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?
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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.
Ivan Ng Realtor
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
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I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.
-- HDB Jurong West 5-RM Sellers, Exec Apartment Purchasers, Lenz & Michelle --
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.
We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.
We would never expect such a smooth sailing experience of selling and buying of property. Your professionalism in work will definitely be remembered and rewarded. All the best in your property venture! Read More
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: email@example.com if more information is needed.
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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.
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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.
(M) +65 9644 4854
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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited 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)
“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.”
“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)
“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 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.”
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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
Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508
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