AskGuru Q&A Community

Hi,

May I know have you met your MOP of 5 years? If so, do you have a HDB outstanding loan?

If you are citizen, and If you have HDB loan now, breakdown as follows;
Cash 25%
CPF 25%
Bank Loan 50%
Stamp Duties 10%

Only CPF in excess of 77.5K can be used for 2nd housing.

If you are citizen with no outstanding loan,
Cash 5%
CPF 15%
Max bank loan 80%
Stamp duties 10%

Only CPF in excess of 77.5K can be used for 2nd housing.

Thanks and hope it clarifies, as you can see Scenario 2 is less restrictive with higher loan. Please let me know if I can assist further.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com
Www.ivanng10.com Read More

Hi Zafran, for me to assist you to compute the estimated bank loan, please drop me an email for me to share. Would like to know the estimated 5 year appreciation of the investment?

I am contactable at my mobile or email.

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

Good afternoon Zafran,

Do take note that you have to fulfill the applicable MOP before you can purchase any private property.

If you have, you can proceed with the purchase.

2 scenario:
1) without outstanding loan

You can obtain 80% loan. 20% downpayment will be 15% CPF/ cash and 5% cash.

2. Have outstanding loan.

You can only obtain up to 50% loan. 50% downpayment will be 25% cash and 25% CPF/ cash.

For CPF portion, if you have utilized any in your current property, you have to keep a minimum sum of $77.5k in your CPF OA + SA before you can use the excess in this property purchase.

Other outlay:
1) 3% buyer's stamp duty
2) 7% additional buyer's stamp duty as SC
3) $3k legal fee
4) valuation fee, stamp duty for mortgage etc

Hope my explanation helps!

If you need any assistance in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More