AskGuru Q&A Community

Afternoon,

Did the completion of the unit took places on 1st Mar 2009, or did you signed the OTP on 1st Mar 2009?
If you took HDB loan, without grant, yes, you have fulfilled your MOP, if you never apply to rent out your unit, during the 2.5 years.
If you do not have any outstanding mortgage loan, the bank will be able to grant you a maximum of 80% loan, for your next property.
Given that you have fulfilled MOP, you can purchase private property and stay in it, requesting for rental of your HDB unit. Do note that the property tax would defer. If you are looking at purchasing a new BTO unit, after purchasing of the unit, you have to wait for a time bar of 30 months, from sales of your private property. And if you have purchased any subsidised units before, you will not be eligible at all.

FYI
Mike Lim
 96929209 
ERA Read More

Hi JL,

You have fulfilled your MOP, and is now eligible to buy a private condo. Once you bought your condo, you can stay in your condo and rent out entirely your HDB, with approval from HDB.

If you do not have any outstanding loan for your HDB, banks will grant you 80% loan. So, if you are keen to upgrade to condo, I suggest, if possible on your financial side, clear off the loan. Taking a 80% loan is better than having to fork out 40% upfront.

Please feel free to drop me an email or call me directly for a non-obligation discussion. Alternatively, we can also meet up at your convenient time and place for discussion.

Thank you & Best Regards
J.A.Goh
HP: 9639 0350 
ERA Senior Marketing Director
CEA Reg No. R025894Z
CEA License No. L3002382K
www.gohjaERA.myweb.sg
Email: gohja@singnet.com.sg Read More

Hi JL,

Yes, you are eligible to buy private property if you did not take any grant when you purchase.

You are eligible for 80% loan after you fully paid the house. However, pls take note that most likely you will have to pay the 20% downpayment using cash only, subject to CPF ruling on CPF utilisation on second property.

Yes, should you decide to sell your current HDB, you are required to dispose the private property within 6 month after you buy a new or resale HDB.

I always thought that it is better to rent out private property and stay in HDB for the following reasons:

1) Generally you can collect higher rental for private property, and if this amount is sufficient to cover your monthly instalment, isn’t it a good form of investment? You might be able to buy a third private property after a few years, not too late to stay in private property during then.

2) You still pay 4% property tax for HDB. If you stay in private and rent out HDB, you will be paying 10% property tax for both.

3) Should you decide to sell your private property for whatsoever reason, you can always sell with tenancy.

The only downside I can think of is that you can’t get to enjoy facilities and lifestyles in private property. However as i mentioned earlier, you might get to buy a third property!

Lastly, pls take note that should you decide to rent out HDB, you can only do so after 3 years MOP, meaning only after 5th March 2012.

Hope that I had answered your question.

Feel free to contact me if you need my assistance.

Thanks and Regards
Johnny Goh
R018297H
Dennis Wee Realty Pte Ltd
Group Director
Mobile: 90906267 
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com Read More

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More