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Question

Home Financing

Asked by Anonymous 9 Dec 2017

Dear gurus,

I have a fully paid hdb(rented) and am living in a condo with around 800k outstanding loan. I would like to seek expert advise and opinions on what's the best way to unlock cash flow to purchase my next unit. (Looking at CCR 1M thereabouts). Any scenario sharing is welcomed...

Thanks
Tay

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4 Answers

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Ivan Ng · Answer 1 · 2017-12-09T16:16:29+08:00

Ivan Ng

Replied 9 Dec 2017

Hi,

From the limited info shared, it appears selling the condo to unlock equity will be the best approach. Doing so removes the outstanding mortgage and allows you to a max 80%
loan for the next condo, and also reduced your stamp duty payable. Selling the hdb may not help much if the sales price attainable is not as high relatively and if the plan is to take max loan amount for the CCR condo. (Btw you can't take equity loan for hdb).

May I have more info about the project names so to value-add further? May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

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TA

tay adrian

Replied 9 Dec 2017

Hi Ivan,

Thanks for responding so quick.

No intention to sell hdb nor the current condo. Current condo is under my name only so wife pays 2nd property absd(unless I sell my hdb which is a joint name... last checked around 550k).

Looking at district 1 but that's a separate topic actually. I'm interested to know how to leverage to get the 3rd property with current set of restrictions in place.

Thanks

Ivan Ng · Answer 2 · 2017-12-09T20:07:17+08:00

Ivan Ng

Replied 9 Dec 2017

Hi,

Ic thanks for sharing. If the issue is about downpayment and stamp duties, one way could be to taking a term loan for your current condo to unlock some cash. This is assuming the property valuation has appreciated significantly relative to the purchase price. Is that the case? Btw, 80% loan for your spouse is not an issue?

It will be easier to discuss over email, I am not prompted when you reply here. Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

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Robbie Chen Chee Howe · Answer 3 · 2017-12-09T23:38:14+08:00

Robbie Chen Chee Howe

Replied 9 Dec 2017

Hi Tay,

If you're looking to "unlock" cash flow, I would think that selling off your HDB would be the best option, because by selling it, you will free up CASH + CPF.

However, from your vague statement, I am not sure if this is what you're looking for. I will need to understand further details from you before I can give a more appropriate recommendation for you.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305 . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More