Want to invest in property but money not enough?You are not alone! A lot of people want to invest in a second property after buying their first property, be it a HDB or a private condo. But money not enough! How come?
For simple calcuation, let's use a ball park figure of $1 MILLION for a condo in Singapore. For second property, the minimum upfront cash payment for the downpayment is 25% as regulated by Monentary Authority of Singapore (MAS), which is $250K for a $1 MIL property.
As a Singaporean, you have to pay 7% ABSD (Additional Buyer's Stamp Duty) for the purchase of your 2nd property and 10% for the 3rd and subsequent property. For PR, it is 10% for 2nd property and subsequent property.
If you are a Singapore Citizen, the ABSD amount is $70K for this second property and you have to pay it in cash.
Thus, the amount of cash you need to pay upfront is $320K! ($250K + $70K)
Does it mean that you have to give up on your dream of investing in a second property and the passive income that comes with it? The answer is a resoundingly NO!
Let me show you how to invest in a high quality property in a major city with a low cash outlay from just SGD15K and up to 80% loan even if you have loans in Singapore (subject to approval). Click on THE LUXE to find out how!
