We will like to know if come August 2015, if we buy a condo that has TOP in 2018, can we arrange with the bank to consider the condo as first property with a promise to sell the flat once the condo is ready to move in?
It does not work this way.
It will be considered your 2nd property as long as your first property has not been sold.
Do contact me at 96659926 for us discuss further on your requirements comprehensively to understand the crux of your requirements & expectations, to enable me to deliver a more accurate financial projection and breakdown of cash flow for your purchase after understanding your finances succinctly as well as to explore the possible options accordingly at no obligation.
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I believe your concerns will be due to the ABSD payable and also the loan restrictions. However, it does not work in the way you have mentioned as they look at the purchaser profile at point of booking 2nd property (ie if you havent sell your hdb, condo is considered 2nd property). There could be a workaround, however I may need more details. Thanks and can we discuss further before value-adding to your housing plans? How should I get in touch?
Thank you for your query.
From what you have shared, you may like to consider buying new Executive Condominium (EC) instead. ECs are priced much cheaper by 15-20% as compared to condos but has the similar feel and facilities as condos with some even exceeding that of an entry level condo.
EC fulfils most of your requirements mentioned above such as selling your HDB within 6 Months after the new EC’s TOP date. There is also exemption on ABSD as it is recognised as your only remaining home once it’s ready for occupation, hence you will have tremendous savings of 7% off purchase price in initial cash layout. Banks also recognise this as your only eventual property and would be able to grant up to 80% Loan to Value subject to 30% Mortgage Service Ratio (MSR) of your income, similar to public housing ensuring prudent investment.
However, EC application requires minimum 2 names hence yours and your wife’s names would need to be included.
My agency, PropNex has been appointed as developers’ marketing agency for 12 ECs all over Singapore including 4 upcoming new ones. Price guide and more info on the ECs can be found in this Dropbox link: https://db.tt/pB9WrjVu
As we do not get prompted when you respond here, kindly contact me directly should you require more details or would like a free tour of any of the show galleries mentioned below.
Thank you and have a pleasant week ahead.
Karrien N. Chan
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I understand the bank loan is an big issue. It will be good to study and draw out the financial plan. This allow you to have an overall picture before moving to next step. To assist and advise you in details, kindly drop me an email for me to share.
I can be contactable at my mobile or email.
Based on what you mentioned, that can't be done. But there are other solutions that can be used. I understand your concern is likely due to Additional Buyers' Stamp Duty and needing a place to stay while waiting for the condo to TOP. I have recently assisted a client who is facing the same situation as you purchased a private condo using the wife's name.
Do give me a call so that I can work out a solution for you. I will require more details to understand your situation better.
H/P No.: 8777 7907