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Afternoon Nora,

Here are few questions which answers are required prior to giving you the appropriate response:

1) Have you fulfilled the MOP for the unit?
2) Are you PR or SC?
3) What is the principle amount the bank have indicated to you?
4) Is your current unit still on mortgage?
5) Do you have enough cash to finance the ABSD, and 20% to 50% downpayment, prior to the sales of your unit?

There are more information required before any professional salesperson can give you the appropriate response.

Do feel free to contact me if you require further assistance.

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

Hi Ms Nora,

Buying a house is long term commitment. Please may sure to do proper financial calculation before you decide to buy new condo. These are the basic requirement for you to sell and buy the house.

1. Existing HDB unit MOP (minimum occoupation
period of 5 yr fulfilled.

2. Status in singapore whether singaporean or
permanent resident. Permanent residents need
to pay ABSD from 5-7% as per new rule.

3. It is always safer to get in principle
approval from bank before proceeding to
search for property as you will know exactly
quantum of loan you are eligible.

4. For 1m budget you can get 3 bedroom property
I have unit in East point green condo near
nicely renovated asking price is 1m can
close for 950k.

Please let me know so that i do financial calculation for you and ring me for a non obligation discussion. Thanks Read More

Hi Nora,

Pardon me if my assumption is wrong, you will require to sell for your purchase of the 3 room condo? As per what my fellow professional Charles has mentioned, your downpayment should be 50% of which half of this downpayment should be in cash, should your current HDB is still under financing. If this is a concern, you could possibly look into selling your existing HDB first and using the offer secured for your HDB, secure a bridging loan from bank to assist in putting up the offer up front. I can assist in these processes if you require further assistance.

Regards,

Geryl LIM
Senior District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com
ECG Property Pte Ltd (L3009759F)
Dynamic Alliance Group @ www.DAG.com.sg
ECG Landed Dynamic Alliance (Home of *7772 Hotline) - We Sold More Than 100 Landed Homes
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**Aspiring to be your preferred partner in real estate** Read More