To begin, you must consider the budget that you can afford. If you intend to take a loan from a financial institution in Singapore (namely ABN AMRO, Bank of China, DBS
Bank, Hong Leong Finance Ltd, HSBC Bank, Lloyd’s, MayBank, OCBC Bank, POSB Bank, RHB Bank, Singapura Finance, Sing Investment, SCB Bank & UOB Bank), you need to ask yourself the following questions:
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What is the up-front cash that I am able to set aside for the initial down payment?
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What savings do I have at my disposal in my CPF Ordinary Account?
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What is the monthly housing loan installment that I can comfortably afford?
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Do I meet the credit requirements and guidelines set out by the financial institutions in order to qualify for a housing loan?
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What are my current financial obligations? Does it permit me to incur another financial commitment without putting too much strain on my financial resources and well-being?
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How stable is my current job and do I foresee any potential growth in my income?
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Based on my current financial position and housing loan eligibility, what is the maximum budget that I should set when sourcing for a property?
Moving on, you must consider the location you prefer as different districts mean different pricing. In property it is all about location, location, location! Property in prime areas and close to the MRT, amenities, schools, etc are sought after and demand definitely outweighs supply. In such locations, the property prices would differ tremendously from less desirable locations. Prices also vary depending on the type of property you would like to purchase, for example a freehold property versus a HDB flat.
Always make sure that you obtain an in-principal housing loan approval before you commit to any purchase. By applying for a housing loan, an indicative valuation would be called for which would also give you some indication
on whether you are getting a good buy or not. Always buy within market valuation and within your budget. If your budget permits you to pay extra for your dream home, and if the scarcity of such a property justifies paying above valuation, then it is safe to say that you are making a well informed decision to commit to the purchase. Bearing in mind that any quantum above valuation would require further cash top up.
How do I go about my housing loan?
SAVE time and money by submitting your housing loan through MoneyMind. Best of all, our services are completely FREE OF CHARGE for we are remunerated by the respective financial institutions.
Enjoy independent & neutral, objective, and confidential home loan advice from our fully qualified Mortgage Advisors. Receive a FREE housing loan plan report from our comprehensive Mortgage Management System detailing your impending financial commitment.
Our experienced Mortgage Advisors will assist you with your financial queries and ensure that you qualify for a housing loan from our panel of financial institutions. You can relax knowing that we are committed to providing the best and most thorough service possible. We will show you the many different options that are available and will help you make the best choice possible. MoneyMind will also help you complete all the paperwork and follow your loan through to completion, disbursement and beyond, at no cost to you.
Call 6100-SAVE (6100-7283) today to have a non-obligatory discussion with our Mortgage Advisors to understand how MoneyMind can be of valued assistance to you.
MoneyMind is the only ONE-STOP Mortgage Broker in Singapore !
MoneyMind works closely with you and the financial institutions to secure the best housing loan for your benefit. We pride ourselves for our ONE-STOP service which includes:
- Meeting up with you even before you start on your house hunt to understand your financial position, needs, requirements, and goals.
- Explaining what the financial institutions offer and how best you can benefit from the myriad of loan packages available.
- Working out a detailed financial plan that you are comfortable with.
- Sourcing, recommending and negotiating for the best housing loan package to meet your every need.
- Short listing and applying to the financial institutions of your choice for your housing loan, ensuring that you get the necessary ‘in-principle’ approvals thus giving you peace of mind when embarking on your house hunt.
- Advising you on your protection needs, short-term and long-term financial goals.
MoneyMind will be by your side to guide you through the whole housing loan process from start to end, ensuring that you achieve the goal of owning your dream home.ng their financial well being, has earned us the respect of our customers thus resulting in continuous recommendations and referrals.
With an In-Principle Approval from the financial institutions in hand, you are ready to go out and purchase your dream home. We strongly recommend that you visit the government’s property portal WWW.NATIONPROPERTY.SG as your first stop to understanding where the Singapore property market is at and what properties are currently available.
Call us for a non-obligatory discussion to experience first hand our 10 MINUTES GUARANTEE which would unveil all the various options available to you. Receive a report detailing a customized housing loan plan with the assistance of our Mortgage Management System.
Speak to our friendly Mortgage Advisors at 6100-SAVE (6100-7283) and let MoneyMind show you how to start saving on your property loan. |