7 Answers

It is in your best interest to get an in principle approval from the bank with regards to your loan eligibility and do up a proper financial plan on this intended purchase.

Should you need to speak to an experienced banker, feel free to let me know so I can arrange for a banker to get in touch with you.

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From your descriptions, I believed your calculation is extremely reserve.

To do a TDSR (Total Debt Servicing Ratio), it also involves other loans, such as car loan, credit card usage behaviour etc.

We can have a non-obligation chat to give you a better picture before approaching bankers.

I can be contacted via 90110636  , or email: ling.ck7@gmail.com.

Best regards
Ling CK Read More
Robbie Chen Chee Howe

Based on your age and income (without taking into account the variable), you should be able to get at loan in excess of $1.3m. Which means you can purchase a property of more than $1.6m.

So, I would say it's not your loan that is stopping you into purchasing a higher quantum property. Rather, it is your CASH + CPF on hand that is restricting you on the purchase.

For every purchase, you will have to set aside downpayment of at least 20% of the purchase price. And because this is your second property, you will also need to set aside some money for Additional Buyer Stamp Duty (ABSD) if you're purchasing a residential property.

Also, do take note that should you have used your CPF monies for your current HDB, you will also be required to set aside Half-Minimum Sum before you can utilise further CPF monies for your second property.

Assuming a $600k condo purchase, you will need to set aside:-
1) 20% downpayment = $120,000
2) BSD = $$12,600
3) ABSD (Singaporean) = $42,000
4) Legal Fee = $2,500
Total = around $177k.

Based on you CPF + Cash, you have $190k. But I'm not sure if you have set aside you Half-Minimum Sum for your CPF. If you have not, you may not be able to purchase a $600k property even though you can loan up to $1.3m.

May I know what's your objectives of the purchase? Is it going to be you new home? Or are you looking at an investment angle?

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

What you need is a personalised session for someone experienced to run you through the regulations , compute your financial figures and hence advise and propose your next course of action accordingly.

If you would like to take this forward, I would most certainly like to extend my services. Visit my website to view all my recent accolades - esteemed awards and testimonials to gather more information on me: www.kumarrai.com

D Kumar
 +65 96659926 
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From the loan portion, you should be able to borrow more than your stated amount. As this is the purview of the banker, you may ask for an in principle approval on your loan. Would be happy to refer you to the bankers.

It would seem that your CPF may be insufficient which will require you to have more cash in order to be able to buy an investment property.

Should you have further questions, you may write to gavin.ng@orangetee.com


Gavin Read More

According to the information that you provided, your loan amount is actually much more than what you have calculated.

There are actually other considerations to factor in, in getting your second desired property.

If you are keen, we can meet up for a discussion and analyse what is the preferably next step you should do in getting your second property.

I can be contacted at 96177194  .

Ivan Lim
PropNex(Powerful Negotiator) Read More