AskGuru Q&A Community

(a) yes for own use, 70% for investment
(b) you need to have 5% cash and the rest can be from CPF
(c) Holding period will start from the day of your execution of S&P Read More

Hi,

Below are my responses:
A) yes you can get 80% max bank loan for 1st property loan.
B)
cash 5%
cpf 15%
max bank loan 80%
Stamp duties and legal fees approx 10% if its your 2nd property.
C) do you mean estimated monthly installments or..? If so it follows progressive payment scheme, it will start after you book the unit and gradually increasing. If you mean holding period, its from the date you exercise your S&P

Thanks and may I understand your requirements further so to value-add better to your plans?

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi buyer,

1) yes, but it depends on your debt obligations and income as well
2) 20% downpayment (minimum 5% cash), BSD + ABSD + Legal Fees 10% (can use CPF)
3) I believe you meant Equated Monthly Instalments for the mortgage - it starts when the progressive payment for the remaining 80% starts (i.e. first 10% upon completion of foundation work), and the monthly repayment will be adjusted accordingly with each stage

Do let me know your the specific situation of your current property, and finances, before I do up a more in-depth analysis, and proceed with any recommendations for you.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Afternoon,

You will be eligible for 80% loan should you clear your current mortgage. However, the actual approval amount will be subjected to your income and credit standing.
As for the downpayment, 5% have to be paid by cash and balance 15% can be paid by CPF. This is subjected to the available funds after setting aside the required minimum sum. The installment for your mortgage will commence once the bank starts to disperse it out to the developer.

Do contact me further should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good evening buyer,

Let me advise you further on your second property purchase.

Yes you are able to obtain up to 80% loan if you have fully paid up your current housing mortgage. But do take note your loan will still be subject to total debt servicing ratio.

Secondly, if you are able to obtain 80% loan, your initial outlay will be as such:

1) 5% cash downpayment
2) 15% CPF OA funds or cash downpayment
3) estimated 3% buyer's stamp duty
4) 7% additional buyer's stamp duty as SC
5) $2.5k legal fees, valuation etc.

Do take note that if you have utilised CPF OA funds in your current flat, you have to set aside half of CPF minimum sum ($80.5k) in your CPF OA +SA before you can use the excess in this second property purchase.

Lastly if you purchase under construction condo, the monthly mortgage repayment will kickstart according to progressive payment schedule (stages of the construction).

Hope my sharing is beneficial to your property purchase.

May I know how can I continue to value add in your purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Good evening buyer,

Let me advise you further on your second property purchase.

Yes you are able to obtain up to 80% loan if you have fully paid up your current housing mortgage. But do take note your loan will still be subject to total debt servicing ratio.

Secondly, if you are able to obtain 80% loan, your initial outlay will be as such:

1) 5% cash downpayment
2) 15% CPF OA funds or cash downpayment
3) estimated 3% buyer's stamp duty
4) 7% additional buyer's stamp duty as SC
5) $2.5k legal fees, valuation etc.

Do take note that if you have utilised CPF OA funds in your current flat, you have to set aside half of CPF minimum sum ($80.5k) in your CPF OA +SA before you can use the excess in this second property purchase.

Lastly if you purchase under construction condo, the monthly mortgage repayment will kickstart according to progressive payment schedule (stages of the construction).

Hope my sharing is beneficial to your property purchase.

May I know how can I continue to value add in your purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Hi,
Below is my input.
a) once the HDB loan is fully paid, the next only mortgage loan can be up to 80%.
b) yes, around 20% down payment + 10% stamp duty and ABSD
c) the loan instalment will start as soon as the progressive payment start, the amount of instalment will only base on the portion of the progressive payment.

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