6 Answers

YT Tan (陈永达)
Good morning h,

you should be able to do take up equity loan immediately provided land title search must show no chargee and you are the owner.

You must hold on to the condo for minimum 3 years ownership to avoid seller stamp duty.

And do bear in mind that this condo purchase will be your 2nd residential property purchase, therefore you will be subject to 12% additional buyer's stamp duty if you are a Singaporean.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Ivan Ng
Hi,

Yes its possible to take equity loan for the property after the purchase since its on a full cash basis. It need not be after some minimum stay period. As for seller's stamp duty, it will no longer be applicable after 3 year holding period.

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
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We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.

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Ling CK
Hi,

1) In theory you are eligible for an equity loan once your property is fully paid.
2) Not sure what you intend to achieve by obtaining this equity loan, this might not the best solution.

3) There are some things you need to be aware of:
(a) The loan amount is still subject to MAS TDSR assessment.
(b) The equity loan won't be 100% of your property value; at maximum is 80% more likely to be 75% only.
(c) When the loan tenure needs to go beyond 65 years old, a substantial percentage will be reduced, maybe down to 45% of the property value.
(d) As the interest rate is not published on the web, you will need to check with each bank on the interest rate. This is not the same as a normal mortgage loan.
(e) You are subject to 12% ABSD since this shall be your 2nd property.

(3) You don't need to stay in there but note that annual property tax will be 10% instead of 4%.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
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ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Robbie Chen Chee Howe
Hi,

If you're still drawing an income, you will be able to take up a 12-year loan, until age 75.

If you're not drawing an income, you may also have issues taking out an equity term loan after you had fully paid for the property.

Do take note that ABSD of 12% is payable for Singaporean's second property purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More

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Nick Tan
Dear Sir/Mdm,

If you were to pay full cash for the condo, you will be able to take up an equity loan immediately. If the condo is for investment, you may want to consider buying the new condos so that your cash outlay is lower and your ROI is higher.

Please feel free to contact me so that I can understand your objectives and assist you further.

Regards,
Nick Tan
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Silvia Yang
Hi Sir/Madam

1. You might be able to take 12-year loan (until age 75).
I will suggest to check your in principal approval of your loan from banker.
I can connect you with reputable banker for this, free of charge and no obligation.
2. You might be able to take equity loan immediately subject to bank approval
3. How many bedrooms are you looking at and which area you prefer?
I have current price list, promo of every projects in Singapore and will be glad to advise you

I will be glad to assist, no agent fee from private property buyer
Appreciate if you can contact me at (65) 96608508
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
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