3 Answers

YT Tan (陈永达)
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

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Ivan Ng
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

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Daniel Tan
Hello!

Good day to you!
I’m Daniel Tan from Huttons.

You are eligible to purchase a private apartment under you name if the current HDB you co-owned has pass the minimum occupation period (MOP) of 5 years.

However as you co-owned the HDB, your purchase of the private condo will be considered as your 2nd property. Therefore the purchase will be subjected to an Additional Buyer Stamp Duty (ABSD) of 7% on the purchased price.

And also if you have previously use your CPF funds to make payment to the current HDB unit, you are required to set aside half the minimum sum of S$77.5K before you can utilise the other funds in your OA to finance your private condo purchase.

Based on your described finances above, you should have no problem getting a loan from the bank. Loan tenure will be dependent on you age.

Please share with me some of your requirements and concern so as to allow me to better assist you in finding the most ideal and suitable apartment.
Hope to hear from you soon.

Any other queries?
Please always feel free to contact me for a non-obligated discussion on how I can assist you with your real estate needs.

Have a great day ahead.

Best Regards

Daniel Tan
Huttons Asia Pte Ltd
(+65) 94775100
daniel.tck@outlook.com Read More

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