AskGuru Q&A Community

Hi,

Firstly is your son 21 years old and above? If so, he will be legally eligible to own property. If you are purchasing on a joint name basis with him, ABSD of 7% will apply as IRAS will take the highest tax rate of all the purchaser profiles, even though your son won't be liable for ABSD.

May I understand your plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans further.

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 
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Hi Sir,

As you already own a HDB, you and your son will be subjected to an Additional Buyer Stamp Duty of 7% for the purchase. The 7% is based on the purchase price of the condo unit. This is on top of the normal stamp duty of about 3%.

Please feel free to contact me so that I can assist you further!!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

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Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Good morning buyer,

As long as you have fulfilled minimum occupation period of your flat, you are eligible to purchase a private property.

ABSD is based on the higher of the individuals purchasing the unit.

For your case, you will be subject to 7% cause this will be your second property while your son's first so no ABSD.

Higher of 7% and 0% is 7%.

By the way do take note that there might be other cooling measures affecting your joint purchase with your son,

1) if you have outstanding loan, you might not be able to obtain max bank loan thus you have to come out with more downpayment.
2) if you have utilised CPF in your current HDB, you have to set aside half of minimum sum $80.5k in your CPF OA + SA first before you can use the excess OA funds in this purchase.

By the way, my team has been assisting many clients to grow their property portfolio and for your case, you can choose to own two properties without being subject to ABSD.

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Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com

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