AskGuru Q&A Community

Hi,

Have you fully paid up your current housing loan? If so, assuming Singapore Citizens purchasing, for purchase of 2nd private property, breakdown (of purchase price) as follows:

Cash 5%
CPF 15%
Bank Loan (max) 80%
Stamp duties (BSD + ABSD): 3+7 = 10% (approx)
Legal fees: About 3k

So you are looking at about 30% downpayment upfront.

Aside from that, if you are before 55years old, and using CPF monies for 2nd residential property, you have to set aside 1/2 of your required Minimum Sum before you can use your CPF OA monies for property purchase.

Thanks, may I understand your housing plans further before recommending a value-added solution? I would be glad to listen to your needs. Thanks!

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com Read More

Afternoon,

If you are looking at keeping the current unit after purchase of private property, you must be an SC owner. With fully paid or partially paid mortgage, the amount payable will differ. You will definitely be liable for 7% ABSD. You will also need to work on the down payment required, be it 80% or 50% loan, based on your current unit loan status.

Do feel free to contact me for further discussion.

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

Good afternoon,

Do take note that if your household are both SPRs, you have to dispose off your HDB within 6 months from resale EC or condo purchase completion date.

If your household has a SC and wish to hold on to current HDB after condo purchase, you will only be able to take up 50% bank loan because you have an outstanding housing loan (thus down payment will be 25% cash and 25% cpf oa funds or cash). You will be subject to 7% ABSD if both are SC if not 10% if it is a SPR and SC household.

you have to sell aside minimum sum of $77.5k in cpf oa + SA if you have utilised cpf oa funds for current hdb before you can use the excess oa funds for condo purchase.

But if you have plans to sell off your current HDB, you will be able to obtain a 80% loan if you sign an undertaking letter to sell within stipulated time frame.

If you need any assistance in your property needs, feel free to contact me.

Hope to hear from you soon.

YT Tan
ECG Property
 9111 5171 
Yt.lovelyhomes@gmail.com Read More