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Hi,

Perhaps you could share your exact finance figures so that I can conduct a comprehensive financial computation to advise on what your alternatives and residence options are. Financial cash projection remains the key element in purchase ; hence it'll be best if we can work on this portion before expediting on the IPA matters and such. You can take this opportunity to voice any concerns and queries and at the same time, I will strive to provide a procedural framework & insights to the current market with recent sales transactions for your understanding.

D Kumar
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Hi,

It would be appreciated if I can have more details so to illustrate the financial planning that can be done to achieve your objectives. You are right in saying as you still have 1 HDB loan outstanding, the next loan for your 2nd property will be capped at 50% max loan. Also, there are ABSD payable and CPF usage will be restricted. All these will be clearer once you share more details and I can make better recommendations. Thanks and hope to hear from you again.

Warm Regards,
Ivan Ng
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Email: Ivanng10@gmail.com
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Good afternoon buyer,

What do you mean by upgrade?

Do you have intention to sell your current HDB or you are thinking of buying a second property while probably renting out your property?

Do take note that your household must have at least 1 Singaporean in order to be eligible to hold on to two properties.

Yes you are right that if you never fully pay up your current housing loan, you will only be able to loan up to 50% and if you have done so, you can take up to MAX 80%. 20% downpayment will be 5% cash and 15% CPF OA funds.

Also take note that you will be subject to additional buyer's stamp duty and need to set aside $77.5k in your CPF OA + SA before you can use the excess to purchase a second property.

Hope my explanation helps!

Feel free to contact me if you need any assistance or advice in your property purchase. Cheers.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
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(W): www.propertyavenue.com.sg Read More

Evening,

Based on your statement, it is clear that you are looking at keeping your HDB unit while you move into the condo. You would need to fulfill the MOP requirement and prepare 7% cash for ABSD.
If you have existing loan, you will only be eligible for 50% loan where 25% down payment have to be made in cash. Balance 15% down payment can be made with either cash and/or CPF OA. If you have cleared your current mortgage, you will be eligible for 80% loan where 5% cash down payment is required, along with 15% down payment in either cash and/or CPF OA.
Under the MAS ruling, 80% loan will be your max cap unless you have something to work with.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

Pls feel free to contact me to have a discussion.

Onassis Gan Eng Joo - CEA Reg No.: R021244C
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