AskGuru Q&A Community

Good morning private property buyer,

Do take note that you have to first fulfill the MOP applicable to your HDB before you can purchase a private property.

And you will be subject to ABSD. It will be 7% if you are a SC.

In addition, if you have utilized CPF OA funds in your current HDB, you will need to keep aside a minimum sum of $77.5k before you can use the excess to fund this purchase.

Thus your initial outlay will be estimated 30% of purchase price (20% downpayment, estimated 3% buyer's stamp duty, 7% additional buyer's stamp duty, legal fee, valuation fee, stamp duty for mortgage etc).

Maybe you can share more information with me so I can further advise you whether is it viable.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
R043025D
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Hi,

Have you met the Minimim Occupation Period of 5years for the hdb flat? If so, you are eligible. If you or your family are comfortable, it is advisable you take out your name (by transfer of share ownership to parents, subject to HDB approval) from the HDB flat so that your condo purchase will be your 1st property purchase. This will avoid the 7% ABSD payable. The CPF utilized n accrued interest of the outgoing owner (you) have to be returned to your CPF OA.

Based on those figures, you should have no problem getting some of the value-buy 1 bedroom condos in the sururban regions. May I speak to you to share with you more? Thanks.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com Read More

Afternoon,

Similar to the case which I have just closed, is your name added in during the purchase of the unit of half way through, so as to assist on the financing of the unit?
Have you clocked the 5 years minimum requirement, for either case?
Are you SC or SPR and have you have utilized CPF OA for the HDB unit?
All this above mentioned factor will impact your financing as you might need to sell your share out to your parents, if you are SPR, looking to buy your private property. ABSD will be payable via cash and CPF minimum sum will also kick in, for your second purchase that utilize CPF.

Do feel free to contact me for further discussion.

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