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Hi,

In 2 years time, policies may change drastically hence I can only comment generally. To get a 2nd residential property will involve a 2nd mortgage loan, which you may want to plan for monthly, considering the family commitments and current monthly mortgage you have at the moment. Based on current trends, a fund of 200-300K for the downpayment+stamp duties is usually required for a similar profile going for a 2nd residential purchase. Hence these are figures you may want to plan for. Thanks and hope to assist further when your plans area ready.

Warm Regards,
Ivan Ng
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Email: Ivanng10@gmail.com
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Good afternoon Lawrence,

I will hereby advise you based on current regulations.

1) mortgage
depends on whether do you have outstanding loan. If you have, you can only obtain max 50% if not, you can obtain up to 80%.

Normally for self employed, if i am not wrong, they will only take up to 70% of income into calculation.

2) stamp duties
you will be subject to additional buyer's stamp duty of 7% for your second property purchase as a Singaporean. This is on top of the usual estimated 3% buyer's stamp duty.

3) usage of CPF OA funds
if you intend to use it for this purchase but have utilised it on current property. You will have to set aside half of minimum sum ($80.5k) in CPF OA + SA before you can use the excess. This amount will definitely increase in two years' time.

As long as you have substantial loan and sufficient finances (CPF OA funds and cash) on hand for the initial outlay, you are good to go.

Hope my explanation helps!

If you need any assistance or advice in your property investment in future, feel free to contact me. Cheers!

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
(W): www.propertyavenue.com.sg Read More

Hi Lawrence,

Getting a mortgage loan here in Singapore will require the banks in recognising your income and is subjected to 60% Total Debt Servicing Ratio based on current regulations, which translates to an estimated loan size of $450k assuming you have no other existing financial commitments. Since you have an existing HDB which I assume loan is involved, your estimated loan size should be reduced. To be more precise, it is advisable to speak to a banker to determine the amount as we are not the professional in this domain.

In terms of additional cash and loan percentage, YT has already covered that aspect based on current regulations.

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Regards,

Geryl LIM
Real Estate Director
Global Alliance - Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
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Not to mention, Lawrence.

Let's keep in close touch. You can either drop me a text or email me your MOP date so I get in touch with you when it's closer to your MOP date (I will save it in my calendar).

Hope to 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
(W): www.propertyavenue.com.sg Read More