5 Answers

askguru expert
Hi Anonymous, thanks for writing to us on AskGuru.

Our advice is to fully pay down the loan for your HDB flat first. This would enable you to borrow up to 75% for your next property purchase (condo) while your downpayment would also be lower.

Hope this answers your question.

Best Regards,

Team PropertyGuru
Ivan Ng

It is more in your favor to pay down the loan first so you can loan up to 80% for your next property loan (since you will have no outstanding loan by then). Thereafter your downpayment will also be lower.

Which condo has caught your eye at the moment? Will be glad to analyze the pros and cons of the project, as well as explore the financing breakdown for you. Thanks and hope to have the opportunity to work with you.

Warm regards,
Ivan ERA
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Mike Tay
Hi Sir/Mdm

If you can, you should pay off the existing mortgage of your HDB immediately so that you can have better leverage for the condo.

Without existing mortgage for 2nd property,
5% cash portion (booking fee)
15% cash/cpf (within 8 weeks).
80% of bank loan

Stamp duty: 3%-$5400
ABSD: 7% (refundable if you sell off HDB within 6 mths from TOP subject to certain conditions)

With existing mortgage for 2nd property,
5% booking fee
15% cpf/cash within 8 weeks
50% bank loan, Cash portion minimum 25%, rest can be CPF if conditions fulfilled.

Stamp duty: 3%-$5400
ABSD: 7% (refundable if you sell off HDB within 6 mths from TOP subject to certain conditions)

Do call/sms for a no obligation discussion at 97455178.

Thanks & regards,

Mike Tay

M: 97455178
E: mike@bestnewlaunches.com
W: http://bestnewlaunches.com/
A: https://itunes.apple.com/sg/app/property-toolkit-free/id897824316?mt=8

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