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Hi, I currently live in a condo, I wish to upgrade to a landed property, I do not have the cash to pay 40% so I'm prepared to sell my condo to get the 80% loan, however my question is do I have to sell first to do that, ideally I would like to buy first then sell, is that possible?
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1 Answer

Mike Lim
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Afternoon Wee Han,

Landed property are opened to SC and those who have gotten prior approval for the purchase. Under current ruling, unless you have the OTP for sales, you are required to pay the ABSD and bank will not be able to disperse 80% loan to you. IRAS will then return your ABSD when you have sold your first property. As for loan, some bank might have you to adjust your LO, only prior completion of your transaction.

FYI
Mike Lim
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