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My bro (SC) & his wife (SPR) owns a 5 room hdb - fully paid. My self (SC) & my wife (SPR) owns a 3 room hdb - fully paid. All of us are working adults earning an average of $4k per month. No children. No financial burden. We thought to buy a $800k condo.
ReplyDelete1. What are the stamps duties and ABSD involves? How much?
2. Our average age is 44. We can take a 22 yr loan.
3. We want to pay as little Cash as possible, use our CPF to service the loan. What is best for us?
Hi,
DeleteThe ABSD will be 7% for SC buying second property and 10% for SPR buying second property. If any one of the owners is SPR, the full 10% ABSD will be applicable
A $640K loan for 22 years will require a combined income of at least $5800. The downpayment will be 20% with 5% minimum in cash. You can use as much CPF as you want to pay down more and take the rest in loan.
Let me know if you need help in getting the right loan then. Can email me at sgyi@homeloanwhiz.com.sg
Hi there, i read your article on the possibility to buying private property while owning HDB flat. 1 question i have is, do I have to stay in the HDB and rent out the private property or I can actually stay in the private property and rent out the HDB flat?
ReplyDeleteAppreciate your response! thanks!
Hi,
DeleteIt is stated on HDB website that youmust continue to stay in your HDB after acquiring private residential properties.
so we need to stay in HDB n rent out the private property right?
DeleteHi Jaslin,
DeleteYes that's right
Hi,
ReplyDeleteMy wife & me are both SC, fully paid own 4rm hdb. We planning to buy a private condo, for the 15% dp either by cash or cpf. I'm confuse as under the new ruling, each of us need to set aside $83k in our Cpf OA & SA.
This 83k, can we fully use it to pay for the 15% dp or we need to have more than 83k, any excess after $83k can be use for the 15% dp?
Hi,
DeleteThe dp for a private condo is 20%.
You can actually use all your CPF in your OA for housing up to the valuation limit.
For more information, you can refer to CPF website here: https://www.cpf.gov.sg/Members/Schemes/schemes/housing/public-housing-scheme#Item1628
Can we use CPF to pay for BSD and ABSD?
ReplyDeleteYes CPF can be used to BSD and ABSD. However, you'll have to pay in cash first before CPF is being used to reimburse back to your bank account.
DeleteHi I own 5rm Hdb flat , think want to sale and invest private property buy a 10yr jade cond (4bed) near mrt , shopping and school . Rent out 2 room to cover bit loan . Buy a new cond invest for rental whole unit . It is possible
ReplyDeleteHi,
DeleteIf you have already fulfilled your 5 years MOP for your HDB, you can buy another private property. However, do take note there will be additional buyer's stamp duty imposed for the 2nd and third property. There will also be restrictions for the loan which you can take. It is good to work out the sums to make sure its worth it before proceeding.
I want to sale my Hdb , buy 3yr or 5 yrs cond for living using my name. and take spare $ to invest another development condo using my hubby name . Can save extra stamps free
ReplyDeleteHi,
DeleteYes by doing that you don't have to pay the absd. However, do take note of the tdsr limit as you're buying as a single owner.
Myself SC) and wife (SPR) owns a 5 room hdb worth about 440k - outstanding loan about $130k. No financial burden, no other loan. Cash saving about $200k. Both our Cpf OA add up to total 70k. Combined annual income $100k. We thought to buy a $850k private condo.
ReplyDelete1. Can we afford it? What are the stamps duties and ABSD involves?
2. Our average age is 42, can we stretch the loan beyond 65?
3. Should we keep the hdb to rent out or dispose it?
Hi,
DeleteTo know if you can afford it, you'll need to do an AIP with the bank to know your loan eligibility. From my estimation, your case may be borderline. ABSD is 10% for second property as one of you is SPR.
Yes you can stretch the loan beyond age 65 but you will only be eligible for 60% LTV.
As one of you is a SPR, if you buy a private property, you'll have to sell it within 6 months after purchasing your private property.
