7 Answers

Ivan Ng
Hi,

Yes eligible as long as your hdb MOP of 5 years are met and the finances are comfortable. Do note for new EC from developer, more stringent rules apply such as income ceiling of 14k/month.
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 ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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0

  • MF
    If we had fully paid our HDB & want to buy another Condo (Not EC), how much % we could take a loan? Assuming the unit cost around $1.5M.
Berney Lee Jun Hong
Hi,

I will need a few more details before i can answer your questions, you can text me at 9423 0218 for a private discussion.

Berney Lee
Propnex Read More

0

Ling CK
Mr. Mugen,

For EC, there are new EC & resale EC.
New EC: Has to meet the following eligibility:
(1) Citizenship
a. 1x Singapore Citizen (SC), or
b. 2x Singapore Permanent Resident (SPR) – do not need to wait for 3 years.

(2) Family Nucleus
Must form a family nucleus; same scheme as HDB BTO.

(3) CPF Housing Grant
Eligible for CPF Housing Grant.

(4) Loan type
a. Only bank loan is available; 5% cash + 15% cash and/or CPF, loan max 80%.
b. Subject to TDSR criteria

(5) Most of new EC need to pay resale levy. You have to contact me in order to find out whether there are new EC escape from resale levy.

(6) Family monthly household income cannot exceed $14k.

Resale EC does not have so much of restriction:
Less than 10 year EC: only SC or SPR are eligible.
More than 10 year EC: All people can buy including foreigner same as private condo.

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 Read More

0

  • MF
    If we buy EC, mean we need to sell off our current HDB? Then we are left with only condo option?
YT Tan (陈永达)
Good evening upgrader,

you are eligible to purchase a new/ resale ec or private property as long as you have fulfilled the minimum occupation period of your HDB.

Care to share does your household has at least one SC?

If both of you are SPR, you have to sell off your HDB within 6 months from purchase completion of resale EC or private property.

And wont be eligible for new EC.

If you are keen in new EC, you must be eligible under HDB eligible schemes (at least one SC and the other at least SPR) and income ceiling of up to $14k. And do take note that you will be resale levy because you took a housing grant before.

By the way, do let me share with you what I had done for one of my clients in their upgrading plans.

They will be selling their 4rm flat (HAVENT FULLY PAID) and intend to purchase an unit for own stay and the other for investment after a few rounds of detailed financial planning.

You might not believe. This plan will be funded entirely by their sale and they wont be coming out with any amount from their savings. They would have RESERVED FUNDS up to 4 years to finance their homes even if they dont work.

Another clients of mine met me up on 8 august and had already committed to a condo purchase on 14 august even though their HDB sale will most likely ended up to be a NEGATIVE sale. But with their HDB sale, they will have a RESERVED FUNDS that can last them up to 3.5 years to repay the mortgage if BOTH of them never work.

I would or would not say this will be possible for you as well but with detailed financial planning, you will have a clearer picture what is feasible for you.

May I know when will be a good time to meet up?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
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0

  • MF
    If we buy new EC, mean we need to sell off our HDB? If not we could only allow to buy condo? The Condo we should look for 99 yeras, 999 years or freehold? Normally how much could we loan for our new condo? Yes we are both SGP Citizens.
Nick Tan
Hi Sir,

Yes if you were to buy a new EC, you will be required to sell off your current HDB. You will be considered as a 2nd timer and will need to pay a resale levy, the amount will be dependent on your current flat type.

I would advise you to either buy a 2nd property (if you are not over stretching yourself) or upgrade from a HDB to a condo.

If you are buying a 2nd property, you will need to pay an Additional Buyer Stamp Duty (ABSD) of 7% on top of the normal stamp duty. The amount of bank loan you are eligible will also depend on whether your current HDB is fully paid up. If it is paid up, you will be eligible for up to 80%.

For upgrading to a private condo, you will NOT NEED to pay an Additional Buyer Stamp Duty (ABSD) and you will also be eligible for the max 80% loan, enabling you to leverage fully. You may also minimise your cash outlay by recycling the funds used on your current HDB into the next property.

As for whether it is a leasehold or freehold property, I would suggest you to evaluate the upside potential of the property instead of placing too much emphasis on the tenure. In summary, it will be good to take stock of your overall financial position before you decide on your next course of actions. Remember, buy within your means and do not over leverage! With these 2 principles in mind, you should be able to reap the rewards down the road.

Please feel free to contact me so that I can gather more information from you before I can give you some informed recommendations. Do note that I will not be able to see your reply here, so do contact me privately!

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 (2016/2017)
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We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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Robbie Chen Chee Howe
Hi,

If you meet all the eligibility conditions, and have fulfilled the MOP for your current resale HDB flat, you will be eligible to apply for new EC.

As for private condo, there is no restrictions. You will be able to purchase. Do take note that the relevant ABSD is payable should you choose to hold onto your existing HDB flat.

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

0

  • MF
    If we had fully paid our HDB & want to buy another Condo (Not EC), how much % we could take a loan? Assuming the unit cost around $1.5M.
YT Tan (陈永达)
Good afternoon,

Sorry for the late reply as Propertyguru doesnt prompt me when there's a reply to my comment.

You are right that if you want to hold on to your HDB, you will have to go for resale EC or private property instead.

Care to share your intention behind this move?

Hold one for own stay and the other for investment?

By the way, do take note of these cooling measures applicable:

1) 7% additional buyer's stamp duty (ABSD) for second property purchase as Singaporean

2) need to set basic retirement sum of $83k in your CPF OA + SA first before you can use the excess CPF OA funds in this purchase if you have utlilised CPF OA funds in the HDB.

3) can obtain up to max 50% bank loan if you still have outstanding loan. 50% downpayment will be 25% cash and 25% cash or CPF.

Let's work out the financial plan in detail to discuss what are your options then we will work from there onwards. Will do my best to obtain max loan and huge tax savings for you.

May I know when's a good time to meet up to elaborate more?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

Find out your property value for FREE on a monthly basis. Simply sign up by clicking the link below:

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0

  • MF
    If we had fully paid our HDB & want to buy another Condo (Not EC), how much % we could take a loan? Assuming the unit cost around $1.5M.