Asked by Anonymous
I read from somewhere that it is advisable to get a In-principal approval (IPA) from the bank before booking a newly launched EC. I have some questions on this.
Eg: EC TOP is in 2018.
30 year tenure.
Affordability:
Cash + CPF is 200K
MSR @ 30%, stress test @ 3.5%, max loan from bank is 500K.
Assuming developer waives of additional 3% for Deferred Payment scheme, affordability = 700K.
1. I am looking at Deferred Payment scheme. Does it mean that I only need to acquire IPA just before TOP?
2. Does it mean that I only need to obtain loan from bank only near TOP period? Is it a common practice?
3. Based on the above scenario, our affordability is 700K.
If the ans to questions 1 and 2 is YES, does it mean we are allowed to choose a unit whose price slightly exceeds 700K, eg: 750K.
I asked this because there is about 1.5 to 2 years before taking loan just before TOP.
By then, we will have annual salary increments, more cash savings, more CPF.
Rdgs,
XE
Eg: EC TOP is in 2018.
30 year tenure.
Affordability:
Cash + CPF is 200K
MSR @ 30%, stress test @ 3.5%, max loan from bank is 500K.
Assuming developer waives of additional 3% for Deferred Payment scheme, affordability = 700K.
1. I am looking at Deferred Payment scheme. Does it mean that I only need to acquire IPA just before TOP?
2. Does it mean that I only need to obtain loan from bank only near TOP period? Is it a common practice?
3. Based on the above scenario, our affordability is 700K.
If the ans to questions 1 and 2 is YES, does it mean we are allowed to choose a unit whose price slightly exceeds 700K, eg: 750K.
I asked this because there is about 1.5 to 2 years before taking loan just before TOP.
By then, we will have annual salary increments, more cash savings, more CPF.
Rdgs,
XE
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