My husband and I are both Singaporeans and we own a HDB flat, we have stayed there more than 10 years and now we intend to buy a resale condo while keeping the HDB. Understand that we need to pay ABSD, can this ABSD + 3% be paid using CPF? and how much minimum sum we need to keep for our CPF each in order to finance the condo? What is the loan eligiblity?
For stamp duties, you can use CPF monies to pay if you have sufficient monies in the OA. Typically, its paid using cash first and reimbursed from your CPF later (if sufficient monies). May I have more details so to make better recommendations? Will be glad to do an illustration of the full financial plan. Thanks and look forward to value-add to your housing plans further.
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Contact: (+65) 97432395
Facebook Page: www.facebook.com/ASAProp
(Client's Testimonials) Read More
Do take note of these cooling measures for your second residential property purchase in Singapore.
1) if you still have outstanding housing loan on your existing HDB, you can only take up to max 50% bank loan for this purchase.
2) you will be subject to 7% ABSD. Stamp duties are payable by CPF OA funds but as CPF board might not release the funds quick enough to pay IRAS thus law firm will usually recommend buyers to pay in cash first.
3) If you have utilised CPF OA funds in your existing HDB, you have to set aside half of minimum sum ($80.5k) in your CPF OA + SA first before you can use the excess in this purchase.
Hope my sharing is beneficial to your property purchase.
Probably you can share more with me so I will be in a better position to advise and assist you further.
YT TAN 陈永达 | ACCA Graduate, RES
Propnex Realty Pte Ltd
(M): +65 9111 5171
(W):www.yttan.com Read More
BSD & ABSD can be paid with CPF, but you'd usually have to pay in cash first as the funds can't be obtained from your CPF account in time, and get it reimbursed later. The minimum sum is a maximum of $80.5k each for now, but it depends on your age.
Feel free to contact me at your convenience, and we can carry on from there.
Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602 Read More
It is a good idea to purchase a property to generate passive income for you while waiting for capital appreciation.
1. You may need to check with a banker on the amount of loan and tenure you will be eligible for before embarking on a search for a property.
2. ABSD can be payable by CPF however, it is usually paid in cash first as time is required for CPF board to disburse the fund. Your ABSD will be 7% plus normal stamp duty of slightly less than 3%.
3. For CPF usage, you need to set aside 1/2 your minimum sum before you can use the excess for housing purposes.
A great first step would be to talk to a banker and find out the numbers. In this way, I can help you draft a comprehensive financial plan so that you can plan better.
Please feel free to contact me so that I can link you up with my banker and kick start the process.
(M) +65 9644 4854
Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)
“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.”
“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)
“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 from Property Avenue 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) Read More
1. Yes, can use CPF to pay for the stamp duty.
2. Need to keep aside half of min sum ($80.5k) in OA. The rest can used to pay for the property.
Best is to work out the financial plan before start to search for the suitable property. This is especially the bank loan. I can assist to compute the estimate loan quantum.
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.
email@example.com Read More