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Hi Kieran,

Based on the information provided, I don’t think you will have any problem getting financing the loan. However, you may need to fork out more cash for downpayment.

Suppose you buy a 2/3 bedroom at $800,000. 20% is $160,000, and you still need to factor in the stamp duty which about $18,600.

You mentioned that you have $85,000 in your OA, how about your SA? Pls take note that you need a keep a minimum sum of $62,500 (if I don’t remember wrongly) in your account before you can use CPF to buy second property.

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 Kieran,

With the information that you have provided here, you shouldn't have a problem servicing the loan, and the next loan eligible for you is max 80%.

The amount in your CPF may not be sufficient for the downpayment, and you may require top up with cash.

Feel free to contact me if you need a helping hand.

Cheers,
William Koh
 9027 1972 
willkck@gmail.com
www.GuruSg.com
williamkoh.st701property.com
www.myBedokResidences.com
www.ArcAtTampinesEC.com
ERA Read More

The S&P process needs careful and confident planning in financial, timeline and checklist especially HDB, CPF, bank and lawyer etc. Recently my client 'suddenly' bought a dream condo while 'holding on' to a HDB flat. They needed the extra 'funds' for the condo. Hence, after a series of planning, discussion and deliberation, they finally decided to sell their HDB unit. Engage an agent if you expect a consistent S&P process. The stress relief effort is enormous and the commission is insignificant. Check this site: www.catherinepang.com Read More

Hi,

I am sure the fellow gurus have answered your question, basically you are able to get the loan but there might be a chance that you will have to use some cash for the next property.

But just out of curiosity, unless you are buying for your children/family, if you are thinking of getting a condo for investment/hedging purposes, you might want to do your Return of Investment / Rental Yield calculation properly first. Reason why i am saying this would be, if I am in your shoes, i got else where where I would put my money in somewhere else instead. Of course, your needs and reason for buying plays a huge factor, which i do not know at this point.

Just thought that this is something that you might want to think about before you commit to mortgage.

Ken Tan
 96461490 
Huttons

more info, go to www.96461490.com Read More