cyto
16-04-12, 22:42
Hi all,
I humbly seek the advices from fellow forumers on my concerns with regards to the timeline involved in selling and purchasing.
Background:
- 3 properties (one home stay and the other 2 rental)
- 1 paid up, the other 2 with mortgage loan (including home stay unit)
- recently sold off homestay unit, buyer exercised option, now in the midst of legal conveyancing, completion in 12weeks time
- after selling off, I will have only 1 mortgage loan left
- Going to purchase a larger 3 bedder for homestay, due to expansion of family nucleus.
- I need the monies (both cash and CPF) from completion to pay for the 40%, while taking a 60% loan
- Both me and my spouse are Singaporean
Scenario:
- I have enough savings for the 5% d/p and stamp duty (3%-$5400)
- assuming property price is $1.xM (not really important for this discussion)
- I hope to start searching and probably buy a completed unit now, if I can find one. SO as to reduce the timeframe of getting alternative lodging, as we still need a roof to stay
My questions are:
A. Will I be subjected to ABSD, if I am to purchase now, since it will be the 3rd property with mortgage loan, although I have sold off my homestay unit but still in conveyancing period.
B. If not subjected to ABSD, what would be the ideal timeline for the purchase?
C. It's been a long while since I made any purchase, so can't remember the payment sequence. I know 1% for OTP, 4% upon exercising option (14days later), how about the buyer stamp duty? When to pay?
D. When do I need to get the remainder 35% ready?
E. When do the CPF monies go back to CPF, and how soon can I apply to withdraw it for the new purchase.
F. Lastly, is this a good idea to purchase now? WIth consideration of the general market condition, of course. Or is it prudent to wait for completion of the sales of my homestay unit, to be 100% sure, since money would be back to my bank account and CPF.
Really appreciate the advices in advance. Need to do this homework before I start to approach the bank mortgage specialist.
Thank you.
I humbly seek the advices from fellow forumers on my concerns with regards to the timeline involved in selling and purchasing.
Background:
- 3 properties (one home stay and the other 2 rental)
- 1 paid up, the other 2 with mortgage loan (including home stay unit)
- recently sold off homestay unit, buyer exercised option, now in the midst of legal conveyancing, completion in 12weeks time
- after selling off, I will have only 1 mortgage loan left
- Going to purchase a larger 3 bedder for homestay, due to expansion of family nucleus.
- I need the monies (both cash and CPF) from completion to pay for the 40%, while taking a 60% loan
- Both me and my spouse are Singaporean
Scenario:
- I have enough savings for the 5% d/p and stamp duty (3%-$5400)
- assuming property price is $1.xM (not really important for this discussion)
- I hope to start searching and probably buy a completed unit now, if I can find one. SO as to reduce the timeframe of getting alternative lodging, as we still need a roof to stay
My questions are:
A. Will I be subjected to ABSD, if I am to purchase now, since it will be the 3rd property with mortgage loan, although I have sold off my homestay unit but still in conveyancing period.
B. If not subjected to ABSD, what would be the ideal timeline for the purchase?
C. It's been a long while since I made any purchase, so can't remember the payment sequence. I know 1% for OTP, 4% upon exercising option (14days later), how about the buyer stamp duty? When to pay?
D. When do I need to get the remainder 35% ready?
E. When do the CPF monies go back to CPF, and how soon can I apply to withdraw it for the new purchase.
F. Lastly, is this a good idea to purchase now? WIth consideration of the general market condition, of course. Or is it prudent to wait for completion of the sales of my homestay unit, to be 100% sure, since money would be back to my bank account and CPF.
Really appreciate the advices in advance. Need to do this homework before I start to approach the bank mortgage specialist.
Thank you.