4 Answers

Hi,

Firstly, may I understand what are your property objectives? Are you looking to purchase a condo and rent out the HDB?

If you are SC household, you can purchase condo and keep both HDB & Condo. To answer your questions,

1) Banks usually use the age of 65 as the cut off, hence your max bank loan should be around 28 years. How much they can loan you depends on your age, credit, income profile and any other debt obligations at the moment.
2) Your monthly mortgage repayments can be repaid via a combination of CPF+Cash.

If you are SC household purchasing your 2nd property, ABSD of 7% applies as well, and the CPF you can use will also be restricted by minimum sum requirements. As you have no outstanding loan, you can loan up to 80% for your next property.

Thanks and may we discuss further over email/phone so as to understand your housing plans better? That way I can make value-added suggestions in a much easier way. Thanks and hope to assist further.

Warm Regards,
Ivan Ng
Proactive. Sincerity. Feedback.
Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
CEA Registration Number: R052114D
ERA Realty Network: L3002382K
Website: http://www.ivanng10.com/#!reviews/c11r1
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Hi,

It's best we catch up to have a concise and comprehensive financial cash calculations and progressive payment charted out for your understanding. That way , the exact finances with timeline can be illustrated. Furthermore, I can give a better insights to your purchase and advise on which property to consider. We must only study the objectives and factors like appreciating factor, capital upswing potential and rental yield. I will facilitate you with the info and recent caveats to shape a better understanding. Furthermore, there is no agent fees involved and I will walk you through step by step, and you can nonetheless take this opportunity to voice your questions and doubts. We excel in our craft and will help you make the best decision , taking only your interest in mind.

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com

#1 team of ERA in Singapore, Asia Pacific International for 2014.

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YT Tan (陈永达)
Good evening buyer,

It's great hearing from you.

Btw do take note that the max loan tenure is lower of 30 years or till retirement age of 65 years old. Thus you are unlikely to obtain a max 30 years loan tenure based on your current age. If you want to take up 30 years loan tenure, your loan quantum will reduce to 60% from 80% provided you don't have any outstanding housing loan.

In addition, you can pay your monthly mortgage with a mixture of cash and CPF OA funds. No problem at all.

Btw does your household has at least one Singapore Citizen in order to hold on to current HDB and purchase a private property?

If your intention is to hold both properties and both of you are SC, you will be subject to 7% additional buyer's stamp duty. And if you have utilized CPF OA funds in your current HDB, you will have to set aside a minimum sum of $77.5k in your CPF OA + SA respectively before you can use the excess funds in this purchase.

Hope my explanation helps!

Maybe you can share more information with me so I will be in a better position to advise you.

Hear from you soon!

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 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
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Hi,
1. Base on you age of 37, you can take up to 28 years of loan tenure. But If you could email the age and income of yourself and your wife, I can compute for max loan tenure again. There may be a chance if your wife is younger.

2. Yes possible to pay mortgage loan via cash + cpf

3. The estimated loan quantum with 28 year loan tenure and 5K income is about 600K, and the monthly instalment is around 2.3K.

To assist and advise you more, kindly drop me an email for me to share.

I can be contactable at my mobile and email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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