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Basic Factors to Consider

Some of the things you need to consider before purchasing a home are:

The most important question to consider is: what is your budget for purchasing a home? This will help you in determining the type of residential property you are eligible for.

The most important question to consider is: what is your budget for purchasing a home? This will help you in determining the type of residential property you are eligible for. However, if you do not have a specific budget constraint, then you might want to decide what type of residential property is suitable for you and your family. This can be determined by other factors such as commuting plans and additional facilities, which may include neighbourhood schools, if you have children, and the proximity of certain amenities such as shopping malls and sports complexes.

Financing Your Home

It is advisable to finance the purchasing of a home using a bank loan, especially if you have limited excess funds. For this, it is recommended that you decide first on the type of residential property you are looking for, and ensure that it is within your budget. If you have engaged a real estate agent or a solicitor to act on your behalf, check with them on all fees payable so as to prepare a more accurate estimate of your overall budget.

Banks will also charge an administrative fee for processing a mortgage, as well as an additional fee for valuing a property. When applying for a mortgage, the amount you will ultimately be allowed to borrow will depend on your own individual financial circumstances and the bank's valuation of the property or the actual transaction price, whichever is lower. The bank will also take into consideration your ability to make the monthly instalments to repay the loan, as well as your credit history.

Singaporeans are usually allowed to borrow up to a maximum of 90 per cent of the property value, while foreigners may be granted a loan of up to 60 per cent to 70 per cent of the property value or purchase price. Some foreigners may be allowed to borrow up to a maximum of 80 per cent, depending on their credit standing and their ability to provide evidence of having established funds, but this approval is only granted on a case-by-case basis.

For resale flats, a loan of 90% of the resale price of 90% of the market value, whichever is lower is offered to qualifying parties.

If you are buying a Housing Development Board (HDB) flat, you may want to look into applying for a HDB loan. HDB offers concessionary loans to first-time home buyers and second-time home buyers, who are upgrading to another HDB flat. DBSS (Design, Build and Sell Scheme) and BTO (Built to Order) flats are also available and applicable to Singaporeans only. (Visit the HDB website here)

There are various schemes offered by HDB to ease the process of paying for a HDB flat.

Listed below are some of them;