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Good morning Sharon,

Assuming you can get 75% max loan for the new launch, the required cash+CPF will be approximately $724k for downpayment, buyer stamp duty and 17% additional buyer stamp duty for Singaporeans 2nd residential property. Breakdown as follows:

DP (cash) 5% $80,000
DP (cpf) 20% $320,000
BSD approx 3% $48,600
ABSD 17% $272,000
Legal fees $3000

Max Loan 75% $1,200,000

Total approx $724k, and will be payable within 8 weeks of booking unit. Do note that you will have to set aside Basic Retirement Sum of $99400 before you can use excess CPF OA for the 2nd residential property.

May I know if you have any adult children or parents who currently do not own any residential property? Perhaps I can have more info to try to structure an approach that can help you to minimize the upfront costs? Happy to explore the best approach together. I have worked with various clients to structure their best approach for their new launch process. Happy to share further.

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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- Buyer Mr Wang & Ms Ng - We want to convey our thanks to Ivan, who helped us find our first home. Ivan was very responsive when we first met, and took time to understand our needs and requirements for our first home. He helped us narrow down our criteria and gave us good advice on how to structure our mortgage as well. He also made a great recommendation of an area we never thought of, and it was where we eventually bought our home. We appreciate Ivan's thoroughness in pros and cons of all our options that we viewed. We never felt pressured or rushed to make a decision. In fact, Ivan gave honest and useful inputs on the considerations of acting immediately or waiting. All in all, it was a very smooth experience and we ate very happy with the unit we bought. Thank you very much, Ivan!

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To add on, based on your income, age and assume no other major loans like car loans and good credit score, and since your HDB is fully paid, the max loan attainable is approx $1.49mil subject to bank approval. So the $1.6mil purchase price looks feasible assuming funds for downpayment and stamp duties are sufficient.

May I know which project you are looking at? I'm contactable at wa.me/6597432395 . Thanks! Read More

Hi Sharon,

Since you and spouse have paid up your HDB already, you will be able to secure up to 75% loan for the 2nd property. Based on your income and age, you should be able to loan an estimated loan amount of about 1.5 mil. You are in a good position financially to buy a 2nd property.

As for the financial breakdown, you will need to prepare the following if you are buying a 1.6 mil new launch.

1. 5% Booking Fee - $80,000
2. 20% CPF/Cash - $320,000
3. Stamp Duty + ABSD (17%) - $320,600

As you have used your CPF towards the 1st property, both you and your hubby will also need to set aside the basic retirement sum in your CPF before you can use the rest towards the purchase.

I will be happy to run through with you the steps and provide you with a financial breakdown. Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Good morning Sharon,

Let us work out some numbers before we proceed further.

Your estimated loan amount is around $1.5m based on 21 years loan tenure and medium interest rate of 4% if you guys wish to purchase $1.6m property, should not be a problem.

Secondly will have to work out your funds for purchase.

By the way, is your HDB ownership 1 or 2 owners? If one of you is essential occupier, you can buy second property without ABSD as Singaporean.

If not 17% ABSD will be payable for second property purchase as Singaporean. Other restrictions will be you have to set aside full retirement sum in individual CPF account before you can use the excess CPF OA fund to fund this purchase if you had utilised CPF OA funds in your HDB.

Initial funds required:
- 25% downpayment (minimum 5% cash balance 20% could be cpf or cash) as you can obtain max 75% as no outstanding HDB loan
- 17% ABSD on top of 4% stamp duty (value above $1m)
- legal fees ($2500 to $3000)
- stamp duty for mortgage ($500)
- valuation fee estimated > $400 + GST

If we purchase a new launch without foundation stage being done, we will only need 20% downpayment initially. When foundation is done probably 1 to 1.5 years time, then need to pay another 10% in the form of your funds and loan (5%).

Monthly instalment will range from $469 (foundation stage) to $5636 (TOP stage) and you will be able to utilise CPF OA funds to fund partially or entirely in the different stages of construction.

Probably we can run through numbers and options first to compare what fits your family the best.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
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Hi Sharon, do contact me at 97970200  to understand more and discuss

Mark, your RIGHT choice
Propnex Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, do take note of the ABSD payable.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Dear Sharon,

Breakdown as follows (assuming you are eligible for maximum 75% loan based on TDSR):

BSD - $48,600
ABSD - $272,000
Legal Fees - Approx $3,000

OTP (Cash) - $80,000
Exercise S&P - $240,000 (Cash and/or CPF)
After 6 months @ Completion of Foundation Stage - $80,000 (Cash or CPF + 5% loan if required)

Both of you will be required to set aside the Basic Retirement Sum in your CPF accounts before you are able to use the excess funds for the next purchase, if you have utilised CPF funds for your current flat.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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