Hi,
1) There are basically 2 types of purchase methods for your consideration.
2) 1 type is to use the money to buy time, the other is to use the time to buy money.
3) 1st is buying a resale, you pay 25% downpayment and loan 75%. Completion of sale from option is 3 months. You start paying your 75% loan on the day you collect your key.
4) 2nd method is to buy a new launch. The new launch is progressive payment, you pay 25% downpayment same as resale, but mortgage loan is progressive. You pay a few hundred to start with upon completion of the purchase, which is 2 months.
5) Your mortgage loan grow slowly, so you don't have to carry all the 75% loan right from the start, but progressively 5%, 10%, 5%, 5%, 5%, 5%, 25%. After you reach the 25% stage which is 60% of your loan, you will collect your key. The whole payment can take 3yrs or more to reach 60%, so you can adjust your lifestyle accordingly. At the same time because of your annual increment and career advancement, you won't be stress right from the beginning like buying a resale, which might require drastic changes to your lifestyle and social activities.
6) Depends on different launches, the final 15% can take 1 year or 3 years before you carry the full 75% loan.
7) Advantages are:
(a) House is brand new.
(b) All electrical appliances brand new
(c) Facilities, clubhouse, swimming pool, gym are all brand new. You will be the first to enjoy them.
(d) You enjoy a 1 yr warranty on all electrical appliances, 1 yr defects remedy from the developer, and also free shuttle services usually are 1~3 yrs from the developer if the launch's choice is far away from the public transport.
8) Both are suitable for your consideration, except the 1st you must already have enough savings and might need to adjust lifestyle immediately, the other is a progressive adjustment.
9) Both need you to prepare a 25% downpayment, of which 5% must be cash, 20% can be cash, and/or CPF.
10) Buyer stamp duties are the same for both as well.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly.
Read More
