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Hi,

Thanks for sharing about your information, will be glad to illustrate here. If you have met you MOP of 5 years, you will be eligible to purchase 2nd property.

For SC-SPR couple purchasing a 2nd residential property, breakdown as follows:

Cash 5%
CPF 15%
Max Bank Loan 80%
Stamp duties (BSD + ABSD) and Legal Fees approx. 13%

Please also note that, if you are considering to use CPF to pay the monthly mortgage for your 2nd property, you will need to set aside 1/2 of your minimum sum (77.5K) each in your individual accounts before you can use any excess CPF monies for property.

Since you do not have other outstanding mortgage loans, the max bank loan you can get will be 80% of purchase price, subject to your age, income and credit profile. If both of you are 42, and the property will be under both your names, you can take a loan of about 23 years based on TDSR requirements. The max loan quantum, it will be best if we can get a banker who can advise you on how much the bank can support us.

Thanks and may I understand your housing requirements further before value-adding further? I will be glad to meet you up to do a further illustration of what is to be expected in the financing process, and also recommendations on what properties we can explore in your preferred location. It is also best if we can get my banking contact to give us an idea how much loan we can get, before I do a full breakdown of the costs involved, so you can know what price range and units we should be exploring. Thanks and hope to have the opportunity to work with you.

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

Evening,

If you have fulfilled the MOP requirement, you are eligible to purchase your second property. With purchase of the unit under your name, 7% ABSD is payable. However, 10% ABSD is payable if the unit is under your spouse name.
Standard payment are like down payment, legal and stamp duty, valuation cost and ABSD are required. Maintaining the CPF OA minimum sum is also something you will need to look into.

Do feel free to contact me for further discussion.

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

Dear Sir,

The answer to your questions:-
1) Stamp Duty will be 3% + 7% for 2nd home (SC&SPR)
2) Fee you need to set aside will be legal fee for the purchase of your property

Please be advise you can only stay in HDB and rent out your private property. If you intend to stay in private and rent out HDB (depending on when you acquire), you will need to dispose your HDB within 6 months.

Best regards,
Nicholas Fong
Division Director
C&H Realty Pte Ltd
CEA Reg. No. R012879E
H/P: 9048 7447  Read More