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I bought a one bedroom in mid 2011 and its scheduled TOP is 2015 1st Q. Should I aim to bring down the loan value of this property or should I save the money (cash and Cpf) to buy a 2nd property of 1mil? Then I will rent out either one. What would be advisable? Thanks
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2 Answers

Mike Lim
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Morning Ling,

With existing mortgage loan, bank will only grant you max of 60% loan if the loan tenure is not more than 35 years or existing 65 years of your age. 10% of this have to be cash. Since you have just bought a unit not too long ago, you might be required to pay 40% cash. Not forgetting the ABSD if you are PR or non-citizen. Work your sums out and don't over stretch yourself.

Regards
Mike Lim
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Catherine PANG
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