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I am a PR and my wife is Singaporean. We bought a resale flat in year 1998 without using the Government Grant.We toke a HDB loan and currently still serving the loan. The flat is currently rented out.
We intend to buy a private condo in West area and would like the advice for the following questions:

1. Are we allow to buy private condo while keeping the HDB flat? If yes, do we have to stay in the HDB flat?
2. I am working oversea with no tax and no CPF contribution. Am I eligible for mortgage loan ?
3. What is the max loan amount?
4. How much is the Additional Stamp Duty am I suppose to pay?

Any other additional information is most welcome!
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2 Answers

Afternoon,

I would assume that you have fulfilled the MOP requirement for your current unit. Both of you are then eligible to purchase your second property while keeping your first property since your spouse is an SC owner. You can use your company payslip or company letter as your proof of income. The maximum loan available to you will be 50%. Down payment of 25% cash and 25% via CPF is possible. ABSD payable will be at 10% since there's a SPR ownership for the second property.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • SL
    Thanks Mike. If I clear my existing HDB loan, what will be the maximum loan available to me?
YT Tan (陈永达)
Good evening buyer,

You will be able loan up to 80% provided you don't have any outstanding housing loan. 20% downpayment will be 5% cash and 15% CPF or cash if shortfall.

Do take note that if you have utilized your CPF OA funds for your current HDB, you have to set aside a minimum sum of $77.5k in your OA + SA accounts before you can use the excess for the purchase.

And if you decide to purchase under your SC spouse only, the ABSD will be 7%.

Do get in touch with me so I can further advise you with a financial plan based on both of you.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More
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