AskGuru Q&A Community

Hi A,

What is the objective behind your purchase of a condo before and landed property now?

Do you think it's worthwhile to sell your condo to purchase a landed property now in order to maximise the loan you are eligible for?

In terms of capital appreciation point of view, I must say that you are looking at the right direction in wanting to own a landed property in land scarce Singapore. Perhaps I maybe able to share more information with you?

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More

Hi,

As Joel has mentioned, you can only borrow up to 60% LTV for your second property.

Having said that, if you intend to sell your condo to buy this landed property, you can talk to your bank about getting a bridging loan which is charged at a much higher interest rate, 6% per annum for the interim period until you receive your condo sales proceeds.

On this same note, Since you bought your condo in 2010, do take a look at your letter of offer to confirm your lock-in period before you proceed to buy as an early redemption fee of 1.5% or 2%, depending on which bank you borrow, may apply.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More