HDB and Condo

[Imp75]

I dont recall coughing up cash (if yes, probably minimal) for my second property purchase. I think can use CPF once set aside the minimum sum plus no other existing loan

[verykiasu2010]

Imp75:

I dont recall coughing up cash (if yes, probably minimal) for my second property purchase. I think can use CPF once set aside the minimum sum plus no other existing loan

second property purchase not to be confused with second mortgage taken up by buyer

one could have 10 properties all paid in cash and zero loan, the 11th property will still get 80% loan if needed, and the 12th property will have max 60% loan - just an illustration on the LTV on 2nd or subsequent mortgages

http://www.housingloansingapore.com/loan-to-value-singapore-limit-and-ratio-ltv-mortgage-explained

[cherrygal]

Further to the 60% loan… the bank may not lend you the full 60% as it is subject to your loan eligibility. Let’s say your loan eligibility based on your salary is total $1m and you already borrowed $800K for your first house. If your 2nd property costs $800K, you can only get a max of $200K loan and not the full 60% of the price of the 2nd property.

[Lshawn]

micollh:

anyone can advise, if i already paid up mu HDB loan, meaning completed the payment and thinking of buying a condo .. how should i go about it? is it still allowed with the new housing rules? i understand that if i were to get a condo, i cant stay in it? but have to stay in HDB and rent out the condo ? Pls advise. Thanks

U definitely can stay in the condo. It's ur house. As for HDB, think might have to keep for min 5 yrs.

Check with ur agent or HDB for more details. Best to do ur homework.

[DC Mummy]

Lshawn:

micollh:

anyone can advise, if i already paid up mu HDB loan, meaning completed the payment and thinking of buying a condo .. how should i go about it? is it still allowed with the new housing rules? i understand that if i were to get a condo, i cant stay in it? but have to stay in HDB and rent out the condo ? Pls advise. Thanks

U definitely can stay in the condo. It's ur house. As for HDB, think might have to keep for min 5 yrs.

Check with ur agent or HDB for more details. Best to do ur homework.

Yes, it's your choice to stay in either HDB or condo if you own both. Since you already paid up the HDB loan, you can loan up to 80% from bank.

20% downpayment - 5% cash + 15% CPF

If you are buying a second property, you and/or spouse each will need to set aside a total min. sum of $65.5K in OA+SA. Think the min. sum will revise again in July...Only the amount above the min. sum set aside, can be used for the CPF down payment.

[hquek]

On the CPF min sum, check with CPF board directly on the amount to set aside. I can’t recall the computation, but it’s not as scary as 120+k locked aside.

[FantasyLandDreams]

Interesting hdb units, so huge.


http://thesmartlocal.com/read/mutant-hdbs

[TopTutorSingapore]

The newer generation HDB flats are beautiful! I wish we could buy

[siling]

Condo price quite low now.


Guess it may go up slowly.

[janet88]

don’t know if this is the right thread to post this.


i am thinking if i am successful in getting a flat from May Sales of Balance Flats (SBF)…is it troublesome if i do not engage an agent to do the transaction? then i can save on 3% commission.
the valuation of my present unit should be able to cover the costs of a brand new flat in non mature estate…this way, hubby doesn’t have to pay for monthly mortgage. please advise. thanks.