Hi,
ReplyDeleteI am currently co-owning a 4room HDB apartment with my parents and the apartment still has a mortgage loan with HDB. I am currently working and living overseas and I would like to know if it is possible for me to buy a private condominium as an investment to rent? Would I be eligible for any bank mortgage and would that be possible given that I won't be staying in either of the apartments since I am overseas? I would appreciate any advice. Thank you!
Hi there,
DeleteIf the MOP for your HDB has finished, you can purchase a private condo. However, do take note you'll have to pay absd and also your maximum loan will only be 50% of the property price as you currently own a HDB and also ave outstanding property loan.
Hi SGYI,
ReplyDeleteI own a HDB 4-room flat and still paying the housing loan left about 90K plus which my house is valued about $400k. We have fulfil the MOP and I intend to buy a condo and rent it out but is it possible to use only one name, the owner name?
Hi,
DeleteFor buying a condo, yes its possible to use only one name. But do take note one name means one income only so when you take a loan for the condo, the loan eligibility will be lesser.
Hi SGYI, my husband and I have an existing home loan for our condo, with a 2 year lock-in period till Jun 18. We hope to purchase a 2nd property now, which we know will incur the 7% ABSD. Are we able to restructure the existing loan so that the loan is under my husband only and I can then take an 80% loan, placing 20% downpayment, without incurring any admin fee or penalty? If there is an admin fee/ penalty, typically, would banks waive it if we take out a loan for 2nd property with them? Your advice is appreciated. Thanks.
ReplyDeleteHi,
DeleteDuring lock in period, there will be penalty if you restructure your loan. The banks are quite strict about this. You'll have to check with your current bank whether it can be done to make sure.
my husband and i are both above 62yrs old. my husband has retired and my annual income is $60k. we have a fully paid hdb exe flat, free of debt and looking to buy a private property which costs ard $1.3m. we have abt $700k in cash/cpf and can pledge some shares (preference shares value ard 350k).do you think we are able to get a bank loan of 600k? we intend to serve the loan over a period of 10years.
ReplyDeleteHi,
DeleteFor loans above the retirement age of 65, you can only borrow up to 60% of the property value. However, based on your income, you're only eligible for about $375K loan even with a loan tenure of 13 years till age 75. You can apply an AIP with any bank to get a confirmation on your loan eligibility. I would think getting $600K loan is quite hard base on your circumstances.
Hi, I am a 2nd owner of an hdb flat and thinking of buying a condo. Does 2nd ownership also entail a 15% LTV requirement? Also, what would be the stamp duty if I share ownership with a non-PR foreigner who would be the 2nd owner of the condo.
ReplyDeleteHi,
DeleteIf your HDB is fully paid, then there is no loan restrictions for you when you buy a condo. You still can borrow 80% LTV. The additional stamp duty if one of the owners is a foreigner will be 10%.
hi, we are looking at 800k apartment/condo, can i apply for loan with a sibling/parent etc? Hdb flat is fully paid, will it affect the mortgage if my parent age is above 60 and i am in my late 20s? whats the max % loan for my situation/ how much cash/cpf?
ReplyDeleteHi SL,
DeleteIf the HDB is fully paid, you can still take up to 80% loan. If you're buying with your parent, the age will be the average age between the 2 of you. Eg if you are 30 and your parent is 60, the average age will be 45. You can take a loan tenure up to age 65 years old.
There is still the consideration of your income where the maximum loan you can get is 60% of your combined gross monthly salary. I can help you to calculate your maximum loan eligibility. You can email me at sgyi@homeloanwhiz.com.sg so I can advise you further. Thank you!
Hi, im looking to buy my first property. would u be able to share what do i lose if i were to go for private condos first instead of HDB or EC?
