AskGuru Q&A Community

Hi,

For your current flat which you are the joint owner, was it bought direct from HDB or was it bought from open market with grant? If so, its considered subsidized housing. If this is the one and only property ownership you have up till this point of time, yes you can purchase new EC, provided your income doesn't exceed 14k and the MOP of 5 years of current flat is met. Yes you can qualify up to 80% of the bank loan, so long as your financial conditions allow, as it is understood you need to sell your hdb when you collect EC keys. For grants wise, has your wife taken subsidy for housing before?

May I know which EC project are you considering? Some current EC projects may incur resale levy. Thanks and hope to understand your requirements further so to value-add further to your upgrading plans. Let's discuss further over phone/email.

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 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Good afternoon buyer,

You are eligible to purchase a new EC with your spouse under public scheme. As long as your combined income doesnt not exceed the income ceiling of $14k, both of you can proceed with the application. If not, you have to appeal in order to apply for one.

As you mentioned that you added your name after your parents gotten the place, you can check with HDB whether are you still eligible for housing grant as you are not the one who enjoyed the susbidy (it's your parents).

Well of course you are eligible for 80% bank loan as it's mandatory to sign a HDB undertaking letter to sell off your HDB within 6 months from TOP date.

You can consider going for dual key units if you will like to add in your parents' names into the application.

Hope my sharing is beneficial to your EC purchase.

I just brought my buyers to purchase The Criterion EC last sunday and as an EC owner myself, I think you are making a smart decision.

I have some articles on EC on hand. If you are keen, I am more than willing to share with you.

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

Afternoon,

If you are buying a new EC, you will be eligible for 80% loan. But if you are getting a resale EC, you will get not be granted 50% loan until you are able to provide with the OTP for your current unit.

Do contact me further should you require my assistance.

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

Good evening buyer,

Sincerest apologies for the late reply as Propertyguru wont prompt me if there's any reply to my post. Probably you can contact me direct via mobile or email in future.

If your purchase price is $800k, your initial outlay will be as such:

1) 5% booking fee (cash): $40k
2) 15% CPF OA or cash downpayment: $120k
3) estimated 3% buyer's stamp duty (cash/ CPF): $18.6k
4) private legal fees around $2200
5) valuation fee varies

You need at least $180k in cash and CPF (at least $40k in cash).

Hope my explanation helps!

Probably you can share with me how much finances do you have on hand so I will be in a better position to advise you further.

My buyer doesnt have enough funds at the moment but I still managed to find a way to assist him to book the unit.

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