AskGuru Q&A Community

Morning,

You sound like you dont have any outstanding housing loan and preparing to buy second/ subsequent housing.

Sad to say, even though you have sufficient amount in your SA to meet the required minimum sum of $69,500. You are NOT allowed to use the excess amount (after setting aside $69.5k) to fund your property purchase.

ONLY funds in ordinary account can be utilised for the 15%, remaining 5% will be in cash if you are able to obtain a 80% bank loan.

I hope I have solved your doubts.

Feel free to contact me if any.

Warmest Regards,
YT TAN | ACCA Graduate
Senior District Manager
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More

Evening,

Under the current ruling, only OA can be used to purchase residential properties, providing the necessary terms are met. Of the 20% downpayment, 5% must be cash and the balance 15% from OA and/or cash.

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