This year our flat ended the 5th year the mop period, we planned to purchase a private property and rent out our current hdb. The private property will be under my wife name. May I know how to calculate the affordability of our first private property with the monthly rental we will get from the hdb ?
Understand that you will be purchasing the private property under your wife's name, nonetheless, while calculating the maximum amount of loan your wife can obtained from the bank; as the HDB is solely-owned under your name, the HDB rental income will not be able to recognize under your wife's additional income.
You may wish to use the following affordability calculator to sort out your budget: https://www.propertyguru.com.sg/mortgage/affordability-calculator
Should you need to speak to our financial home advisors, do feel free to Whatsapp us at: wa.me/6587695300 or https://www.propertyguru.com.sg/mortgage/contact
Hope this answers your question.
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1) In fact, affordability is not calculated in this way. We are using MAS TDSR to assess whether you are able to sustain in long term.
2) Rental receive is a bonus rather than rely solely on it to service the monthly mortgage. Although in reality, it is quite reliable as long as you got the right tenant.
3) You may read the detail regarding TDSR on the MAS website:
4) Alternatively, you may contact a banker or a real estate agent to do an assessment for you.
5) In general, the rental received from a purchased property is able to cover your monthly mortgage with excess after paying property tax. As long as there is no major repair needed on this property.
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As you mentioned that you are the sole contributor to home loan repayment for this property, are you also the sole owner of this HDB? If HDB is under joint ownership, ABSD will be applicable for the condo purchase even if it is only under your wife sole name.
In terms of affordability, there is a set of calculations involved where we will need to input the income of your wife on top of her age to determine the loan tenure based on the Total Debt Servicing Ratio.
Monthly rental from the HDB may only contribute to a small percentage to increase the loan quantum subject to the ownership itself as well.
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Since she is of the occupier status only for the hdb, she does not own any property and can purchase the condo as a 1st residential property without ABSD.
Sure the affordability depends on the cash, CPF OA and the maximum loan attainable based on her age income and existing loan obligations. I can calculate that for you.
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.
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We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.
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For the private condo purchase, it is advisable not to overstretch herself as it is only based on her single income as the loan basis. It is important to do up an assessment based on her max loan amount she is eligible for, her CPF amount she is able to use on the house, rental you can get from the HDB and the comfortable amount you can allocate towards the mortgage payment every month.
I have assisted many of my clients to do up a financial assessment and overview before they commit to a property purchase. Please feel free to contact me privately so that I can understand your situation better and make more informed recommendations to you.
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There are a few doubts I have with regards to the "1 ownership scheme" that you're talking about. Paying off the mortgage loan using 1 person's CPF does not mean that the flat is held under Sole Lessee. It can still be held under Joint-Tenancy.
If you're planning to purchase a condo under your Wife's name, only her income (and age) will be taken into consideration.
If she does not own the HDB flat, she will not be able to factor in the rental income from the HDB flat for loan assessment. She will be able to loan up to 75% if she does not currently have any outstanding mortgage loan.
If she owns the HDB flat, she can use the rental income for TDSR assessment. However, if the HDB flat is still under loan, her maximum loan will be capped at 45% LTV, being a second mortgage loan. Do take note that ABSD applies in this case too.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require 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 in the current market.
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1. I will need more information on your HDB to advise on rental
2. Before shortlisting project/unit, I will suggest to check in principal approval of loan from banker.
I can connect you with reputable banker for this, free of charge and no obligation.
3. For Singaporean 1st property. Based on $1 mill, and assuming loan is 75%
5% Cash = $50,000
20% Cash/CPF = $200,000
BSD (Cash/CPF) = $24,600
Legal fee = $2,300 (estimated)
Please contact me at (65) 96608508 and I can share you the excel file breakdown for this calculation including timeline.
4. How many bedrooms are you looking at and which area you prefer?
I will be glad to assist, no agent fee from private property buyer
Appreciate if you can contact me at (65) 96608508 or Silviayang8@gmail.com
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Senior Marketing Director
ERA Realty Network Pte Ltd
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