AskGuru Q&A Community

Hi,

Ideally, he purchase the property on his sole name. Otherwise, joint name purchase will incur 7% ABSD on the 2nd property purchase price.

Only the owners can use their CPF OA to fund the property, and usually rental income is significantly discounted for bank loan income calculations. Loan eligiblity and attainable loan depends more on age, income and credit profile and whether any outstanding loan on hand at the moment.

Thanks and may I understand your requirements further so to value-add further to your plans. Thanks and 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 Sharon,

There's a lot to answer for your queries.

Basically,
1) yes, if you've fulfilled the MOP for your HDB flat
2) it'll be your second property so you would have to pay ABSD of 7%
3) rental income might not be considered in full for income calculations
4) no, it depends on factors such as age, income, debt obligations etc

Feel free to contact me at your convenience, so we can analyse this in depth.

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

Evening,

Since you have an existing unit on hand, you are eligible to purchase your second property with your partner but ABSD of 7% will be required. You will need to set aside the CPF minimum sum before you can utilize the balance of your CPF for the upcoming purchase.
Rental income will not be considered as full income for the TDSR assessment.

Do contact me further should you require my assistance.

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

Hi Sharon

My fellow real estate salespersons have answered your questions.

2 things you need to do.

1) Speak to the bankers and request for a IPA (In-principle- approval). If you need us to refer you to the bankers, please email to gavin.ng@orangetee.com.

2) Once you got your IPA, you may call 9620 0827  or email to gavin.ng@orangetee.com. We can assist to do a proforma financial statement and advise you on other questions that you may have in the purchase of the private property.

Regards

Gavin Read More