Hi Catherine,
Prior to your house hunting, it is definitely advisable for your to obtain an Approval-in-Principle (AIP) from any bank. The AIP will give u an idea of the maximum loan quantum that the bank can give u based on your income.
From there, you can get an agent to assist you with the financial calculation and advise you on the cash and CPF layout that you need to prepare. It will also give u an idea of your affordability so that you do not overstretch on your finances.
After you have placed an option fee, with the Option to Purchase (OTP) in hand, you can then go ahead to apply for your bank loan.
My team has a panel of bankers who can help you with your AIP.
Hope this clears your doubts.
Do call/email me should you need help with your financial calculation.
Best Regards,
Jenna Tong ERA
jenna.tong@yahoo.com.sg
8298 3379
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