What are the costs involved in buying my 2nd property, a condo in this case?
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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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!
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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.
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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.
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