AskGuru Q&A Community

Good morning buyer,

Not to worry! Let me assist you further.

1) As long as you are above legal age of 21 years old, you can purchase a residential property. You can obtain max 80% bank loan (still subject to total debt servicing ratio) up to max loan tenure of 30 years or till retirement age of 65 years old (whichever is lower).

You will be subject to additional buyer's stamp duty if you are not a Singaporean.

2) if you are able to obtain max 80% bank loan, your initial outlay will be as such:

1) 5% cash downpayment
2) 15% CPA OA or cash downpayment
3) estimated 3% buyer's stamp duty
4) $2.5k legal fees
5) valuation fee etc

There are various loan packages offered by different banks.

If you choose a specific loan package, banker will provide you a repayment schedule so you will have an idea how much do you need to pay every month and you can use cash, CPF OA funds or mixture of both to pay it.

3) if after this purchase and you will like to apply for BTO, you have to sell this first and observe a waiting period of 30 months before you can do so.

As you are getting HDB, you are not able to own both at the same time.

If you are intend to purchase resale HDB in the future, you can buy first then sell the condo within 6 months from completion date will do.

4) You can approach law firm to add or amend ownership in future. Take note buyer's stamp duty will be payable.

Hope my sharing is beneficial to your property purchase.

Seems like you need someone to guide along the way in this purchase. Probably you can get in touch with me so I can ask my banker to advise you on approval in principle (bank loan) first while I advise 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,

You are eligible to purchase as long as you are 21 and above. Typical breakdown as follows:
Cash 5%
Cpf 15%
Max bank loan 80%
Buyer stamp duties and legal approx 3%

If you are non-local, Additional buyer stamp duties will apply.

Interest rates differs with packages, but you can use 2% pa as a reference figure for now. You can use cpf & cash to service the monthly mortgage.

If you buy condo first and decide to buy hdb a few years down the road, you need to sell away the condo. You can alter the condo ownership status later as well should you wish to.

Thanks and hope to assist with your housing plans 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 buyer,

Here goes:
1) >21 years old
2) 5% booking fee in cash (1.25% forfeited should you not exercise the option); 15% more of downpayment upon signing S&P (can be CPF if there's sufficient); BSD + legal fees ~ 3%; max bank loan 80%, subjected to your income and debt obligations etc; bank loan tenure up to 30 years, payment via CPF/cash (do note progressive payment scheme for uncompleted condominiums)
3) yes you have to sell
4) yes you can, but BSD/SSD/ABSD rules apply at the moment

Feel free to contact me at your convenience, and we can carry on from there.

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

Afternoon,

In order to provide you with the correct response, I would need to know if you are SC, SPR or foreigner. ABSD payable will differ. The amount of loan available and installment amount is subjected to your income status, credit record, age and loan period. Should you have intention to get married soon and purchase a HDB unit, do note on the SSD requirement should you opt to sell your condo within 4 years of purchase.

Do contact me further should you require my assistance.

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

Hi Sir,

1. You will be eligible to buy a private condo. Since this will be your first property, you will not be eligible for additional buyer's stamp duty.

2. 5% of the purchase price will need to be in CASH. 15% will be in CPF or cash if CPF is insufficient. The stamp duty and legal fees will be another approximately 3% of purchase price, payable in CPF.

3. You can get a bank loan package of less than 2% interest currently. As for loan tenure, you should be able to secure up to 30 years. Monthly instalment can consist of only CPF or CASH + CPF.

4. I am afraid under current rules, you will have to dispose off your Condo if you purchase a HDB subsequently. However, rules may be revised from time to time. You will be able to add in a co-owner subsequently in the future.

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

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nicktan@propertyavenue.com.sg / nick96444854@gmail.com
(W) www.nick-tan.com / www.propertyavenue.com.sg

Testimonial from Satisfied Clients (2015/2016)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)

“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.”
Susana (Buyer of HDB)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

Mr and Mrs Chan (Sold and Bought a property through Nick) Read More

Hi friend,

You have come to the correct place.

I am happy to share and clarify all your queries, in detail.

Do contact me and have a non obligatory session to clear all your questions.

regards

Steven Wang
DTZ Property Network Pte Ltd
khim.wang28@gmail.com
 +65 9169 5023  Read More

Good evening buyer,

Do let me assist you with the few property terms.

BSD- buyer's stamp duty
SSD- seller's stamp duty
ABSD - additional buyer's stamp duty.

As mentioned in my previous post, you might need some guidance in your property purchase.

Feel free to contact me if you need further assistance.

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