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Hi Gurus, I am currently staying in an EA apartment in Punggol with an O/s loan of about $160k. I am thinking of upgrading to a new 3 bedroom EC at a budget of about 800k. I am the sole breadwinner with income of about 5k . Wife is a homemaker. We can afford the 20% down payment under the deferred payment scheme. Shld I sell my flat now or wait till TOP of the EC assuming around 2016/17. Understanding that there will be a glut in supply by then and the market condition may not be in my favour. Wil I be also able to obtain 80% loan from bank based on my current income?
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3 Answers

Geryl Lim
Replied
Hi Kenneth,

You will need to do an assessment with the bankers based on your income and commitment to determine if you are able to obtain the loan for your upgrading plans. Selling your flat now would require you to look for alternative accommodation, which could either be going on rental or bunking in with family or relatives. Should you be opting to rent, then I would advise against selling since it will be a good 3 to 4 years of rental before being able to move into your new place. If you have any other questions, feel free to give me a call for discussion.

Regards,

Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
Dynamic Alliance Group @ www.DAG.com.sg
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Sharique Tan
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which EC are u looking at?
please contact me for offline discussion

86-175-274
Sharique Tan
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Mike Lim
Replied
Morning Kenneth,

As your current unit is HDB unit and you are looking at new launch EC, you can get 80% loan from bank as it's a requirement that you sell away your HDB unit within 6 months from key collection. Even though there will be more supply of units from BTO that have MOP, this would not impact you much as none of this units are EA nor EM. The impact will affect 4 or 5 room flat owners. The most important thing now is to ensure that you are able to get the amount of loan required as your pay might not be enough to facilitate 80% loan.

DO feel free to contact me if you require further assistance.

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