AskGuru Q&A Community

Evening,

If you are SC and have fulfilled the MOP of your current HDB unit, you are eligible to purchase resale EC as your second property. ABSD of 7% will be payable. CPF basic retirement sum need to be achieved before you can utilize the balance for your second property. Maximum of 50% loan is available if your current property is still on mortgage.

Do feel free to contact me should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for an experienced agent with knowledge on sales and purchase of residential property in Singapore?
With more than 10 years experience on all S&P cases, along with knowledge related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Esate Planning and Distirbution
4) Divorce
5) Bankruptcy
6) Purchase of HDB after Retirement Age

You can be sure that your concern and doubt will be cleared. This would allow you to move forward in one of your life's most rewarding decision with ease of mind. Read More

Hi, it depends on whether are you a local or PR. For PR purchasing a private property, they will have to dispose off their HDB.

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

Hi,

Resale EC is considered a private property in the eye of SC & SPR, only foreigner is not allowed to buy resale EC less than 10 years.

So all HDB housing, CPF & IRAS rules applied to buying resale EC for SC & SPR.

As a SC couple
(1) Only allowed to buy resale EC upon fulfilling MOP.
(2) 7% ABSD applied.
(3) SSD applied if sell resale EC within 3 yrs.
(4) Only can take loan from bank
(5) If this is 2nd loan, meaning HDB flat is not fully paid, then only can get 50% loan.
(6) If this is 2nd loan, and wish to utilize CPF, must retain BRS (Basic Retirement Sum = $83k in 2017, $85.5k in 2018) before using the rest for the purchase.

As a SPR couple
(1) Cannot own HDB & private property at the same time.
(2) Has to dispose off HDB within 6 months upon key collection of resale EC.
(3) SSD applied if sell resale EC within 3 yrs.
(4) 5% ABSD applied for resale EC.
But it is advisable to dispose off HDB before purchasing.

Hope the above answer to your main concerns, but if there are more queries, 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

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Hi,

In order for you to be eligible to purchase a second residential property, you will need to fulfill the 5-year MOP of your HDB flat.

If you have fulfilled the MOP, and either you or your spouse is a SIngapore Citizen, you will be able to purchase the condo (resale EC is considered a condo) without the need to sell off your HDB flat.

Do take note that ABSD is applicable. For Singaporean Citizen owning a second residential property, ABSD is 7%. For PR, ABSD is 10%.

Depending on your profile. there may be some ways for you to enjoy some savings in terms of ABSD. Do get in touch with me for a more in-depth discussion.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Certainly! Here’s a concise summary of the eligibility criteria for purchasing a second residential property in Singapore:

MOP Requirement:
You must fulfill the 5-year Minimum Occupation Period (MOP) for your HDB flat.
Spouse or Self as Singapore Citizen:
If you or your spouse is a Singapore Citizen, you can buy a condo (including resale EC) without selling your HDB flat.
Additional Buyer’s Stamp Duty (ABSD):
Keep in mind that ABSD applies when purchasing additional properties.
Feel free to reach out if you have any more questions! Read More