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Good afternoon,

Since the first property had been purchased with SC as co-owner, either of you are eligible to purchase the second property without the need to sell away the current unit. However, ABSD payment is required. Maximum loan might also be capped at 50%.
Hence if your budget is at $800k, you might need to prepare cash of around $500k.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

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Dear Mr Tan,

Yes, you will be eligible to purchase a 2nd property, with Additional Buyer's Stamp Duty (ABSD) applicable in your purchase. The ABSD applicable will depend on the manner of holding for the 2nd property you are looking to purchase.

Would you consider a restructuring of your real estate portfolio if the ABSD can be reduced?

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Geryl LIM
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Hi Mr Tan,

Congrats on completing your TOP. Yes, you are eligible to purchase a 2nd property while keeping the HDB. However, there are a few considerations that you may need to take into account before making the purchase.

1. Additional Buyer Stamp Duty (ABSD) of 7%

You will need to plan the 7% ABSD into your budget. This is on top of the 3% normal stamp duty which you will need to pay.

2. Loan Quantum

If you have an outstanding loan on your current HDB, you will only be eligible for 50% loan on the 2nd property. Your potential capital outlay including the stamp duties may be about 60%, which is about 480k for a 800k property.

The amount of stamp duties to be paid is also dependent on whether you purchase the 2nd property alone or together with your wife. I will strongly recommend that you draft up a financial plan to have an overview of your situation before deciding on what is the best course of action.

Please feel free to contact me so that I can understand your situation better and provide you with more informed recommendations!

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

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Hi Mr Tan,

(1) As long as the ownership has a SC, then you are allowed to pruchase private property without the need to dispose your current flat upon completion of MOP.

(2) 2 things you have to be aware in your next purchase:
(a) ABSD: This is still viewed as extra-cost, but as time goes by, policy is going to stay, it more or less became a norm, just like BSD (Buyer Stamp Duty).
Your 2nd property will incurred 7% ABSD as a SC
Your wife 2nd property will incurred 10% ABSD as a SPR.
Combination of both shall incurred 10% ABSD if private property register under both names.

(b) Loan:
2nd property loan is 50%. That is if you have not clear your loan for your HDB flat.
If you have cleared your HDB flat loan, then you shall be entitled to 80% loan.

(3) There are other cost which involved both cash & CPF. It is difficult to tabulate a complete cost over here without more info.
Suggest you engage a real estate salesperson to assist you in the tabulation.

(4) Whereas for the question of $880k for 2 bdr. Yes, it is possible, however, this shall dependent on your expectation, location, lease tenure are part of the consideration factors.

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

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Hi Mr Tan,

Yes, you will be allowed to keep your HDB upon the purchase of your condo.

However, do take note that if your HDB is still under loan, you will only be able to loan up to a maximum of 50% of your next property, in this case, $400k loan for a $800k property.

This means that you will have to set aside $400k in Cash and CPF. This is not inclusive of the stamp duties that you need to pay. If your condo is to be purchased jointly, you will be liable for ABSD of 10%.

I am currently helping a couple with similar profile to you, and I have introduced them a method where they can have some savings in terms of ABSD is concern. I think you may wish to explore this option.

Are you planning to get the 2BR condo for own stay or for investment purpose?

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More