Hishercar Clutched June 29, 2009 Share June 29, 2009 ahgong what comes after orange ↡ Advertisement Link to post Share on other sites More sharing options...
Auto_emocion 2nd Gear June 29, 2009 Share June 29, 2009 to TS: if you are into it, I would suggest you buy and sell at the same time. start marketing your HDB and also shop for your desire pte prop because u never know what kind or buyer and seller u will be getting. do not commit onto buying first unless you are able to service both mortgages at the same time. my advise is to take 80% or lesser loan. Althought SIBOR is currently low, i dont foresee it is going to stay flat for too long. BTW, housing loans no longer that easy to secure even you earn a lot. Banks these days are more interested to serve those with huge sum of downpayment. as you can see, the prices of pte prop are still higher than the 911 days, there will be a possibility it crashes further if economy outlook doesnt improve. Link to post Share on other sites More sharing options...
Ahgongwolve Clutched June 29, 2009 Share June 29, 2009 ahgong what comes after orange Red Link to post Share on other sites More sharing options...
Throttle2 Supersonic June 29, 2009 Share June 29, 2009 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 wah $6k can buy $700k property already? You advocate of slavery? hahaha Link to post Share on other sites More sharing options...
Dumb 4th Gear June 29, 2009 Share June 29, 2009 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. Where you get info that you can stay in private property and rent out your HDB. I got this info from HDB website - For Flats bought from the open market without CPF Housing Grant There is no need to satisfy the required occupation period for the flat before acquiring the private property. However, the flat owners must continue to stay in the HDB flat after acquiring the private property. Exception is made for those who have obtained prior approval from HDB to sublet the flat under the Subletting of Flat policy If can rent out, I will go buy a private condo without delay. The rent should be enough to cover my monthly instalment for a pte condo with loan of 300k. Link to post Share on other sites More sharing options...
Notsogoodman 4th Gear June 29, 2009 Share June 29, 2009 wah $6k can buy $700k property already? You advocate of slavery? hahaha now we know who are the one snapping up all the $600K-$700K HDBs and Condos WAH!!! Link to post Share on other sites More sharing options...
Ahgongwolve Clutched June 29, 2009 Share June 29, 2009 wah $6k can buy $700k property already? You advocate of slavery? hahaha you just have to disturb huh? I just want to prompt a new thread... is 6K enough to own a condo... darn Link to post Share on other sites More sharing options...
Scratchy Neutral Newbie June 29, 2009 Share June 29, 2009 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? just my 2 cents worth...me just bought pte after selling off my hdb....was looking to buy and sell concurrently so we doing a back to back...we will take over the pte and 2 days later hand over the hdb... like the other guys here said...best is u go see if u can get loan....now not so easy...me only managed 70 percent of purchase price....me paid 10% cpf and 20 percent cash....plus stamp fee u gotta pay cash up front first then later when completed apply to claim back from CPF if u want to use CPF to pay stamp fees... banks are pretty tough so do your sums...i managed to only get 2 loan approved...one is 70 % of purchase price..the other was 70% of valuation which was lower than my purchase price.... Link to post Share on other sites More sharing options...
Ahgongwolve Clutched June 29, 2009 Share June 29, 2009 just my 2 cents worth...me just bought pte after selling off my hdb....was looking to buy and sell concurrently so we doing a back to back...we will take over the pte and 2 days later hand over the hdb... like the other guys here said...best is u go see if u can get loan....now not so easy...me only managed 70 percent of purchase price....me paid 10% cpf and 20 percent cash....plus stamp fee u gotta pay cash up front first then later when completed apply to claim back from CPF if u want to use CPF to pay stamp fees... banks are pretty tough so do your sums...i managed to only get 2 loan approved...one is 70 % of purchase price..the other was 70% of valuation which was lower than my purchase price.... How much was ur property? >600psf? Link to post Share on other sites More sharing options...
Scratchy Neutral Newbie June 29, 2009 Share June 29, 2009 How much was ur property? >600psf? yep...800 plus psf...but small 2 bedder...10 year old place..but more for location within 1km of daughter's school.. Link to post Share on other sites More sharing options...
Sofarsogood Clutched June 30, 2009 Author Share June 30, 2009 just my 2 cents worth...me just bought pte after selling off my hdb....was looking to buy and sell concurrently so we doing a back to back...we will take over the pte and 2 days later hand over the hdb... like the other guys here said...best is u go see if u can get loan....now not so easy...me only managed 70 percent of purchase price....me paid 10% cpf and 20 percent cash....plus stamp fee u gotta pay cash up front first then later when completed apply to claim back from CPF if u want to use CPF to pay stamp fees... banks are pretty tough so do your sums...i managed to only get 2 loan approved...one is 70 % of purchase price..the other was 70% of valuation which was lower than my purchase price.... Hi, Do you shop for your bank loan first before looking for the property? What do the banks ask for when you go there? Link to post Share on other sites More sharing options...
Auto_emocion 2nd Gear June 30, 2009 Share June 30, 2009 Hi, Do you shop for your bank loan first before looking for the property? What do the banks ask for when you go there? just talk to a banker first, they will advise you what to do. go for LOCAL BANKS. Link to post Share on other sites More sharing options...
Kiario04 1st Gear June 30, 2009 Share June 30, 2009 Bro, Sibor is indeed attractive the rates, however, tht's if u r a big player, smallies player like us, forget about Sibor ... most of the time would be Sibor + addition interest (usually 0.5 to even 2%!!! depending on amount & duration - bigger amount & longer lock in period, the lower the additional interest, cos more blood to suck mah ...) So try not to be "charmed" by Sibor. I long time no look at Sibor liao ... all useless one ... tht person serving u is the one tht decided whether to give u whatever he/she can so tht he/she can meet his/her monthly quota. Link to post Share on other sites More sharing options...
Zniper 2nd Gear June 30, 2009 Share June 30, 2009 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's not illegal... but u hav to stay in tat hdb for at least 5yrs b4 u can sell or rent out... Link to post Share on other sites More sharing options...
Rickster 5th Gear June 30, 2009 Share June 30, 2009 wah $6k can buy $700k property already? You advocate of slavery? hahaha Maybe his wife earns x2 or x3 his salary Link to post Share on other sites More sharing options...
Jerms Clutched June 30, 2009 Share June 30, 2009 it's not illegal... but u hav to stay in tat hdb for at least 5yrs b4 u can sell or rent out... 5 years if you take hdb grants.. if not.. i think 2 years. Link to post Share on other sites More sharing options...
Law_ong Neutral Newbie June 30, 2009 Share June 30, 2009 5 years if you take hdb grants.. if not.. i think 2 years. if you are old, unit fully paid up. they will pay you visit, ask u to rent whole unit out and stay with ur children. not keen, ask u to sell and downgrade. last and not least, sell back to them and they pay u back 30years on monthly basis. as long u old, they let u rent out with no obligations. just dun ask them to support u can liao... Link to post Share on other sites More sharing options...
Jerms Clutched June 30, 2009 Share June 30, 2009 if you are old, unit fully paid up. they will pay you visit, ask u to rent whole unit out and stay with ur children. not keen, ask u to sell and downgrade. last and not least, sell back to them and they pay u back 30years on monthly basis. as long u old, they let u rent out with no obligations. just dun ask them to support u can liao... bro.. you reply to me wrongly isit? :) i old but not so old leh.. haha. ↡ Advertisement Link to post Share on other sites More sharing options...
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