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Good morning!

In order to purchase a private property, you must fulfill the applicable minimum occupation period which you have fulfilled (stayed there for past 15 years).

As you currently don't have any outstanding housing mortgage, you can take up to 80% bank loan for your second property (but still subject to TDSR).

If you can obtain 80% bank loan, your initial outlay will be around 30% of the purchase price.

1) 5% cash downpayment
2) 15% CPF downpayment
3) estimated 3% buyer's stamp duty
4) 7% additional buyer's stamp duty
5) valuation fee, legal fees, stamp duty for mortgage etc

Btw since you have utilized your CPF OA funds in your current flat, you must set aside a minimum sum of $77.5k in your CPF OA + SA funds before you can use the excess in your second property purchase.

Beside private property (condos, apartments and landed), currently theres no other housing options that you can choose from if you don't have intend to sell off current unit.

Hope my explanation helps!

If you need any assistance in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More