AskGuru Q&A Community

Happy lunar new year to you, Mdm Quek!

Not to worry. I can ask my panel of bankers to advise you on approval in principle so you can find out how much loan can you obtain. But do take note if you want to obtain 80% bank loan, the max loan tenure will be max 15 years (up to retirement age 65 years old)

By the way, can you share more about your intention in this condo purchase?

Own stay or investment?

As for EC, are you referring to new or resale EC?

But do let me share some insights first.

New EC:
1) you can obtain 80% bank loan for new EC because you have to sell off your HDB within 6 months from condo TOP date.
2) might have to pay resale levy if you have obtain CPF housing grant before or purchase hdb directly from hdb.
3) usually 10% to 20% cheaper than private condos in the surrounding area

Resale EC/ private condos:
1) resale EC usually cheaper than nearby private condo.
2) If you clear off the $60k housing loan, you are able to obtain 80% bank loan.
3) if you want to hold on to both properties, you will be subject to 7% additional buyer's stamp duty as Singaporean. Have to set aside half of CPF minimum sum $80.5k in CPF OA + SA before you can utilise the excess in this purchase.

Hope my sharing is beneficial to your decision making.

Probably you can share more with me so I can value add further in your property purchase.

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 Read More

Hi Mdm. Quek,

Typical bank housing loan will be up to 65 years old, hence you should qualify for a 15 year loan tenure. Amount of loan attainable depends also on your income, credit profile and any other loans you have.

If you are eligible to qualify for New EC from developer sales, and don't mind outskirt locations, I will suggest EC over private condos since financially it will be less taxing and your hdb proceeds can cover a good portion of the purchase price.

With more details, I can make better recommendations. Thanks and hope to understand your requirements better and value-add to your housing plans. Let's discuss further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi Priscilla,

It all depends on whether you're buying a 2nd property, or disposing the current one before buying.

If you're buying a 2nd property, it'd be best if you could clear off your current outstanding 60k, so you'd be considered as taking a 1st loan for the next one, up to 80% of the property price, depending on your income as well.

If you're disposing before buying, there probably won't be any issue, and I'd suggest an EC which would be less taxing on your finances.

However, all these can only be concluded with an in-depth analysis of your actual financial situation.

Feel free to contact me for further discussion.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Evening Priscilla,

In order for us to plan the appropriate course of action, we will need to understand how much fundings are available.

1) Are you selling your current HDB unit to purchase the EC or private property?
2) How available CPF and cash do you have in hand?
3) How much loan can both of you obtain from bank?

We will need to understand your situation better before providing the best possible work about.

Do contact me further for detail discussion.

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

Hi Priscilla
To buy another pte property, you will be liable for 7% absd if you are singaporean. Your loan will also be affected since you still have an outstanding loan for your hdb. What is the intention of getting another pte? Upgrade or rental yield?
Lets have a thorough discussion offline from here.
I can be reached via 91442664  for a chat.
Tricia Tan
Www.triciatan.myweb.sg
 91442664  Read More

Good afternoon Mdm Quek,

It's great hearing back from you.

Sorry for the late reply as Propertyguru doesnt prompt me when there's a reply to my post.

If you have intention to hold on to current HDB and purchase a private condo, you have to take note to these few stuffs:

1) you will be subject to 7% additional buyer's stamp duty if you are a Singaporean
2) you have to set aside half of CPF minimum sum ($80.5k in your CPF OA + SA) first before you can use the excess to finance this purchase.
3) you can obtain max 80% bank loan if you dont have outstanding housing loan. But you can only obtain max 15 years loan tenure up to retirement age of 65 years old.

So if you can obtain 80% bank loan, you need to fork out at least 30% of the purchase price.

1) 5% cash downpayment
2) 15% CPF OA or cash downpayment
3) estimated 3% buyer's stamp duty
4) 7% additional buyer's stamp duty

May I know how much cash do you have on hand? Based on your CPF funds, you will have to fork out more cash for this purchase.

Do share more with me so I will be in a better position to advise and assist you further.

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 Read More

Hi Priscilla,

Today is a Buyer's market, there are plenty of condos and new launches in the market, and you will be spoilt for choices. There is no hurry to jump into a purchase. I will advise you to speak to a professional agent who knows the market well and who can provide you with solutions.

Whether to buy EC or private condo depends on your family needs and your current financial situation as well as in the next few years.

If you are open for discussion, you can contact me at my mobile 97486305  . We can take this discussion private and work out the best possible solution for your needs.

I await your call. Thank you!

Best regards,
Robbie Chen
Propnex Realty Read More