7 Answers

Hi,

For SC 2nd property purchase, with currently no ongoing outstanding mortgage loan, typical breakdown as follows:
Cash 5%
Cpf OA 15%
Max bank loan 80%
Stamp duties and legal approx 10%.

Hence, we be looking at at least 5% of purchase price (for cash outlay). If CPF OA is not sufficient to cover the 15% down payment and 10% stamp duties, the shortfall has to be covered by cash as well.

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

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We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

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Robbie Chen Chee Howe
Hi,

The minimum Cash you should set aside for your condo purchase, would be 5% of the purchase price.

The rest of the downpayment (15%) and the stamp duties (BSD + ABSD), can be covered using monies in your CPF-OA.

Do take note that if you had used CPF funds for your HDB flat, you will have to set aside "Half Minimum Sum" in your OA and SA, before you can utilise the balance in your OA to pay for your second property.

If you have insufficient CPF funds for the downpayment and stamp duties, you will need to top up the shortfall in CASH.

If you are planning to own 2 properties, I do have a suggestion for you. You will be able to enjoy some savings for this proposal, and at the same time become a Landlord.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0
Hi

You may want to write to gavin.ng@orangetee.com. We can go through with you the financial cash follow for your understanding.

Gavin Read More
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YT Tan (陈永达)
Good afternoon investor,

Happy 2018 to you!

Do take note there must be a Singaporean in the household in order to keep a HDB and own a private.

Be mindful of these cooling measures if you will like to proceed with your intention.

1) additional buyer's stamp duty of 7% as Singaporean

2) need to set aside basic retirement sum of $85,500 in CPF OA + SA first before you can use the excess CPF OA funds in the purchase

Thus your initial downpayment will be around 30% of the purchase price if you are able to obtain max 80% bank loan.

1) 20% downpayment:
- 5% cash
- 15% cash or cpf

2) buyer's stamp duty (estimated 3% of purchase price)

3) ABSD of 7%

So the outlay of cash will depend how much cpf oa funds you can utilise.

Hope my explanation is informative and value added towards your property investment.

May I know how can I value add further in your property needs?

Perhaps we can meet up over a cup of coffee to discuss and explore your options?

Hear from you soon!

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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The plan to stay in 1 property and rent another out, I believe, is the dream of many Singaporeans alike, however, what is the best way of doing it, barring aside emotional attachment to your existing property?

Will it be financially taxing to do so? I normally recommend my client to spend approximately 30minutes of their time with me to go through the various options available, go through the needs before proposing a probable solution that can best cater to their plans before we even embark on any further actions.

I look forward to discuss more in details with you in private. Do get in touch with me in private as we are not alerted to any responses posted on this thread.

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Dear Sir/Mdm,

Congrats on fulfilling your MOP and paying off your HDB. It is a good move to own 2 properties and I would say you are in a good position to do it especially that you have paid up your HDB.

For purchasing a 2nd property, financially, you will need to include the 7% Additional Buyer Stamp Duty and the restrictions in CPF usage into your financial plan.

To purchase a new launch, the booking fee is 5% in cash, 15% in CPF (in this case, your CPF may not be sufficient due to the restrictions and therefore you will need to top it up with cash). You have fully paid off your HDB and therefore you will be able to leverage fully by taking a 80% loan.

For a 2nd property, it is very important to purchase a project which can generate stale rental yield for you while you wait for the capital appreciation. Please feel free to share with me your budget and preferred locations so that I can recommend some options to you!

Regards,
Nick Tan
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B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
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