Before deciding to visit new condominium showflat, it is important to determine your financial strength first. Your purchasing power is not only available for your income, but also for the number of assets available for your name. In addition, the maximum amount of money that you can borrow from banks also decreases in the total of your monthly financial obligations.
Here are 5 Things Before You Visit Any Showflat
Check out how much CPFs you can use to buy property
If you are a real estate buyer for the first time, the maximum amount of CPF you can spend is the balance of your general average account (OA). If you purchase a second property, you must be sure to meet a minimum of $ 75,000 in the OA account with a special account (SA).
Get Your Housing Loan Approval-in-Principle
This is one of the most important things that buyers often ignore. Getting a credit authorization (AIP) is currently one of the most important requirements for purchasing a property. Otherwise, you will not be able to set up a real estate budget.
Thanks to the AIP, you will know how much the bank wants and can lend you to buy real estate. The best part is that it’s totally free and takes about three business days for the bank to process your app.
Here is a set of documents you need:
- NRIC’s text or passport for all buyers.
- Your recent card information
- Application form
- HDB Web site showing HDB status
- Recent 3 months payment slip
- Last 12 months of the CPF contribution (for employees)
- Last 1-year return of the IRAS tax (for staff employed and self-employed)
Know your ABSD
Knowing that another group of the financial agent (ABSD) has fallen is another important factor in the current market. your first property will be free of all ABSD. However, buying your second and third assets will be the tax, respectively, with 7% and 10% of the purchase price.
For permanent residents (PR), the original purchase of the property will be followed at a rate of 5% of the purchase price. Then, real estate purchases will be taxed at a rate of 10% of the property purchase price. In the case of foreigners and entities, real estate purchases will be required to be paid by 15 per cent of each property price.
Learn how Normal Progressive Payment Scheme (NPS) works
NPS is now a rate of payment program used for projects almost every month. Understanding the development of payments will be crucial in planning financial arrangements related to real estate purchases. Return, Stamp and ABSD will be paid within 14 days from the date of implementation. The remaining 15% will be paid within 8 weeks from the initial date of the Prosecutor’s Office.
Understand how the Balloting process works
Before the introduction of a new condo, a one-to-two preview period will be provided to display the preview of the screen and feel the size of the units and prices. Buyers who are looking to show during this period have the opportunity to register in an optional area on an opening day.
This registry allows you to have the right to vote for individuals before the start of the public, where units are sold to reach. Often, the first flight discounts are also offered to buyers who make a purchase on an opening day.
New properties appear from time to time. If you are interested in the buyer or the investor, you know how important it is to be aware of the latest in the market. The new, show gallery releases give you the opportunity to get a place, no matter if you are looking for a good commercial space or a place to live to give a solution to your home.