ReplyDeleteHi,
DeleteHDB and EC are subsidized flats for us. If you're considering buying a private property, you might want to look at EC if you don't mind some of the limits like MOP etc. EC will be fully privatised after 10 years. If you need a bank loan at that time, you can contact me at sgyi@homeloanwhiz.com.sg :)
Hi, i am considering a private condo first. May i check what is the difference between buying private first then HDB and HDB first then condo?
DeleteHi,
DeleteIf you buy a private condo first, you'll not be allowed to buy HDB later unless you sell your condo. If you buy HDB first, you can still buy a condo and keep your HDB after you have fulfilled the 5 years MOP. Also, once you have bought a condo first, you'll not be eligible for any kind of housing subsidies thereafter.
Hi, may i check what are the options if i am below 35 years old but i want to buy as a single? Is ECs on resale an option?
ReplyDeleteHi,
DeleteYes you can buy a resale EC as a single. Just not new EC below 35 years old as a single.
Hi. I have a fully paid HDB however still within MOP. My parents have a fully paid HDB. They want to buy a private property but they are not working. Both are 60 years old. Can I use my income to help them to secure 600k loan if my income is able to get the amount? The private property will be owned under their name. Thanks
ReplyDeleteHi tss1501,
DeleteUnfortunately you can't be a borrower without being a owner of the property.
Thanks for the reply!
ReplyDeleteHi there SGYI,
ReplyDeleteI stumbled upon your page when reading about buying a condo while owning an HDB.
One question:
You stated in one of your replies (on January 8, 2017 at 5:43 PM) that "If any one of the owners is SPR, the full 10% ABSD will be applicable".
So this implies that it is possible for a couple to own both HDB and private properties, as long as one spouse is a citizen.
However, on March 27, 2017 at 8:08 PM, you stated "As one of you is a SPR, if you buy a private property, you'll have to sell it within 6 months after purchasing your private property."
Now this implies that it is NOT possible for a couple to own both HDB and private properties, if one spouse is an SPR.
And to add to the confusion, in the HDB website,
https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/acquiring-private-property
under the "Exercising the Option to Purchase" tab, the following were stated:
"If all the owners of your flat are Singapore Permanent Residents and you are a flat owner or essential family member who has met the MOP for your flat, you are required to:
- Notify us of your local private residential property acquisition before you exercise the Option to Purchase (OTP) for the property
- Sell your flat within 6 months of acquiring your completed/ uncompleted local private residential property".
This to me, sounds like it is not possible to own both HDB and private properties only if ALL owners are SPRs.
Apologies for the long writing, but could you please share your thoughts again, to clarify my confusions.
Best wishes,
TomRamli
Hi TomRamli,
DeleteI remembered i have checked before that its only if both are SPR then its not possible to own both hdb and private property together. If one of the owners is a SC, then it'll be possible.
Hi SGYI,
ReplyDeleteMy husband and I are both SC and currently we have one 4 rm HDB worth around 600k under our name with balance around 250k loan outstanding (HDB Loan).We have met the minimum MOP and we are 37 years old. Our combined income is around 80k annually. And I have one car loan of 95k under my name. Thinking of purchasing a private condo to rent out on a long term basis. We do not have any excess CPF as it was used to pay off the current HDB Loan. I would like to ask is it still possible for us to purchase a private condo and what is the maximum loan we could take up. How much upfront cash do we need to fork out? Thanks so much.
Hi,
DeleteI suppose you'll be keeping your HDB while you purchase and rent out the condo? As you have outstanding loan on your HDB, the max loan you can take is only 45% of the condo purchase price or valuation (whichever lower). 25% minimum have to be paid in cash and the rest can be paid in CPF but since you mention you do not have any excess CPF, then all will have to be paid in cash.
45% you can take up loan but your loan eligibility have to be assessed. Another way is if you fully repay your HDB loan, you can take up 75% loan instead of 45%. If you would like me to help you calculate your maximum loan eligibility, you can drop me an email at sgyi@homeloanwhiz.com.sg with the following details:
1) You and your spouse gross monthly income
2) Monthly loan instalment for HDB and car loan and any other loans?