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Hi,

For 2nd property purchase, ABSD of 7% is applicable if you are SC and max loan will be 50% for 2nd outstanding mortgage loan.

Based on the limited info provided, banks typically loan up till the age of 65 years, which means approximately a loan tenure of 15 years. The final loan amount banks can disburse also depends on your age, credit, income profile and any other outstanding loan obligations. The typical breakdown for similar profile purchasers is as follows:

Cash 25%
CPF 25%
Max Bank Loan 50%
BSD+ABSD+Legal Fees Approx 10%

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)
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Good afternoon buyer,

May I know whether is current condo under a single or both names?

Do take note of these cooling measures in the event you purchase a second property:

1) additional buyer's stamp duty of 7% payable on top of the buyer's stamp duty for this purchase.
2) eligible for max 50% bank loan due to existing outstanding loan
3) if you have utilised CPF OA funds in current condo, you will have to set aside basic retirement sum of $80.5k in your CPF OA+SA first before you can use the excess CPF OA funds in this purchase.

Point 1: Thus with all these cooling measures in place, you will need to come out with almost 60% downpayment in cash if you dont have sufficient CPF OA funds.

1) 50% downpayment (25% cash and 25% CPF/ cash)
2) 10% stamp duties

Point 2: Your max loan tenure will be around 15 years (higher of max 30 or till retirement age of 65 years old).

Point 3: Max loan quantum will depend 60% of your gross income minus off how much liabilities you have right now (housing mortgage, credit card, car loan etc).

It will be best for my banker to advise you on your in principle approval.

My team and I had assisted numerous clients to restructure and grow their property portfolio with tax savings. Hope you can benefit from our expertise as well.

Perhaps we can meet up over a cup of coffee to discuss and explore your options and from there, you will have a better idea which option suits you the most.

Hear from you soon!

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YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
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Propnex Realty Pte Ltd
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Hi Sir,

Do take note that there will be a Additional Buyer Stamp Duty (ABSD) of 7% involved should you purchase a second residential property.

Also, as your current property is still under loan, your maximum loan amount will be capped at 50% of the property purchase price.

With a healthy combined income of more than $20k, getting a 50% loan should not be a problem for you. The tricky part will be the 50% downpayment.

If you have utilized CPF for your first property, there will be a limit on how much CPF you can use for your next property.

I understand that you are exploring the option of buying an investment property. Hence, I would suggest a meet-up with you, so I can provide you with the solutions to meet your objectives.

I could recommend a way for you to save on the 7% ABSD, and also borrow up to a maximum of 80% loan (instead of 50%) for your next property purchase. Hence, your downpayment needed could be as little as 20%.

Please contact me at my mobile 9748 6305  . I will be happy to assess and share with you all the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Dear Buyer,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

To be prudent, it will be recommended that you deduct the outstanding loan of 160K with existing fund cash or CPF. To have a clear picture whether u still have 30% balance for the next property value to purchase.

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Good evening,

Based on your current age, the maximum loan tenure is 15 years. Maximum amount of loan that bank can provide is 50% as your current unit is still under mortgage.
For the down payment, you will need to prepare 25% in cash and balance 25% can be paid using CPF. However, do note that you will be required to fulfill the minimum sum requirement before you are eligible to utilize the balance on your new property,
You will also be required to prepare 7% cash for ABSD if you are SC and buying under your name only.

Do feel free to contact me for further discussion.

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

Hi,
Base on the monthly income of 21.5k, the estimate max loan quantum is around 1.7 million. To compute the more accurate figures, I will need more data, example the monthly instalment of the current loan ...etc. Hence, for me to assist you please drop me an email.

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

I am contactable at my mobile or email.

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

Dear sir,

It is important in your situation to speak to a qualified banker in order to ascertain the loan tenure as well as loan amount you are eligible to undertake. Do take note that as it will be your 2nd residential property, Additional Buyer's Stamp Duty is applicable.

If you need to speak to a reliable banker, feel free to get in touch with me for the contact number. I can be reached via email or mobile as I will not be alerted to any respond posted on this thread.

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
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