4 Answers

Geryl Lim
I genuinely do not think it is advisable to pay ABSD for your 2nd property while you rent out the existing unit, because the existing rental market is really weak therefore you will likely take quite sometime to claw back whatever amount of ABSD you will be paying bearing in mind that valuation of property could be affected by the time you have finish clawing back the ABSD.

That said, to answer your question:

With existing mortgage for 2nd property, you can loan up to 50% bank loan, cash portion minimum 25%, rest can be CPF if conditions fulfilled.

Stamp duty: 3%
Additional Buyer Stamp Duty: 7%

Perhaps we can discuss further in private as we are not alerted to any form of responses posted on this thread.

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Regards,

Geryl LIM
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Nick Tan
Dear Sir/Mdm,

My recommendation is to do up a financial plan to see if you are comfortable servicing 2 housing loan at the same time before looking for a 2nd property.

Other issues to consider is the 7% Additional Buyer Stamp Duty which is payable as this will be your 2nd property. As you have an outstanding housing loan, you will only be eligible for 50% loan for the 2nd property. There will also be restrictions on the usage of your CPF for this 2nd property.

Buying a 2nd property require meticulous financial planning. Please feel free to contact me so that I can understand your needs better and assist you further!

Regards,
Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS)
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(E) nick96444854@gmail.com
(W) www.nick-tan.com

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0

Robbie Chen Chee Howe
Hi,

If you choose to hold onto your HDB, you will be liable to pay an Additional Buyer Stamp Duty (ABSD) of 7% of the purchase price of the condo. This is on top of the normal stamp duty (estimated 3%) that is to be paid with any property purchase.

Do also take note that since you're still servicing your mortgage loan for your HDB flat, you are only able to loan up to 50% of your condo purchase, with 25% must be in form of Cash.

Before you jump into any decision, please do consider all the available options that is open to you.

Should you need any 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

0

CK Ang
Hi,
A financial work out is a must. Below are the cost involved.
- assuming you are eligible ofr 50% bank loan
- 5% cash
- 45% cash + CPF
- 50% loan
- 10% for SD + ABSD + legal fee

CPF must maintain min sum. Please drop me an email for me to assist to compute the estimated loan quantum.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
9046 3808
res.ckang@gmail.com Read More

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