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Afternoon,

The new ruling are affecting those with more than one property in holding and PRs, on the purchase of HDB unit. The requirement of higher cash downpayment and ABSD will reduce speculation chances.

If you sell away your HDB to purchase EC, you are only considered to have one property in hand. Hence ABSD do not apply, unless both of you are PR, and you are eligible for 80% loan where 5% must be in cash and 15% can be mixture of cash or CPF.

Regards
Mike Lim
 96929209 
ERA Read More

Hi

Qn: If we sell our flat to upgrade to EC,are we considered as the 2nd timers / 2nd property?

Ans: Yes, you are considered 2nd timers and the levy on your existing HDB will be waived

Qn: 3% cash stamp duty?

Ans: Yes, Stamp duty [3% of property price - $5400] is applicable. Buyer would need to pay in cash first then subsequently, through your lawyer, you may want to get a disbursement from your CPF back as cash. Thus technically, using CPF to pay your Stamp Duty.

Qn: 25% in cash for down payment of ec?

Ans: No, 5% cash for the booking of the EC only.

Qn: Up to 50% bank loan?

Ans: No, up to 80% bank loan subject to present age, income and credit rating.

Discuss your EC purchase with the people who knows ECs best!!

Contact Andrew at 8188 8887  for a no obligation discussion to ensure you get the best value for your EC purchase.

Andrew Ngauw
 8188 8887 
GPS Alliance Read More