AskGuru Q&A Community

Evening,

Firstly, since you have fully paid for the private property, you will be able to obtain 50% loan as your HDB is still under mortgage. You will be required to pay 10% ABSD though. However, all these are subjected to the fact that you are SC and no SPR.
Secondly, why the intention to sell both units to purchase one? Are you looking at cashing out or preparing for retirement?

Do feel free to contact me for further discussion.

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

Dear valued client,

As per what you have mentioned, in your scenario, the 1.4mil condo will be your 3rd property count on a 2nd property loan.

On a best case scenario, if proceeding with purchase without selling the first two, you will be liable for 13% stamp duties and can only borrow a maximum of 50% bank loan, for a Singapore Citizen profile.

From the looks of it, selling the HDB might be better as it frees you up to potentially get a higher property loan quantum than the previous 50%.

If possible, may I have more details of the existing properties? Will be glad to share my analysis and provide a solution in terms of restructuring your portfolio. You can then compare with other agents proposal to see which to adopt.

Thanks and Warm Regards,
Ivan Ng
Proactive. Sincerity. Feedback.
Website: www.ivanng10.com/sgnewprop
Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
CEA Registration Number: R052114D Read More

Hi. Since you already have a fully paid up pte property, why should u sell it? As for your hdb, once u sell off your hdb, you are no longer eligible to buy another one unless you sell off all your pte properties in the future.
Do take in the ABSD and loan from bank as a guideline along with your consideration as well.
Feel free to contact me at 91442664  should I can assist you further.
Tricia Tan Read More

Dear sir/madam,

I do not think there is a straightforward answer since we are unsure of why are you looking to purchase or what are the returns that can be generated from the existing properties. Tricia has pointed out that if you decide to sell your existing HDB now, you will not be eligible to purchase another HDB in future unless you are willing to sell off existing private residential properties. On the other hand, you have a fully paid up private property which seems like a waste to give up now that it should be giving you very good returns since there is no monthly installment to pay. There is a 3rd possibility that you sell off your existing private property, making use of the proceeds to pay off your HDB and using the remaining proceeds to make your purchase. In this scenario, the amount of loan you will need to undertake should technically be lesser and your montly commitments will be lower, which will likely be able to cover by the rental from your HDB.

Let me know if I may assist you further.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop

Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate (L3010548F)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Hi, there are many info needed to support the decision. Thought selling HDB is a good option, but it really depends on your objective. I can share the reasons of this options and show you the financial planning part. Is all about leveraging.

I am reachable at my mobile.

CK Ang
 90463808 
Vestor Realty Read More

Good afternoon,

As long as you clear your current outstanding loan in your HDB, you will be eligible to take up to 80% bank loan for your new $1.4M condo purchase. But do take note that you will be subject to ABSD of 10% for third property ownership.

But if you decide to dispose off either HDB or current condo, your ABSD will reduce to 7% for second property ownership.

If you intend to sell off either one, there could be two options:

1) sell condo, use sales proceeds to full redeem the outstanding loan in your HDB. continue to enjoy high rental yield from HDB.

2) sell HDB. don't need to worry about inability to obtain a 80% bank loan.

If you need any assistance in your property needs, feel free to contact me.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More