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I stayed in a HDB which recently reached MOP'ed with no outstanding loan. Have identified a few new launches and understand the progressive payment scheme of buying new launch. Question is, as new launch is usually a couple of years from TOP, I would like to stay put in currently HDB flat till the new launch are near TOP before selling. Am I allow to use 5% cash and 75% Bank Loan for the 1st 80% of progressive payment for the new launch and 20% of CPF last?
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7 Answers

Hi You will be liable for ABSD if you purchase and stay till near TOP. You have to utilize Cash and CPF before bank loan, Do contact me at 97970200  to discuss more

Mark, your RIGHT choice
Propnex Read More
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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

1) According to your descriptions you are missing the 20% downpayment.
2) Since this is part of a downpayment, this will need to settle before the loan kicks in.
3) By holding the 2nd property (new launch), you will be subject to an ABSD of 12%.
4) You are only eligible for ABSD remission when you meet these 2 conditions:
(a) if you are purchasing a matrimonial home.
(b) Purchasing couple must have an SC in the formulae.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi,

Thanks for the query, it appears you are well prepared for your research. Unfortunately, the payment sequence is cash - cpf oa - bank loan as required by MAS, hence your mentioned sequence cannot work. Alternatively, may I know which project you are looking into? We can try to explore solutions together based on the available info.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Dear Sir/Mdm,

For your case, there are 2 options to proceed.

The first option is to sell your HDB and proceed to purchase the new launch condo. For this scenario, you will not be liable for the 12% Additional Buyer Stamp Duty and you will be able to reuse the sales proceeds and CPF from your HDB sale to finance the purchase. You will also be able to obtain the maximum loan of 75% for the purchase. However, you will need to rent a place to stay or bunk in with your parents as the new condo will take some time to complete.

As for the 2nd option, you can purchase the new condo as a matrimonial property and pay the Additional Buyer Stamp Duty first and claim back subsequently as long as you sell off your HDB flat within 6 months from the TOP of the condo. In this manner, you will not need to find an interim place to stay but you must take note that your cash outlay will be higher as you are required to "park" the ABSD amount with IRAS and if you still have an outstanding loan for your current HDB, the max loan is only 45%.

As to which is a better option, please feel free to contact me so that I can understand your situation better and analyze further for you.

Regards,
Nick Tan
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Robbie Chen Chee Howe
Hi,

Congrats on fully paying off your HDB flat!

Should you decided to purchase a second property, you will need to settle the downpayment (5%+15%+5%) before your max 75% loan can kick in.

You will also need to set aside funds for BSD and ABSD, which can be paid from your CPF. Do take note that you will also need to set aside half minimum sum (basic retirement sum) in your CPF-OA+SA before being able to utilise the balance from your CPF-OA to pay for your second property purchase (if you had utilised CPF monies for your HDB flat).

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Hi Sir/Madam

1. If you are not selling your current HDB and buy New Launch, 2nd property ABSD will apply.
Alternatively you can consider to apply for 2nd ABSD remission if you can meet the conditions
2. The Flow of fund need to be Cash, CPF OA and Loan.
CPF can be use to service the loan
3. Which area that you prefer and how many bedrooms? I have current price list, promo of every projects in Singapore and will be glad to advise you

I will be glad to assist, no agent fee from private property buyer
Appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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