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Hi,

Unfortunately, if you have private property and wish to purchase a resale HDB, you have to dispose your private property within 6 months of key collection to HDB.

If you are considering to get a 2nd property for rental yields, you may like to consider a private property or overseas property. There are various options/projects for your to consider, which I would be glad to share with you the value-buys.

As you have mentioned, if you can pay down your 1st loan fully, the loan for your 2nd unit you can take up to 80% , subject to bank assessment. Max bank loan tenure is typically (65-Age) or 30years, whichever lower. Breakdown as follows:

Cash 5%
CPF 15%
Max bank loan 80%
Stamp duties: 10% (if both SC)

Also, each purchaser has to set aside 1/2 of their cohort minimum sum before they can use excess CPF monies for housing.

Thanks, may I understand your housing requirements before value-adding further? Will be glad to customize a housing solution that is tailored to your investment goals. Hope to speak to you soon.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More

Dear sir,

Unfortunately, you and your wife are only allowed to own 1 HDB, and upon purchasing this HDB and moving in (collection of keys), you will have up to 6 months to dispose your existing private property, if you do not need to sell off your existing place in order to finance the purchase.

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Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
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Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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Evening,

You will be required to sell off your condo to facilitate the downgrade. Since you are likely to paid off the unit with CPF and cash, you can go ahead with the intent. However, every HDB owners are only allowed one HDB unit under their name. You are also required to fulfill MOP of 5 years before you are eligible to purchase your second property.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good evening!

FYI you have to dispose off your private property within 6 months from resale HDB purchase completion date and only eligible to purchase a private property after fulfilling 5 years MOP.

Both of you are married thus considered a single entity so only can own one HDB at any one time.

If all these discourage you from your original plan, maybe you can consider to purchase a private property in Holland V vicinity and rent out your current house.

If you are open to this option, you need to know these information.

1) Both of you will be subject to additional buyer's stamp duty of 7% if both are SC if not 10% if one of you is a SPR.

2) if got outstanding housing loan, can only loan up to 50%. 50% downpayment: 25% cash and 25% CPF OA funds or cash if shortfall. If not, up to 80%. 20% downpayment: 5% cash and 15% CPF OA funds or cash if shortfall. Max loan tenure will be 30 years or up to retirement age of 65. If you exceed either one, the loan percentage will drop to next category. 80% to 60% etc.

3) You need to keep a minimum sum of $77.5k in your individual CPF OA + SA if you have utilized CPF OA funds in your current property.

Other expenses will be: 3% buyer's stamp duty, valuation fee, legal fees, stamp duty for mortgage etc.

Hope my explanations help!

If you need any assistance in your property needs, feel free to contact me.

Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Hi,

There is no restriction for you and your wife to buy a resale HDB flat. However, you will need to sell your existing private condominium within 6 months upon completion of your purchase of HDB flat.

Also, after purchasing your HDB flat, you will need to serve a 5-year MOP period, in which you cannot buy a second property.

Judging from your case, you should have cash in excess of $700k, as a 4-room in Holland Area can easily fetch above $700k. And with this cash, you should really look into your second private condominium.

If ABSD is a concern that is stopping you from purchasing your 2nd property, let me show you the way to get around this. I may be able to help you save on this sizeable amount.

I can be contacted at 97486305  . I await your call.

Best regards,
Robbie Chen
PropNex Realty Read More

Hi,

It is indeed that if you were to purchase a resale HDB flat, you will have to dispose of your Private property. And in this case, there is definitely no rental to talk about.

Of course another alternative is to purchase another private property instead. Looking at your age, this is the best time to explore what are the options available to you and making the right decision is very crucial.

But before you jump into looking at which property to buy, I would suggest that you evaluate your property portfolio first and work out the finances involved. I would be glad to assist you in the above.

My team have successfully helped many clients restructure their property portfolio and I would suggest that we can arrange for a non-obligatory meet-up to allow me to share more about the strategies and what are the options available for you.

There is never a “good” time to start planning for our retirement. But there are advantages to starting early. If you start early, you will have a longer time horizon and that means more time to grow your savings. If you have made investments, a long term horizon will also help to ride out short-term price fluctuations on your investments.

Cheers,
Vera Wang
 8777 7907 
wangvera88@gmail.com
PropNex Realty Pte Ltd Read More

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CK Ang
 90463808 
res.ckang@gmail.com Read More