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Hi,

It depends on whether you are looking at new or resale EC. Are you planning to move in together with your mum at the EC? What you have probably come across is that if you already have an outstanding loan, your 2nd loan max loan amount will be much lower.

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

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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Hi Miss,

Do you intend to sell the current HDB and purchase a new EC or do you intend to purchase a resale EC as a 2nd property?

The loan eligibility and quantum is different for bth scenarios. Please feel free to contact me so that I can explain the differences in details with you and provide you with further assistance!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

A Very Good Day to you and thank you for your queries,

You may purchase a new EC with your fiancé if your current resale HDB bought with your Mom has obtained MOP (if bought with Housing Grant) or the new EC expected TOP date is after the MOP date (if resale HDB bought without grant). A few other consideration to take note are as following:

1. Sell or Transfer resale HDB: You have to sell your current resale HDB within 6 months upon new EC’s TOP. Alternatively, you may transfer the ownership of the resale HDB to your mom. Any outstanding home loan you may have with the bank has to be able to be supported by your mom’s sole income or fully repaid. CPF + the accrued interest used from your account have to be reimbursed fully as well.

2. EC Home Loan: Your current outstanding home loan from bank on the resale HDB will not adversely affect the application of your new EC loan as the banks would consider that you would have to dispose the current resale HDB eventually.

$9k combine income for borrowers below 35 years of age would allow up to around $600k home loan and may consider EC price of up to $750k ($600k/80%). Older borrowers will qualify for lesser loan amount.

$750k EC would require around $170k in cash/CPF ($750k x 23%) of which 5% of the property price must be paid in cash only. Should you have more cash/CPF, higher EC price can be considered and vice versa.

3. EC Housing Grant: If your current resale HDB was bought with housing grant, you would be considered a Second Timer hence you would not enjoy additional EC Grant. For income below $10k, First Timers can enjoy up to $30k CPF Housing Grant. If your fiancé is a First Timer, he may enjoy half CPF Housing Grant of $15k.

More info here: http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/schemes-and-grants/cpf-housing-grants-for-ecs

4. Resale Levy: You may have to pay Resale Levy if your resale HDB was bought with Housing Grant and the new EC land sales launched after December 2013.

Eg: Resale Levy for 3-room is $30k (For Singles Grant Recipient: Resale Levy $15k)
More info on other Resale Levy applicable here: http://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/additional-information

Hope the above provides a clearer picture for you to make better decision.

Kindly visit my website for a summary of available ECs in the market, the price range and free E-Brochure:
http://karrienrealty.wixsite.com/developersale

As we do not get prompted when you respond here, kindly contact us directly should you require additional information or assistance.

Thank you and have a pleasant week ahead.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 82250212 
Email: karrien.realty@yahoo.com

PropNex Realty Pte Ltd
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Floor Plans & Listings:
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