Asked by Anonymous
One of us has a condominium under the name (actually the parents' property) so we are out of the running for BTO and EC. We are left we no choice but to look at private properties.
There are a few queries required before anyone can help. You might want to update the following first
1) What is your TDSR (total debt servicing ratio)?
2) Does the 1st property have any outstanding loan or fully paid up?
3) For Condos, the budget range is from 800k (small 2 room apartment) to 1.2mil (for 3 room etc at pasir ris more ulu kind) ro even 3 mil (CBD area).
4) Most loans are pegged to 10X your salary based on the borrowing figure allowed. And repayment is tagged to TDSR.
Finally, I can't help much as I am not a property agent, hence did not deal with private Condos (I bought HDB). I am asking more so that the professionals can help answer.
Perhaps the one who has the property under the name can "sell" the property back to the parents. Meaning, the parents will take full ownership of that property.
Then, you both can qualify for BTO after a cooling period.