HDB and Condo
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daddy2007:
Don't think so. Seems that you need to sell off your condo within 6 months after you got your HDB. Unless you are talking about new direct HDB, then you need sell off and wait 30 months to be eligible, rent in meanwhile or bunk in with parents, friends, relatives etc....cherrygal:
Nowadays, most of my frens who bought HDB flats end up buying private property and not selling their flats. They prefer to rent out their flats... no wonder analysts say less and less resale flats available...
Don't sell off your HDB flat even when you are getting a condo. The new ruling states that one cannot buy a HDB flat if one is currently holding a condo. So one have to sell off the condo, stay at a rented place for an extended period of time before one is allow to buy HDB flat again
Holding a HDB flat is a prized asset now -
daddy2007:
Agree. Days of making good capital gains are over.... Prices ridiculus now.... Except for happening areas with great locations like watertown, bedok residences, centro, etc... can jump in if too much cash on hand and dunno what to do with it...
If you have an existing housing loan, you can only loan up to 60% for the new property. That means you have to cough up a minimum of 40% for down payment. This is additional to cash buffer you have to set aside for progressive payment, property tax, repair for wear-and-tear for your rented place & electrical appliances. And also cash buffer to pay monthly housing loan if you can't find tenant for your place for an extended period of time. Unless you are heavily leveraged which is not advisable.janet_lee88:
Too many changes now. No dough to think of condo either...servicing my loan till hubby reaches 60. Heard now if buy condo, every month the amount to pay is very high.
With the pricing now at ridiculous high, it is not a value buy yet. Now everywhere (even for hillview, ponggul etc selling at > $1,000 psf) Hold on for a while
We are far from there.... Though seems like there are plenty of people loaded for bears... with cash....
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vicki:
that's our plan toocherrygal:
Nowadays, most of my frens who bought HDB flats end up buying private property and not selling their flats. They prefer to rent out their flats... no wonder analysts say less and less resale flats available...
I agree n i thk it also makes sense not to sell the HDB!
Rental collected from the HDB flat can help to pay for the monthly private condo insalment. Then when the couple grow old n their kids all grow up n get married, shift out liao n they don't really need to use the condo facilities anymore, they can switch back to staying in HDB n sell or rent out the private property!
am working toward that goal
now hoping the property guru is right that the property price will drop by 20% this year then whack :rahrah: -
Did think of upgrading to a newer HDB flat...but that means I have to top up cash monthly. My flat is finally fitted with lifts on every floor and MRT is ready in 2015. After 20 years, the interior like pipes are old...how much you renovate is not worth. Prob is new flats are smaller and further. :roll:
I thought of DBSS at Clementi but it's so ex. -
what i gather is that unless one has paid off entire housing loan of first property, then the minimum cash we need to have for downpayment for 2nd property is 40% of S$1mil ie S$400k.
(this is assuming that the first property is to be retained)
add emergency cash + unforeseen expenses that come with shifting house, we need S$450k-S$500k and above IN CASH! -
caught in this situation as well
dunno whether to move or not… to be in debt for the next 20-30 yrs sound scary -
20 - 30 yr loan is not that scary. You can buy then sell when the market is good and get profit too. You dun need to keep it till you pay off the loan unless you wanna pass it to the kids…
If you buy a 2nd property with a loan and rent it out now, the tenant is technically paying your monthly instalments.
Yes, the 40% cash outlay for a 2nd property now is tough and home prices aren’t that low. Would advise you to hold your 2nd purchase unless you have fully repaid your 1st property (then you can apply for 80% loan). Many of my friends fully repaid their flats and bought a 2nd private property with the 80% loan. They then rented out their flats. Very popular now that’s why lesser resale HDB flats available.
You better do this fast if you want coz I think the HDB may clamp down on this "buy new condo, rent out old flat" practice soon. Logically, it’s not right as you should be staying in the HDB flat and renting out the condo. -
So do I understand correctly that
- If HDB loan is not fully paid, one can only get 60% loan for private property
- If HDB loan is fully paid, one can get 80% loan for private property
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xueyan:
that is correctSo do I understand correctly that
- If HDB loan is not fully paid, one can only get 60% loan for private property
- If HDB loan is fully paid, one can get 80% loan for private property
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Is there something like "overtrade" for property as there is for cars. Meaning that the outstanding HDB loan is loaded to the condo loan and we get the 80% financing? Assuming that there is no problem to fully repay the HBD loan just that interest rates are so low, might as well roll it over. Possible?
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