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Hi,

For Singaporean 2nd property purchase, breakdown as follows:
Minimum Cash 5%
Minimum CPF 15%
Bank Loan max 80%
Stamp duties and legal fees approx 10% (including Buyer stamp duties and Additional Buyer stamp duties)

As commissioned personnel, typically banks will apply a haircut of 30% for the monthly pay used to calculate the loan attainable, and they will use 2 years worth of NOA. From the limited info shared, it seems like they might not grant too high a loan at around 800k, just based purely on your income and age profile.

Are you planning to sell the hdb to fund the landed as well?If so things may look more feasible as the stamp duties are lower and there are more funds. Do note PRs need special approval from SLA before they can purchase landed property in Singapore.

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.

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

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Hi

You are taking the right step by looking at the financial before you get into the purchase.

May I suggest that you speak to a banker for an IPA (In-principle approval). Let me know if you need a referral for a banker. This allows you to be more certain of the loan quantum available.

You may write to gavin.ng@orangetee.com and we can take you to the next step.

Thanks

Gavin Read More

Good afternoon,

I would assume that you had utilized CPF for your current HDB unit. Hence you will be required to set aside the minimum retirement sum before you are eligible to use the balance for the purchase of landed property.
However, as your HDB had been fully paid, you can obtain maximum of 80% loan where 5% down payment must be made in cash. ABSD of 7% will be payable by cash for the purchase.
With commission base do salary, banker will assess your loan eligibility on a different formulation.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for someone who have knowledge and experience on sales and purchase of residential properties?
With more than 10 years experience on standard sales and purchase cases, I do also handle cases that is related to:

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If u were to ask me, I reckon that it is more straightforward to submit your income and credit documents to a banker for a property in principle approval to find out the limits you should be working on and also have a better idea on the monthly repayment involved in the purchase based on the loan amount.

This will give you a better idea on what you should be looking out for. In addition if you are intending to include your wife's name in the landed home purchase, it will be subjected to SLA's approval as she is not a Singaporean, and this approval is not default. I have heard cases where the application of a SC/SPR couple rejected. If you are purchasing under your own name, then it will be a pretty straightforward case.

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Regards,

Geryl LIM
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Global Alliance Property (L3010679B) - Century 21
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Hi Sir,

Based on the figures given, unless you add your wife's income into the mix, you may not be able to loan $2.7m for your $3.5m property.

Do take note that if you do not sell off your HDB, you will be liable for a 7% ABSD for your second property purchase. This is on top of the normal stamp duty.

I would advise you to work on your financials first, before shortlisting suitable units for your next purchase.

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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good day Sir .

If you choose to keep both the hdb and landed property eventually , do note the extra taxes ABSD that you have to pay , extra 7% of example 3.5million equals $245 000 .

Vise versa , if you are willing to sell your hdb and buy a landed property , $245 000 savings in taxes .

When you do your sums , you might realise it takes at least 10years of hdb rental income to recoup the ABSD If you choose to keep your hdb .

Kindly contact me Joanne chia Hp 8333 3327  for a no obligations chat for your property needs.

My charges are 1% commission for exclusive ( sole agent ) selling rights to your hdb or 2% for open listing ( many agents marketing ) .

No commission chargeable when i serve you to buy a landed property .

Thank you .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More