4 Answers

Geryl Lim
Assuming you are a Singaporean, your Additional Buyer's Stamp Duty applicable for the $1.6m unit works out to be $112,000 (applicable in cash).

You will also need to take note on the restriction on CPF usage for your 2nd property, if you have utilised CPF funds for your 1st property. More information can be found at CPF website https://www.cpf.gov.sg/Members/FAQ/schemes/housing/public-housing-scheme#faq16409.

For loan assessment, it is advisable to work out the loan amount eligible with a banker based on your income and commitments.

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

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Geryl LIM
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Ivan Ng

For 2nd property purchase, ABSD of 7% is applicable for SC. If you have utilized CPF monies for the 1st property, the CPF monies available for the 2nd property will also be restricted as you have to meet the Basic Retirement Sum first, and can only use CPF OA monies in excess of the Basic Retirement Sum.
More info @ https://www.cpf.gov.sg/Members/FAQ/schemes/housing/private-properties-scheme

If you are keen on proceeding, you might have to take up an equity loan on the 1st property to free up some cash flow. It might be good to do some initial planning to draw out the best approach.

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,
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Nick Tan
Dear Sir/Mdm,

Would you be able to share the amount of cash you have on hand so that I can do some financial planning for you before I provide you with further advice.

Nick Tan
(M) +65 9644 4854
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
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Bhavina Kaur
Good afternoon!

I have banker contacts from various banks who can assist you to do an approximate IPA which will be very beneficial in knowing the maximum loan you can get as well as maximum property purchase price for your 2nd property.

Do drop me a text/whatsapp or give me a call so I can assist you further. Do let me know which is your preferred bank so I can get a banker from that specified bank to assist you with the financing.

Look forward to assisting you with your purchase of second property and rental of current home.

Bhavina Kaur
ERA Realty

M: +65 9170 8295
E: bhavina7777@gmail.com
W: investbuysellrent.com Read More