Purchase Of Private Property

[Jason Kwek 0]

Hi, I am seeking advice on the following matter. I and my wife had recently taken possession of out BTO unit in 2011 and we have taken a 10 yr housing loan from HDB. If we opt to fully pay up the outstanding loan with the next 2 to 3 years, are we allowed to purchase a private porperty without selling our current BTO unit (within the min 5 yrs occupancy period)?

Any advice is much appreciated.

Thank you and wish all a Happy New Year!

[therat 18]

NO.

BTO is rule by 5 yrs MOP regardless you had finish the HDB loan or not.

The only different when @ 5th yrs for having HDB loan finish or not.

taking 80% bank loan or 60% bank loan.

If this rule still stand at that time.

[Jason Kwek 0]

NO.

BTO is rule by 5 yrs MOP regardless you had finish the HDB loan or not.

The only different when @ 5th yrs for having HDB loan finish or not.

taking 80% bank loan or 60% bank loan.

If this rule still stand at that time.

Thanks for the reply.

I.e to say, it would not be possible to keep the current BTO and buy another private property with the 5 yrs MOP?

Cos we have no intention to sell the current BTO but to buy a second property (private) in this case within the 5 yrs MOP.

[therat 18]

U only can buy 2nd property regardless

1. keeping or not for the 1st property

OR

2. fully pay the HDB loan or not.

ONLY after you had completed the 5 yrs MOP.

Layman term is..

If you buy direct HDB or resale HDB with grant.

U only can dream on 2nd property 5 yrs after you had take your key

[bepgof 20]

The only different when @ 5th yrs for having HDB loan finish or not.

taking 80% bank loan or 60% bank loan.

If this rule still stand at that time.

80% & 60% meh?

not 80% and 70% (item 8), I'm always get confused over this.

http://singaporewatch.org/?p=1380

[therat 18]

80% & 60% meh?

not 80% and 70% (item 8), I'm always get confused over this.

http://singaporewatch.org/?p=1380

ya lor

U are right

is 70% for the 2nd property.

too many new rule until I also get confused.

http://www.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20100830-234639.html

Tougher rules for buying second homes

• Buyers of 2nd homes can borrow up to 70 pct, from 80 pct
• Stamp duty on sellers who buy and sell within 3 years

[kalimantan 6]

hmmm so it is confirmed that 2nd property purchase - is 70% borrow from bank , ie 30% cold-hard cash on my own ?

How come i heard last time it is 60% borrow from bank, ie 40% cold-hard cash on your own ?

[therat 18]

Correction.

2nd property loan is 60% not 70%

http://www.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20100830-234639.html

On Aug 30, 2010, Buyers of 2nd homes can borrow up to 70 pct, from 80 pct

http://entertainment.xin.msn.com/en/radio/938live/calocalnews.aspx?cp-documentid=4578330

Few mth later, on 14 Jan 2011.

The maximum loan available to individuals buying their second property has also been reduced to 60%, down from 70%.

[jsll 2]

hi

2nd property will need to pay downpayment 40% of the purchased price (which means loan 60%), unless you had fully paid your 1st property without any outstanding loan, then you can loan 80%.

As I had just bought my 2nd property and these rules are still very clear in my mind now

cheers