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Hi, I am currently going to meet the 5 year MOP for my hdb resale flat. I don't intend to sell my hdb flat and I want to rent it out to finance my next condo purchase. At the moment, I have my combined salary is about $9500 and my current CPF O/A balance is $200k. My question is, is there any developer at the moment which can help to pay the 5% cash upfront but include the amount in the buying price?
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7 Answers

Hi Adam,

For the minimum 5% cash, developers cannot lend buyers the amount. You may want to consider personal loans from banks but that will also affect your Mortgage loan application eventually.

Do note that for SC 2nd property, 7% ABSD will apply, and can only take 50% max loan if you already have an outstanding loan for the hdb. May I understand your requirements further so to make better recommendations? Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
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Hi Adam,

You not only need to consider the 5% cash up front, you will still have the additional buyer's stamp duty to take care of.

In this instance, does it make sense to keep your existing HDB (barring aside emotional attachment to the HDB especially if it is your 1st matrimonial home). Assuming that your next purchase is a $800k unit, your ABSD itself will be $56,000. It will take almost 2 years worth of rental if you are able to rent it out for $2400 just to recover the ABSD let alone service your housing loan for the condo, not forgetting that your HDB will still be subjected to market movements (hopefully not further decline).

Give me a call for further discussion perhaps to work out your upgrading plans.

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

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Regards,

Geryl LIM
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YT Tan (陈永达)
Good morning Syaf,

Do take note of these cooling measures when you intend to purchase a second property,

1) max 50% bank loan if you still have outstanding housing loan

2) additional buyer's stamp duty of 7% as a Singaporean

3) you have to set aside half of minimum sum $80.5k in your CPF OA + SA before you can use the excess CPF OA for the purchase.

Nowadays some developers offer discounts on certain units but none has proposed to replace the upfront 5% booking fee with other modes of payment.

Perhaps you can share more information with me so I will be in a better position to advise you whether are you able to own two properties at the same time now.

Just to share!

Only a one time sign up, you will be able to receive a free SMS update on the value of your home and neighborhood from me on a monthly basis.

Click this now: http://goo.gl/Gg5pe3!

Join me on board towards a hassle free update on valuation now!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
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Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

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Hi Adam,

You may want to consider upgrading from your current HDB to a condo instead. This is why this may makes more financial sense:

1. You can save on the 7% additional buyer stamp duty payable for a 2nd property. This is on top of the 3% normal stamp duty. Total stamp duty will be about 10% which is about 100k for a 1 mil property.

2. If you have an outstanding loan for your current HDB, you will only be able to borrow up to 50% of the valuation of your next condo. Under such arrangement, you may not be able to leverage fully for the purchase.

3. Developers are not able to subsidies the 5% upfront fees. However, there are some attractive scheme currently like the one CapitaLand recently introduced giving buyers a 15% discount and paying 10% upfront before making the balance 90% one year down the road, allowing owners to move in first and pay later.

Purchasing a condo requires careful planning. Please feel free to contact me so that I can provide you with further assistance.

Regards,
Nick Tan
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Hi Mr Syaf. Adam,

It seems like you're at the early stage of planning at the moment and may be difficult for you to find out all the information easily. How about getting in touch with me via Whatsapp/Text or calls? I am reachable at 922 54321. I would be more than willing to give you my professional advice as well as helping you go through all the property transactions(buy/sell/rent), hassle-free.

Looking forward to hear from you!

Warmest Regards,
Sophia Ng
ERA Realty Network Pte Ltd
Mobile: 922 54321
E-mail: sophiangsy@era.com.sg
Website: www.sophia-ng.com Read More
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Good evening syaf,

Thanks for your query!
Perhaps you could contact me directly so that I can work out your financial sums succinctly and illustrate the breakdown in step by step stages for your understanding. It is crucial in the upgrading process.

With up to date tools and Apps, I have the complete inventory of available units with details (size,facing,elevation) and latest pricing. There are a couple of projects you could consider, however, if you could furnish me with more exact requirements ( location preference) and finances on hand, I would be able to steer you to the right development and propose unit layouts for your consideration.

I have concluded sales at various condos in recent months, and am currently working with a client with his EC purchase at Sol Acres. Do get in touch for a non obligatory discussion for me to guide you exactly on the step by step procedural framework of Your condo purchase, and chart the payments with timeline to facilitate your purchase. Thank you!

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com ( Recent Awards and Testimonials)

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GAN ENG JOO ONASSIS
Hi,

Re: The best deals available through SG Professional- BuyRealtor.com & NewLaunchDeal.com

Ask yourself the question first..

5% option fee for new launch is a must fix by government rule. Will you feel comfortable to purchase a SG new launch condo at 2.5% option fee even the developer give it to u now.

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.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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