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Afternoon Ben,

Should you opt to utilize your CPF funds to clear your current housing loan, you will be able to obtain 80% loan. But you will be required to prepare 20% down payment by cash for your next purchase. You will have to settle the monthly installment by cash as well since you need to accumulate the CPF for the minimum sum requirement. You will also need to prepare the ABSD by cash. As long as the the remaining lease for the unit is not less than 60 years, you should be able to get full 80% loan, subjected to income and credit assessment.

Do feel free to contact me for further discussion.

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

Hi Ben,

1) ABSD 7% + BSD 3%
2) max loan 80% if you clear your current loan; >20 years is still fine, but anything more could affect your max loan eligibility
3) you'd need to accumulate the minimum sum (amount depends on your age) before you can use it to service the mortgage

Feel free to contact me at your convenience, and we can take it further from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Hi,

For your scenario, ABSD of 7% + BSD of approx 3% will apply on 2nd property purchase price. For 2nd mortgage loan, max loan is 50%. Generally, projects with balance lease more than 60 years, max loan (following MAS requirements) not an issue.

You need to set aside 80.5k in your OA/SA before you can use excess CPF OA for your 2nd property. Thanks and may I understand your housing plans and requirements further so to make better recommendations and minimize your costs outlay? Look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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Hi Ben,

Thanks for posting in Propertyguru.

Haha from your post can see that you have done your fair share of research. For the ABSD, that is confirmed and would not change for now. You are also right that if you do not clear your HDB loan, you can only qualify for 50% for your second loan. So I will recommend for you to clear off your HDB loan if you want to invest in a second property so as to qualify for a 80% loan.

As for the age of the condo, as long as the remaining lease of the condo is more than 60 years, then it is eligible for a 80% loan and of course this subjected to our income and financial commitments. For the remaining amount in our CPF, we will need to take note that we will need to fulfil 50% of the CPF Minimum Sum before we can use the access for the next house purchase.

Seriously there are much to be discussed in your case but I feel that a second property could be very much possible. Maybe I can suggest that we can meet up for a chat on this? No worries as there are no obligations at all and we can really take it as a chat and knowing a friend. I can take the opportunity to answer other queries that you may have and at the same time offer you some advice based on your plans and finances.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Division Director (Sincerus Division)
ERA Realty Network Pte Ltd

ERA Overall Top Managers 2015
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Web : www.jeffreyheng.com Read More

Hi,

Re: The best deals available through SG Professional- BuyRealtor.com & NewLaunchDeal.com

Based on what written, it will be tough as you need to pay 7% ABSD +3% BSD and 20%= Total 30% of the value of the next purchase.

Will recommend that you clear the existing housing loan and wait till next year, the property market pricing will likely drop further. Finally decision is always yours :)

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com
In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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Hi Ben, contact me at 97970200  to discuss on your options

Mark, your RIGHT choice
Shenton Realty Homes Read More

Hi Ben,

1. Apart from the ABSD of 7%, there is a normal stamp duty of slightly less than 3% of the purchase price which is payable.

2. If you were to pay up your HDB loan, you will be eligible for up to 80% loan subjected to the Total Debt Servicing Ratio (TDSR). If not, you will only be eligible for up to 50%.

3. For your 2nd property, you will also need to set aside half your minimum sum in your OA and SA combined before you are able to use the rest.

4. For condo with lease more than 60 years, loan and CPF is not an issue. So condo about 20 years plus is fine.

5. You are able to use your CPF after satisfying the half of minimum sum requirement.

I have assisted many of my clients to own their 2nd property. Please feel free to contact me so that I can assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Good evening Ben,

You have a good knowledge of the cooling measures but do take note of these as well.

1) stamp duties

You need to pay buyer's stamp duty of estimated 3% along with the 7% ABSD as Singaporean.

2) Bank loan

If you dont have any outstanding loan, you will be able to loan up to max 80% bank loan instead of 50% and there wont be any bank restriction if you are looking at 20 years old property.

3) Half of CPF minimum sum

you need to set aside $80.5k in your CPF OA + SA first before you can use the excess CPF OA funds in this purchase.

By the way Ben, many clients have benefited from my team's sharing and still able to own two properties in the midst of all these cooling measures. If possible, I will like to take this chance to share with both of you and wish it will be beneficial to your idea of owning two properties.

Just to share!

Only a one time sign up, you will be able to receive a free SMS update on the value of your home and neighborhood from me on a monthly basis.

Click this now: http://goo.gl/Gg5pe3!

Join me on board towards a hassle free update on valuation now!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

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