As a Singapore PR, currently I am owning a HDB for own stay and another unit of private property for investment. This private property will be TOP in 2015. I am planing to upgrade to condo for own stay. I have few questions need your clarification;
1. Does the new ruling allow a PR to purchase the private property when I have property in foreign country?
2. If I am allow to get 2nd unit of private property, this meant that I will impose of stamp duty of 3%? How much loan I can get for my 2nd unit of private property?
Here are the answers to your questions, to the best of our knowledge:
1. I believe the new ruling for private property purchase only relates to property holding in Singapore. Thus the overseas property that you hold will not have any effect.
2. Yes, the second private property that you buy will incur a stamp duty of 3%. And the Loan-To-Value (LTV) limit is lowered from 70% to 60% with effect from 14 January 2011 for borrowers who are individuals and have one or more outstanding housing loans.
Another thing that you may wish to note: If your intention is to move into a condo and rent out your HDB flat, you may wish to check with HDB on whether you can do so. The wife and I are not really familiar with the HDB regulations but we seem to recall that if one owns both a HDB flat and private condo, he is not allowed to stay in the later and rent out the former.