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Was wondering what kind/price-range of condo can I get at this moment? Currently still servicing 4-room hdb, have around 250k useable CPF, combined salary of 9k and no other loans.

Thank you very much.
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4 Answers

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

Would you be planning to sell your existing HDB to fund the condo purchase? Most would not be buying the condo as the 2nd property as the ABSD rate for SC 2nd residential property is at 17%, which will limit the options available.

The amount you can loan also depends on the purchaser age as well. 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 Realtor
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Hi,

1) My suggestion is to focus on paying off your current HDB flat.
2) You are only able to get a 45% LTV loan from a bank when you have an existing mortgage loan.
3) Moreover after the last cooling measure announced on 15 Dec 2021. Your loan amount is further reduced by the TDSR, implied the lesser you can leverage from the bank.
4) Just for illustration, if you plan to buy a $1M property, this is a common amount for a 1/2 bedroom condo.
You have to prepare a 5% cash, which is $50k, plus your CPF funds of $200k. You can then pay for the down payment. The other $50k CPF fund can use for buyer stamp duty of $24.6k.
5) The above is only assumed you are not subject to any ABSD.
6) As you may already be aware that now ABSD for the 2nd property had increased to 17% for SC. Thus you might want to consider doing an upgrade instead of investing in a 2nd property.
7) If you planned to upgrade from an HDB flat to private property, there are 2 ways of doing so:
(a) Buy a new condo. Prepare to pay the ABSD and apply for remission later if you are buying a matrimonial home.
(b) Buy a resale. Get an exercise OTP before committing to your purchase so as not to incur ABSD in the upgrading process.

Hope the above answer your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Robbie Chen Chee Howe
Hi,

May I know if you're looking to upgrade from your 4RM HDB? Or are you intending to purchase a second property for investment?

Reason why I ask is because your affordability will be greatly affected if you're just looking to purchase a second property, in terms of LTV, ABSD and TDSR.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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