AskGuru Q&A Community

Hi
It will be 20% downpayment provided you do not have any hdb outstanding mortgage. Feel free to reach me via 91442664  for a detailed discussion.
Tricia Tan 91442664  Read More

Hi,

Assuming you are SC household, with 1 hdb and 1 outstanding hdb/bank loan, the breakdown for 2nd property purchase as follows if you were to book now:

25% cash
25% cpf
50% max bank loan
Stamp duties (bsd+absd) and legal approx 10%

Depending on the condo you choose, the payments schedule will differ. However, within 8 weeks of booking of unit, 20% downpayment and approx 10% stamp duties and legal must be settled.

It will be ideal if I can have more details such as (your current hdb details, the project you want to buy, funds on hand etc.) so to better plan out the financial and timeline transition professionally, and ensure your costs and hassle are minimized.

Thanks and may I understand your requirements and plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi,

Re: Our Preferred SG Professional- ASAP Real Estate Services

There are various property that I can recommend to you based on your preferences. Drop me a call at 92222389  , will give you my recommendation for HDB upgrader accordingly.

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

Onassis Gan | R021244C | SG Professional l SGRealtor.com & SGAgent.com
EXPERIENCED. PROACTIVE. SINCERITY. FEEDBACK
ACTA (Full); PDCE (Singapore); MSc BIT(Middlesex); BBA (South Australia)

Featured Realtor Services recognition by SGReview.com and SGBride.com

Singapore Line : (+65) 92222389 
Malaysia Line: (+60) 111-0788889
Email: onassis@sgrealtor.com / sgagent.com
Skype: incomecare

Our Clients' Success Is Our Success
“Clients’ always at ease putting their properties with us”

Our SG Professional Services Youtube

Commercial - https://www.youtube.com/watch?v=brxduV0p85o
Residential - https://www.youtube.com/watch?v=eoMGp5nmSuI

SG Professional with presence that memorable at SGRealtor.com, SGAgent.com and SGAgents.com.

Do what the 99.99% won’t do, PLAN AHEAD TO A SUCCESSFUL TRANSITION INTO REAL ESTATE

Upcoming 2016, we are in the progress to create property portals to serve our SG clients better.

www.HiSingapore.com –Singapore Housing and Commercial Property Guide
www.Listing.sg – SG Properties Listings
www.CommercialSingapore.com – Commercial Listings
www.SGHouses.com – Residential Listings
www.Showsuite.com – SG Developer Projects Listings

SG Commercial Websites
www.SGCBD.com
www.CBDSingapore.com
www.SingaporeCBD.com
www.SgOfficeRental.com
www.SgShophouse.com

SG Landed Houses Websites – www.LandedGroup.com
www.SGGCB.com
www.SGBungalow.com
www.SGDetached.com
www.SGSemiD.com
www.SGTerrace.com
www.SGCluster.com

SG Districts Websites
www.BukitTimah.com.sg
www.Holland.com.sg
www.MarineParade.com.sg
www.sentosaisland.com.sg

Overseas Website
www.NewLaunch.my - Malaysia
www.PropertyPh.com - Philippines
www.VNProperty.com - Vietnam Read More

Good afternoon upgrader,

Not to worry. Let me help you on this.

Your household must fulfill the minimum occupation period (usually 5 years) first before you are eligible to purchase a private property.

Before placing a 5% booking fee (in cash), it is strongly advised to obtain an in principle approval (bank loan) to find out how much can you obtain.

If you have an outstanding mortgage, you only can take up to max 50% bank loan. If not you will be able to take up to 80% bank loan.

Secondly you will be subject to additional buyer's stamp duty of 7% for your second property purchase as Singaporean. You can apply for remission from IRAS provided you are able to sell off your HDB within 6 months from TOP date. This will be applicable if you wish to hold on to your HDB while waiting for the completion of the condo.

Thirdly if you have utilised CPF OA funds in your HDB, you must set aside half of minimum sum of $80.5k in your CPF OA + SA first before you can use the excess CPF OA funds in this purchase.

For instance, if you are able to obtain max 80% bank loan, your initial outlay will be as such:

1) 5% booking fee (cash)
2) 15% CPF or cash downpayment within 8 weeks from OTP grant date (cash or CPF)
3) 10% (estimated 3% + 7% ASBD) stamp duties within 2 weeks from exercise date (cash or CPF)

For private property, usually the payment schedule is progressive. Might not be deferred payment schedule as per you wanted.

Having say that, perhaps you can share more with me so I will be in a better position to advise and assist you further in your upgrading plans.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com Read More

Hi

If you still aspire to own a private property, there is another approach to meet with your requirements. Buy an EC.

5% Booking fee (Cash)
15% Down payment (CPF or Cash)
80% Loan upon bank's credit assessment
You may either opt for progressive or deferred payment
(No ABSD, stamp duty only 3 %)

Must sell your HDB flat within 6 months after TOP.

After 10 years, the EC will be fully privatised.

It meets with your concerns, 1) Deferred payment 2) CPF usage 3) Sell HDB flat after TOP 4) fully privatised after 10 years

Besides, you save on the ABSD. Moreover, you buy at subsidised price and likely to match private pricing when you sell as it becomes a private condominium. (5 years can sell to SPR, 10 years foreigners).

You may call 9620 0827  or email gavin.ng@orangetee.com to further explore your options.

Gavin Read More

Hi upgrader,

Basically, you need to know how much you can loan (depends on whether you have an existing loan, other debt obligations, income, age, tenure etc). Next, you'd follow a progressive payment scheme based on the completion progress of the project, hence you'd be paying the mortgage from the start, and the monthly payment will increase with the completion of each stage.

I can see that you might need some of the funds from your HDB sale for the condo purchase. I'd suggest that you look at new projects that are nearing completion, to save you all these hassle.

Feel free to contact me at your convenience, and we can carry on front there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Evening,

You will need to fulfill the MOP requirement before you are eligible to purchase your next property. You will need to be SC in order to keep the HDB unit upon getting your second property. As for how much loan can you get, it would depends on whether your current unit is still on mortgage or not. It would also depend on your age, income and credit status. If you have utilized CPF for the first unit, you will be required to set aside the CPF minimum sum before you can use the balance on your upcoming purchase.

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

Hi Sir/Mdm,

It is a good decision to purchase a condo either for own stay when it is ready or for investment as a source of passive income.

1. For a start, you will need to find out how much loan you will be able to obtain from the bank. If you still have an outstanding loan for the current HDB, then you will only be eligible for 50% loan instead of the max 80% loan.

2. Assuming that you have cleared your loan for your HDB, then you will be eligible for 80% loan. The balance 20% will consist of 5% cash and 15% CPF (if CPF is not sufficient, then in cash).

3. Please also take note that there will be an Additional Buyer Stamp Duty (ABSD) of 7% of the purchased price. This is on top of the normal stamp duty of slightly less than 3%. You will need to factor in these amount into your budget.

4. The monthly installment payment will depend on the stage of construction of the property. Nearer the TOP date, the installment amount will increase.

5. If you intend to sell your HDB then you can apply for an ABSD remission. You can sell your HDB within 6 months from the TOP of the condo to be eligible for the remission.

Upgrading requires meticulous planning in terms of timeline and the finances. Please feel free to contact me so that I can assist and guide you through the steps in owning your next dream home!!

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

Testimonial from Satisfied Clients (2015/2016)
“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 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.”
Susana (Buyer)

“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

Hi,
As you own a hdb now, the process can be quite complcated.

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.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More