AskGuru Q&A Community

Hi,

For 2nd residential property purchase, the maximum bank loan will be 50% of purchase price.
Breakdown as follows for 2nd purchase:
Cash 25%
CPF 25%
Max Bank Loan 50%
BSD + ABSD (3+7%) = 10% (if you are Singapore Citizen)
Legal fees about 3K

Final loan disbursed also depends on your income, credit and age profile. Please also take note if you are 55 and below, you have to set aside 1/2 of minimum sum (ie 77.5K) before you can utilize any CPF monies for housing.

Thanks and may I have the opportunity to understand your housing requirements further?

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

Evening,

You have to be SC in order to be able to keep your HDB unit while you purchase your second property. Having one mortgage in hand means that your second mortgage will be capped at 50%, max.

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

Good day to you,

Second Loan to Value % is usually 50%. However, you may want to consider clearing off your outstanding loan to be eligible for up to 80% Loan.

It would be good if I can get our banker to advise you on the loan portion to be more accurate.

Feel free to contact me for further assistance.

Best Regards,

Tan Han Wei Leonard
ERA Realty Network Pte Ltd
BSc Management (Hons) UOL
www.leonardtan-property.com
Leonardtanhw@gmail.com
 9150 1162  Read More