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Hi, you can only use your own name to purchase a condo and to loan under your sole application in this case.

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Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi do contact me at 97970200  to discuss more

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Dear sir/madam,

If it is not an option for your spouse to remove the name from existing HDB and you proceed in purchasing the private residential under joint names, there are several considerations you need to take note.

1) Minimum Occupation Period for the HDB flat must be met before your wife is eligible to joint purchase the private residential.

2) Since you are a FR while your wife is SC, since this is going to be her 2nd home, Additional Buyer's Stamp Duty is applicable.

3) Loan eligibility this purchase will also be affected since it is a 2nd home loan for your spouse to be undertaking.

In terms of loan eligibility, any FR income is subjected to assessment by the bank and authorities therefore it is in your best interest to speak to a professional banker instead. I do have clients who have applied for home loans successfully with their FR income but the whole process to application is more tedious and stringent from the experience.

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Geryl LIM
Consultant - Director
Global Alliance Property (L3010679B) - Century 21
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Hi,

In this situation, since your spouse is not earning an income, it will not affect your loan ability too much. Hence, I think it makes sense to purchase the condo under your sole name.

Firstly, you can get up to maximum 75% loan for the purchase, as compared to maximum 45% if it's a joint-purchase.

Secondly, you will pay less stamp duties, as compared to ABSD of 12% if purchased under joint-names.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More