Good afternoon Mabel,
SC means Singapore Citizen.
Is your husband a SC as well?
In fact as long as there's a SC in your household, you are eligible to hold on to current HDB and purchase a private property.
There are some scenarios:
1) If your husband is a SC and purchase a private property solely by himself, there wont be additional buyer's stamp duty.
2) If your husband is a SPR and purchase a private property solely by himself, there will be 5% additional buyer's stamp duty.
3) If both names are included in the purchase, there will be 7% additional buyer's stamp duty because this will be your second property.
So you guys might want to weigh the pros and cons.
In addition, there will be restriction on usage of CPF OA funds and limitation of loan quantum if you used CPF OA funds and there's an outstanding housing loan on your HDB
Maybe you can share more information with me so I will be in a better position to advise you on the eligibility to purchase a condo, whether is it better to purchase under one or two names and the financial outlay for the purchase.
Just a brief description for cash outlay for purchase (if you can obtain 80% bank loan):
1) 5% cash downpayment
2) 15% CPF downpayment
3) estimated 3% buyer's stamp duty
4) legal fees
5) stamp duty for mortgage etc
Hope I didnt overload you with too much information. Feel free to contact me for any assistance or advice. Cheers!
Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727
(M):
+65 9111 5171
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg
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