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Hi,

It seems like you intend to buy private property for investment or future home.

Buying condo under whose ownership is up to your decision. There is always a misconception that whoever is the owner must pay the mortgage. In fact, these two can be separated.

There are 4 main things you need to be aware & seriously consider:
(1) Mortgage/bank loan: 1st loan = 80%, 2nd loan = 50%. Since you are still servicing loan, max you could get is 50% of the purchase price.
(2) ABSD for 2nd property: 7% for Singapore Citizen, 10% for PR for 2nd property.
(3) There is a "Income Weighted Average Age" to determine the loan tenure, thus the loan tensure shall dependent on yours + your daughter's age.
(4) Limitation on CPF usage for 2nd property: you have to set aside BRS in your OA & SA. Thus you might have to recalculate your finance.

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 Sir,

Firstly, before you can purchase any other residential property, you will need to fulfill the 5-year MOP of your HDB flat.

Secondly, if you're Singaporean, you will be able to buy any condo (new launch or resale) or resale EC from the open market, without having to sell off your HDB. Do take note that you will be liable for ABSD for your second property.

Also, as this is going to be your second mortgage loan, the loan-to-value (LTV) would be 50%, and you will have to set aside minimum 25% cash as downpayment.

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

Good evening,

If the MOP for your HDB unit have been fulfilled, you are eligible to purchase your second property with your daughter if you are SC.
Since the mortgage loan is not cleared yet, you can obtain max of 50% loan. 25% down payment and 7% ABSD have to be made in cash. After setting aside the CPF Basic Retirement Sum, you can utilize the balance to settle for the remaining 25% down payment. Standard stamp duty and legal fee payable can be made using CPF.
However, do note that as your daughter will be the co-owner of the resale EC or condo, she will not be eligible for BTO unit unless her ownership status have been cleared.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More