Thanks for your query!
The main crux of your decision will be based on your loan and the ABSD.
Do note that ABSD of 7% will be applicable for a 2nd residential property. So if you would like to retain your name in your parent's flat, you would be liable for ABSD. Furthermore, so as to facilitate your purchase, you will have to pay off your loan about before committing so that you can get maximum loan of 80%. Otherwise, it will stand at 50%.
Alternatively, it might just be a better option to optimally pay off your parents loan and remove your name, so as to achieve maximum 80% for the next purchase as well as avoid ABSD.
What we can do now is to sit down and discuss more on your expectations, objectives, requirements as well as understand your finances comprehensively. Then we can proceed to work out your financial cash projection and breakdown needed for the purchase. I will also share more insights on the market- providing up to date transaction caveats & price analysis of properties in the last few years v currently to identify and illustrate the trends.
Do note that it is purely non obligatory and the only objective of the discussion should be to enlighten you on the differences in options, work out your finances to propose which projects you may wish to consider and aide in the price charting of units in the market. There is no point obtaining wishy washy statements from everywhere. You might as well consolidate all the key information and understand the market procedure well enough before taking the step.
Should you be keen on availing my consultation and services for private property purchase, do note that there is no agent fees involved and I will walk you through this whole tedious process of : explanation of procedure, shortlisting, negotiation, paperwork, establishing financial projections / application of loan, sharing of market insights, providing up to date transaction caveats & price analysis of properties as well as and handling all technical and legal matters at NO cost!
D Kumar +65 96659926
ERA Associate Division Director
#1 team of ERA in Singapore, Asia Pacific International for 2014.
ERA 2015 Q1 Top Achievers (Top1%)
ERA Top Achievers 2013/14
ERA Multi-Million Dollar Club Award
2014 ERA Asia-Pacific Business Conference Elite Award
2015 April ERA Top Achievers
2015 February ERA Top Achievers
2014 Aug/Sept/3rd quarter/Dec/ overall 2014 ERA Top Achievers