to discuss further.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
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  • SA
    Thank you Ivan. Your answers are very helpful. just
    i just did not get the part about the cohort?
GAN ENG JOO ONASSIS
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0
Evening,

Firstly, you will need to fulfill the MOP requirement for your HDB unit before you are eligible to purchase your second property.
Since your current unit have being fully paid, you will be eligible for 80% loan. 5% cash and 15% CPF, after you have fulfilled the CPF minimum sum requirement. However, if you did not utilize CPF for your HDB unit, you do not need to fulfill this requirement.

Do contact me further if you require additional assistance.

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

Let's catch up for me to understand better what exactly you're looking out for and then we could work on the financial cash flow calculations and establish loan matters.

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0
Hi,
Below is my input.
1. Yes
2. up to 80% the new purchase is the only mortgage loan.
3. min sum of 77.5K is required to keep in CPF.

For me to assist and advise you on the cost breakdown and the stage of payment for the purchase, please drop me an email for me to share.

I can be contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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YT Tan (陈永达)
Good morning buyer,

Yes you will still be subject to ABSD but as you are a SC, it will be 7% rather than 10% if you purchase with your SPR spouse. A savings of 3% ABSD but you will have to finance the mortgage solely by yourself. It has been regulated that only property owners can finance the mortgage.

Secondly, as you are not 55 years old yet so the minimum sum you need to set aside is $77.5k (in SA + OA)

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-2.htm

Hope my explanation helps!

If you need any assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
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