Asked by upgrader
Hi Experts & Friends,
Based on the scenario below, would like to enquire the main restrictions & rules which would apply?
• Singaporean Couple Early 30s, Owned HDB 4 room (1st Flat)
• Mortgage left 200+k
• Occupied Property for 6 years
Looking to upgrade and:-
Option A
• Buy a condo,
• Keep HDB & rent out (is this allowed since MOP met and fully paid?)
• Pay the outstanding mortgage before commit to new condo
• Use HDB Rental to subsidise new loan
Rules applying:-
• ABSD 7%+3% for 2nd property
• Rental subject to HDB Approval & renewable 3 years (is it difficult to obtain approval? Assuming MOP met and fully paid)
• LTV limits if have not cleared the HDB loan before new commitment (it is probably worth it to clear the old loan first with new LTV?)
Option B
• Buy a condo
• Sell HDB
Rules applying:-
• ABSD 3% for 1st property
• LTV on 80% of new loan (10% in cash)
In your opinion which would be the best approach
Based on the scenario below, would like to enquire the main restrictions & rules which would apply?
• Singaporean Couple Early 30s, Owned HDB 4 room (1st Flat)
• Mortgage left 200+k
• Occupied Property for 6 years
Looking to upgrade and:-
Option A
• Buy a condo,
• Keep HDB & rent out (is this allowed since MOP met and fully paid?)
• Pay the outstanding mortgage before commit to new condo
• Use HDB Rental to subsidise new loan
Rules applying:-
• ABSD 7%+3% for 2nd property
• Rental subject to HDB Approval & renewable 3 years (is it difficult to obtain approval? Assuming MOP met and fully paid)
• LTV limits if have not cleared the HDB loan before new commitment (it is probably worth it to clear the old loan first with new LTV?)
Option B
• Buy a condo
• Sell HDB
Rules applying:-
• ABSD 3% for 1st property
• LTV on 80% of new loan (10% in cash)
In your opinion which would be the best approach
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