Dear Sir/Mdm,
Yes, you will be eligible to purchase a private property once you met your Minimum Occupation Period (MOP) of 5 years.
For your next property, the loan quantum will be dependent on whether you still have an outstanding housing loan. If you are still servicing the EC, the max loan amount is 50%. If there are no outstanding loan, you will be eligible for 80% loan.
It will be best to check with a banker on the loan that you are eligible for as due to the Total Debt Servicing Ratio (TDSR), a lot of buyers are facing difficulties securing the ideal amount of loan.
You will also be required to pay an Additional Buyer Stamp Duty (ABSD) of 7% on top of the normal stamp duty of about 3%.The stamp duty is levied on the purchase price.
I hope my explanation helps. Do feel free to contact me for a chat!!
Regards,
Nick Tan
(M)
+65 9644 4854
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nicktan@propertyavenue.com.sg
(W) www.nick-tan.com / www.propertyavenue.com.sg
Testimonial for Satisfied Clients (2015)
“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)
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