7 Answers

YT Tan (陈永达)
Good morning buyer,

Something to take note if you want to purchase a private property while holding on to current HDB.

1) you need to pay additional buyer's stamp duty of 7% if you are a Singaporean buying second residential property.
2) if you have outstanding loan, you are only eligible up to 50% bank loan.
3) you have to set aside a minimum sum of $80.5k in your CPF OA +SA before you can use the excess.

Let assume that you have enough in the CPF SA for the minimum sum, you can afford a property worth up to $865k based on your current finances.

As for your second option, do take that even if you clear the HDB loan in future and do a transfer of ownership to your parents, your parents must be financially capable to take over share.

They have to refund you the CPF OA funds that you have utilised in cash, CPF OA funds or might even have to take up a mortgage loan to do so.

If not, maybe you can consider to sell off current house and purchase a resale HDB under their name with your current cash reserves and sales proceeds. This will free up your name to purchase a private property without being subjected to ABSD.

This might only work after good financial planning.

Hope my sharing is beneficial to your property purchase.

May I know how can I value add in this purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171
(E): yt.lovelyhomes@gmail.com
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YT Tan (陈永达)
Sincerest apologies,

The amount you can afford is $565k based on $110k cash and $60k CPF OA funds as $90k cash will be used to clear the HDB loan so you can take up 80% bank loan for purchase.

it's not $865k.

Hope it doesnt confuse you. If it does, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

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

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Geryl Lim
Question, why are you looking to own your own apartment?

If we can have a clearer picture on this, perhaps there could be alternative solutions which are not explored.

Claim your free home report today at http://bit.ly/ClaimFreeReport.

Visit and Like my facebook page at https://www.facebook.com/propertyblogshop/

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My self introductory video on https://youtu.be/6UfrCOCB6Mg

Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
Mobile: +65-81577565/+65-92787772
Email: geryl7772@gmail.com

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Ng Teck Chuan
Hi James,

You might want to wipe out your cpf and use 30k cash to pay off the loan before removing your name; you'd be buying private property as a first-timer without ABSD, and also being eligible for up to 80% loan; do note that your parents would have to pay BSD for buying over your share of the house (this is cheaper than you paying ABSD for the private property)

Feel free to contact me at your convenience, and we can carry on from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602 Read More

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Ivan Ng
Hi,

You might want to note that even if you fully paid down the hdb loan and decide to remove your name later, your parents (the remaining owners) need to fund and return the cpf utilized+accrued interest that you have used for the property so you can exit. This amount can be substantial and if its not feasible it might not be worth using this option.

Should you choose to buy now, you should pay down the 90k loan fully so you can loan up to 80% for your next property purchase. However, 7% ABSD will apply.

Importantly, may I know your objectives of owning your own private property? Thanks and hope to understand your plans & requirements further so to better value-add to your plans. Let's discuss 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
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
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Nick Tan
Hi Sir,

You may want to consider removing your name from the HDB. However, this may involve costs such as your parents having to repay you the CPF you utilised with interests and also the outstanding housing loan.

This will free up your name for you to purchase a private property without having to pay the 7% Additional Buyer Stamp Duty. If you are buying for investment, you can consider properties which are selling with tenancy. Some of the rental yields are as high as 4%.

With your income, you should be able to afford a loan comfortably and use it as a leverage. This is a better move as compared to waiting for 3 more years before you are eligible for a resale HDB flat.

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 of HDB)

“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 of HDB)

“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!!”
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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

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CK Ang
Hi,
Best is to remove you name from the hdb, and purchase a private condo. This plan will avoid paying ABSD of 7% and you can loan up to 80% of the new purchase.
To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
9046 3808
res.ckang@gmail.com Read More

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