Hi,
Yes it is likely you will be eligible for bank loan. The recent cooling measures have not affected the LTV of bank loan, it is still at max 75% for first home loan and MSR of 30% still applies for HDB purchase via bank loan. Only the hdb loan LTV was affected.
Cash component outlay is minimum 5% of the purchase price. Yes its possible to use the sale proceeds from the current flat to pay off part of the purchase price of the BTO when the keys are here.
Hope my inputs have helped to clarify. 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 Realtor
ERA Senior Marketing Director
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --
I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.
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Thank you for willing to assist,
Am I considered as a 2nd property buyer the moment I BTO, since I am living under a flat bought in open market (and service under bank loan)?
If that is so, then wont the 2nd property ABSD will apply, CPF Basic Retirement Sum (SGD 96K) will be locked?
I also understand the LTV will be 45%, and hence, my cash outlay /Cpf outlay will need to be 55%?
Thanks
Thank you for your reply.
My understanding is that my future BTO flat would be considered as a 2nd property since I am living and mortgage under an existing bank loan.
If it is so, isn't that my LTV for 2nd bank loan to be 45%?
I am also using CPF to service my 1st bank loan currently. Can I still use CPF to pay for my 2nd bank loan? or do I still need to set aside a CPF Basic Retirement Sum (SGD 96000) before I can use it?
Thanks