Me and my wife currently eyeing the Heron Bay Executive Condo at Serangoon and wowed by the impressive show room. As we never bought private property before (currently living in HDB), could anyone advise me on the following:

As EC cannot take HDB loan so must apply for bank loan, say if we buy a unit at $1 mil and apply for 70% finance, if the valuation of our property drop below a certain limit due to economic crisis, does my bank reserve the right to ask us to cough up the difference?

Some of my older colleagues told me in 1997/1998, got a few people took very loan of 90% for private condo and when the market tanked in 1998, the banks start calling them to top up the difference between loan amount and valuation if they still want to continue serving the loan and even if they are not selling the property.

Any bankers here can advise?

1st. New launch EC basically is HDB. Only after 10 yrs then can treat as private property b'coz the first 10 yrs , u need to follow the HDB rule. 5 yrs HOP, after 5 yrs only can sell to Singaporean or PR. No foreigner.

2nd, as you had existing HDB. I assume the HDB unit is not fully pay. For 2nd property , new bank rule come in.

- loan max is 35 yrs year

- max age 65 yrs old

- bank loan 60% for 2nd property, if the loan duration didn't over 65 yrs old

- bank loan 40% for 2nd property, if the loan duration over 65 yrs old.

This is what I understand.

show room is always WOW.

U need to understand what u buy is bare unit.

If you want to reno until that show room WOW standard. what will be the reno cost?

which means the threadstarter needs to have AT LEAST 400K cash for a 1m pty (which i assume they intend to hold hdb and not fully paid up - singaporean mentality )

may be they saw the news

1 young couple buy 1.77million Heron Bay Executive Condo

with a salary cap of 12k.

I really wondering.. do they had a rich parent