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Purchasing a resale property: need help

Sofarsogood

By Sofarsogood,
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Sofarsogood

Sofarsogood

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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?

 

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Ahgongwolve

Ahgongwolve

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(edited)
  On 6/29/2009 at 7:20 AM, Sofarsogood said:

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
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Yeshe

Yeshe

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(edited)
  On 6/29/2009 at 7:20 AM, Sofarsogood said:

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]

 

  On 6/29/2009 at 7:20 AM, Sofarsogood said:

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
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Rickster

Rickster

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(edited)

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]

 

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
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Ahgongwolve

Ahgongwolve

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  On 6/29/2009 at 7:28 AM, Yeshe said:

Buy pte 1st, move in then loan HDB out [sly]

 

 

 

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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Galantspeedz

Galantspeedz

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  On 6/29/2009 at 7:20 AM, Sofarsogood said:

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.

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Kiario04

Kiario04

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  On 6/29/2009 at 7:46 AM, Whatupz said:

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 ...

 

 

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Yeshe

Yeshe

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  On 6/29/2009 at 7:58 AM, Kiario04 said:

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][sweatdrop]

i thought interest rate should be pretty low now? 2.38%?

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Carndablues

Carndablues

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  On 6/29/2009 at 7:33 AM, Rickster said:

HDB rental yield is very very good [sly]

 

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?

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Sofarsogood

Sofarsogood

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  On 6/29/2009 at 8:09 AM, Carndablues said:

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.

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Sofarsogood

Sofarsogood

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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)?

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Sofarsogood

Sofarsogood

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  On 6/29/2009 at 7:31 AM, Rickster said:

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]

 

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?

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Ahgongwolve

Ahgongwolve

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  On 6/29/2009 at 8:20 AM, Sofarsogood said:

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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Snowbell

Snowbell

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(edited)

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
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Rickster

Rickster

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  On 6/29/2009 at 8:21 AM, Sofarsogood said:

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.

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