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Hi Desmond,

It depends on the purchase price you are looking at, cash on hand, and loan attainable based on your names. If you are purchasing the condo on a joint name basis, do note that 7% ABSD applies as its your 2nd property, and also max 50% loan as it will be your 2nd property.

For the best optimal way to structure the purchase of the condo to minimize costs and hassle, ideally may I have more details so to make better recommendations? Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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Hi Desmond,

Financially, it seems pretty healthy on the surface that you should be able to purchase a condo under joint names, however, it is better to speak to a qualified banker to do the assessment to find out how much loan you are eligible for and how much cash is required up front for the purchase based on your requirements to determine the feasibility of this purchase. Like what Ivan has indicated, 7% ABSD is applicable on the purchase if you decide to purchase as joint owners, would that affect your plans?

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
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Evening,

As you have existing property under your name, you will be liable for ABSD of 7% if you are SC. Your name will be included into the mortgage loan computation and both of you can only obtain max of 50% loan. However, she can utilize all her CPF OA monies on the purchase.

Do feel free to contact me for detail discussion.

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

Good evening Desmond,

Yes both of you are eligible to purchase private condo as long as you have fulfilled the minimum occupation of your flat and she is able to utilise all her CPF OA funds.

But do take of these cooling measures:

1) you will be subject to 7% additional buyer's stamp duty as Singapore as this will be your second property ownership. For instance, $7k for a $1m property.

2) If you have utilised CPF OA funds in your current flat, you will have to set aside half of minimum sum of $80.5k in your CPF OA + SA first before you can use the excess in this purchase.

3) As you still have outstanding mortgage in existing flat thus you might not be able to obtain max 80% bank loan for this purchase.

There are couple of options which I can think of:

1) Purchase condo solely under her name if its within her financial abilty.

By doing so, you will avoid the 7% ABSD. She is able to obtain max 80% bank loan.

2) If not, you might want to consider to withdraw your name from existing flat so you can avoid the 7% ABSD, use all your CPF OA funds and take up max 80% bank loan but your parents must be financially capable to refund the CPF OA funds you had utilised and take up a loan if need be.

If not you can provide more information to me so I will be in a better position to advise and assist you further.

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Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
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Hi Desmond,

Your fiancé will be able to use all her CPF towards the purchase of the condo. However, you may think to consider whether to purchase the condo under her sole name to avoid the Additional Buyer Stamp Duty of 7% or to purchase it together.

The ABSD can be quite substantial and by saving it, the money can be channelled to other uses such as renovation or buying of furniture etc.

As for the loan, since you are currently serving a housing loan, you will only be eligible to obtain a max loan of 50% of the valuation of the condo. Since the remaining loan tenure is only 4 years, it may be more worthwhile to repay the loan so that you will be able to obtain 80% financing for a better leverage.

Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
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Cert-in-REA
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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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Hi Desmond,
First, in order to know the budge of the purchase, I would like to assist you to compute the estimated loan amount. Please drop me an email for me to share.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More

Hi,

Re: The best deals available through SG Professional- BuyRealtor.com & NewLaunchDeal.com

It best that you approach the banker to calculate your loan n advise you on the type of property you shall purchase.. For common cases, will be recommend to clear existing loan as you already reached 55 year old. :)

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

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