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Happy lunar new year to you, KP.

Upgrading with or without existing housing loan will depends on how much finances do you have on hand.

Do bear in mind of these:

1) you will be subject to additional buyer's stamp duty of 7% for this second property purchase if you are a Singapore
2) you will have to set aside half of CPF minimum $80.5k as of today if you have utilise CPF OA funds in current property before you can use the excess.

If you have outstanding loan, you will only be eligible for 50% bank loan thus you have to come out with 50% downpayment.

Initial outlay:
1) stamp duties (3% +7% absd)
2) 50% downpayment

Total: at least 60% of purchase price

If you clear your outstanding loan, you can loan up to max 80% bank loan.

Initial outlay:
1) stamp duties (3% +7% absd)
2) 20% downpayment

Total: at least 30% of purchase price

Probably you can share more with me so I am able to value add and assist you further in your upgrading.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

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

Hi Kevin,

May I know what are your objectives? To have 2 properties and rent out 1? If so, clearing the loan will help as you can then take a higher loan amount for your 2nd property.

If your plans are to sell your current place to fund a bigger unit for your next purchase, you need not clear the loan at all.

May I have more details so to make better recommendations? Thanks and hope 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 
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(Client's Testimonials) Read More

Hi Kevin,

It'd be pointless to make any recommendations that wouldn't suit your needs, hence it's imperative to understand your actual situation first.

Feel free to contact me for an in-depth analysis, at your convenience.

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

Evening Kevin,

Without knowing how much available fundings you have in hand, your age, the amount of outstanding loan, the type of property that you are currently holding, your budget for the upcoming purchase, it would not be possible for any agent to provide you with any sensible advice.

Do contact me further should you require my assistance.

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

Hi KP,

We wouldn't be able to know or advise with limited information provided, however, the rule of thumb is to reduce your leverage due to the uncertain economical factors that is going on worldwide. The monthly mortgage that you will be undertaking, regardless 1 or 2 of them, must be comfortable for your monthly commitments instead of having to rely heavily on rental to cover the mortgage. That will be a huge risk to take, especially with ample supply in the market.

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

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My self introductory video on https://youtu.be/6UfrCOCB6Mg

Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Hi Kevin,

Re: Our Preferred Experienced SG Professional

Recommend to be prudent and do not overstretch the budget for your next property purchase. Especially, the rental yield are dropping and interest rates are raising.

Call us now, we can explore further in detail.

We are contactable at 92222389  or onassis@sgrealtor.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.

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Hi Mr Poh,

If you are selling the property first before buying, then I would not recommend you to clear your housing loan as you will be eligible for 80% bank loan. However, if you are thinking of buying the next house first before selling, then it will make sense to clear the outstanding loan first.

May I know what is your outstanding loan amount and also the cash and CPF that you currently have on hand. After considering all these figures, I will then be able to advise you properly.

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

Testimonial from Satisfied Clients (2015)

“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)

“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 of HDB)

“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 of HDB)

“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 through Nick) Read More

Hi Kevin, are you planning to sell off your current property and upgrade to a bigger unit? Or are you intending to hold onto your current property and buy another one for own stay and rent out your current house?

There are many factors to consider before you proceed with any purchase. Given now is a Buyers market, and you have plenty of options in the market, you must still exercise prudence in your purchase.

Do give me a ring at my mobile 97486305  . We shall go through your financial situation and work out the best possible solution to your needs.

Thank you!

Best regards,
Robbie Chen
Propnex Realty Read More