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80 replies to this topic | 10 praises

#1

Posted 29 June 2009 - 03:20 PM

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Anyone switch from a HDB to a resale pte property? Do you buy the pte property first then look to sell your HDB? Or the other way round?

As for the pte property resale, does it mean that you can loan up to 90% of the price of the property? since upfront only need 1% + 4% + Stamp duty?


#2

Posted 29 June 2009 - 03:24 PM

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Anyone switch from a HDB to a resale pte property? Do you buy the pte property first then look to sell your HDB? Or the other way round?

As for the pte property resale, does it mean that you can loan up to 90% of the price of the property? since upfront only need 1% + 4% + Stamp duty?



5% cash and 5% CPF and the balance 90% on loan from bank or financial instituation.

Stamp duties.. and other legal fees...

if u have money - then u can buy pte prop first..then sell
some ppl no money one.. who needs CPF for 5% will have to sell HDB first then can buy Pte Prop

Do calculate your finances properly.. many ppl cannot afford but think they can ...buy liao kena screwed LOL


From wad i see. .. if u intend to buy a prop worth 700K to 900K...
your income (total) must be above 6K (BARE minimum) .... if not it's gonna be difficult

Edited by Ahgongwolve, 29 June 2009 - 03:27 PM.

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#3

Posted 29 June 2009 - 03:28 PM

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Anyone switch from a HDB to a resale pte property? Do you buy the pte property first then look to sell your HDB? Or the other way round?


Buy pte 1st, move in then rent HDB out sly.gif

As for the pte property resale, does it mean that you can loan up to 90% of the price of the property? since upfront only need 1% + 4% + Stamp duty?


max is 90%, but advise against that. try and target a lesser loan. Remember stamp duty u need to pay cash first then cpf rebate later.

Edited by Yeshe, 29 June 2009 - 03:29 PM.


#4

Posted 29 June 2009 - 03:31 PM

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Usually it would be better to buy a pte property before selling HDB (unless u got an irresistible offer) else u will be risking without a home sweatdrop.gif

Loan amt will depend on your credit ratings and/or any outstanding loans, if all is ok, shld not be much of a prob.

Also, if the pte property u r buying is a leashold and alrdy arnd 30 yrs, might be difficult to get even 70% loan.

Edited by Rickster, 29 June 2009 - 03:32 PM.


#5

Posted 29 June 2009 - 03:32 PM

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Buy pte 1st, move in then loan HDB out sly.gif



max is 90%, but advise against that. try and target a lesser loan. Remember stamp duty u need to pay cash first then cpf rebate later.



la lo.. 90% loan is krazy... esp ... million dollar property...
pay interest until nosebleed..
LOL


a 1 million dollar property will have stamp duties of $24.6K CASH upfront first...
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#6

Posted 29 June 2009 - 03:33 PM

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Buy pte 1st, move in then rent HDB out sly.gif


HDB rental yield is very very good sly.gif

#7

Posted 29 June 2009 - 03:46 PM

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Now the bank lend only 80%...

#8

Posted 29 June 2009 - 03:55 PM

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Anyone switch from a HDB to a resale pte property? Do you buy the pte property first then look to sell your HDB? Or the other way round?

As for the pte property resale, does it mean that you can loan up to 90% of the price of the property? since upfront only need 1% + 4% + Stamp duty?


Always remember 1 thing, it is easier to buy a house then sell a house.
MCF PS3 Gang
MCF Hamsup Tiko Ranger

#9

Posted 29 June 2009 - 03:58 PM

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Now the bank lend only 80%...


80%? sure bo? I just asked last week n was only offered 70% at most!

geez ... getting more & more difficult to borrow $$$ leh ... furthermore the interest rate was sky high man ...



#10

Posted 29 June 2009 - 04:00 PM

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80%? sure bo? I just asked last week n was only offered 70% at most!

geez ... getting more & more difficult to borrow $$$ leh ... furthermore the interest rate was sky high man ...



wahh.. sweatdrop.gif sweatdrop.gif
i thought interest rate should be pretty low now? 2.38%?

#11

Posted 29 June 2009 - 04:09 PM

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HDB rental yield is very very good sly.gif


Isn't it illegal to rent out HDBs? If you buy a private property, don't you have to stay in the HDB and rent out the private?

#12

Posted 29 June 2009 - 04:17 PM

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Isn't it illegal to rent out HDBs? If you buy a private property, don't you have to stay in the HDB and rent out the private?


I think you need to fulfill certain conditions before you can do that. Found the following post in another forum:

Did you took any HDB grant for your HDB unit?
If yes, have you fulfilled the minimium occupant period which is 5years?
If yes, you can rent out your HDB unit.

Yes, You are eiligible to stay in a private condo and rent out your HDB as long as you fulfill the above.

#13

Posted 29 June 2009 - 04:20 PM

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Since I will not be able to maintain both HDB and Private property, so if i buy the pte property first with bank loan, is there a minimum period i need to fulfill before I do capital repayment (after selling HDB)?

#14

Posted 29 June 2009 - 04:21 PM

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Usually it would be better to buy a pte property before selling HDB (unless u got an irresistible offer) else u will be risking without a home sweatdrop.gif

Loan amt will depend on your credit ratings and/or any outstanding loans, if all is ok, shld not be much of a prob.

Also, if the pte property u r buying is a leashold and alrdy arnd 30 yrs, might be difficult to get even 70% loan.


Do I need to engage my own lawyer to check the legitimacy of the seller? Or I just go through the agent who is selling on behalf of the current owner?

#15

Posted 29 June 2009 - 04:21 PM

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Since I will not be able to maintain both HDB and Private property, so if i buy the pte property first with bank loan, is there a minimum period i need to fulfill before I do capital repayment (after selling HDB)?


can do partial cap repayment... no limit... unless your HDB is worth one million...
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#16

Posted 29 June 2009 - 04:23 PM

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Not illegal ah.You can rent out the HDB flat,provided you inform HDB & get their consent.

#17

Posted 29 June 2009 - 04:25 PM

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In any event you would still require a lawyer to complete the purchase of the property for you.Your lawyer will do the necessary searches on the property & sellers.

Do note for capital repayment in respect of ur bank loan towards the pte pty,some banks may require a minimum period and/or admin fee coz by doing a capital repayment,means they have to recalculate the total interest payable.Do approach the bank on this aspect when you get their letter of offer.

Edited by Snowbell, 29 June 2009 - 04:31 PM.


#18

Posted 29 June 2009 - 04:32 PM

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Do I need to engage my own lawyer to check the legitimacy of the seller? Or I just go through the agent who is selling on behalf of the current owner?


I don't think a lawyer can help you check, however, they might be able to give you some advice on what to look out for.

#19

Posted 29 June 2009 - 04:33 PM

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Isn't it illegal to rent out HDBs? If you buy a private property, don't you have to stay in the HDB and rent out the private?


It is legal to do that. All you have to do is to get approval from HDB.

Been there, done that - with written approval from HDB.

#20

Posted 29 June 2009 - 04:35 PM

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u're wrong,the lawyer will have to check on the legitimacy of the seller.bankruptcy searches & title search r done to verify that the registered proprietors are the ones selling & not they're not a bankrupt.can also do litigation searches to make sure the sellers are not in the midst of any pending charges or suits.


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