What is the amount of cash you require to purchase your second property in Singapore? Or perhaps your third? As a Singaporean or Permanent Resident (PR), you will be faced with extra stamp duty when you want to purchase your second or additional properties. Additionally, if you have a loan which is still outstanding, you will need extra cash. Finally, you would be required to have separated the CPF least retirement sum. This means that if your CPF is not adequate, you would be required to increase your cash.
So how much do you require if you plan to invest in a great property close to MRT situated in Singapore; which includes places like Alex Residences in Redhill, Seaside Residences facing the beautiful sea view or other developments like Belgravia Villas, a Freehold cluster landed, in Singapore?
Limitation for Permanent Resident
If you are the owner of an HDB flat and both owners, happen to be Singapore PR, and you have plans to purchase your Second Property in Singapore. Under the existing policy, you are required to sell your HBD flat within six months after attaining the private property in Singapore.
Although this does not assist you in attaining your financial plan in any way and it may result in a larger loan burden because the cost of your HBD flat is a low lower than private property. So what options do you have? Below are some of the calculations if you intend to purchase your second property in Singapore. The calculation shows the stamp duty and the least amount of cash you need.
- Singapore Citizen – 2nd property costs 10% less SGD 3,400 and 25% if you already have a loan
- Singapore Citizen – 3rd property or more costs 13% less SGD 5,400 and 25% if you already have a loan
- Singapore Permanent Resident – 2nd property or more costs 13% less SGD 5,400 and 25% if you already have a loan.