AskGuru Q&A Community

Hi,

Sure if you have meet your MOP of 5years, you are eligible to purchase private. You can qualify for a max bank loan of 80% of purchase price, subject to your income levels and any other loan obligations (such as car loan) you have.

Breakdown of purchase price as follows:
5% cash (min)
15% cpf
80% bank loan
3% stamp duties

Another thing to note will be a 7% ABSD payable on the 2nd property purchase price, and setting aside 1/2 of minimum sum (ie 77.5K) before you can use any CPF monies for housing. Thanks and hope to speak soon to understand your requirements.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com
www.ivanng10.com Read More

Afternoon

Being SC who are looking to purchase their second property, you must have fulfilled MOP requirement. Having no existing mortgage in hand, you will be eligible for 80% loan, subjected to TDSR and MSR assessment. You will also be liable for 7% ABSD, other than standard stamp duty.

Do feel free to contact me for further discussion.

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

Good evening!

yes you are eligible to purchase a private property if you have fulfilled the applicable minimum occupation period.

Have you?

If you have, you should be able to obtain a 80% loan (still based on your income) as you don't have any outstanding housing loan.

And if you are able to obtain a 80%, you must come out with at least 30% of the purchase price.

30% initial outlay:
1) 5% cash downpayment
2) 15% CPF OA funds/ cash downpayment
3) estimated 3% buyer's stamp duty
4) 7% additional buyer's stamp duty as a SC
5) valuation fee, legal fees, stamp duty for mortgage

Hope my explanation helps!

If you need any assistance in your property purchase, feel free to contact me! Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More