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PROCEDURES & TIMELINE FOR PURCHASING CONDO IN SINGAPORE
Before you start buying condominium in Singapore , buyers need to be clear in your current position before any decision made. Main Attributes are now not purely just base on your income, but rather how many properties under your name .
Furthermore in 30th June 2013, MAS has introduced a new measurement known as Total Debt Servicing Ratio (TDSR). TDSR limits the home loan quantum by ensuring your monthly repayment for all your debts – mortgage, car loans , credit cards, personal loans, and so on – do not exceed 60% of your monthly income
Below are a few important factors to keep in mind before or after you place an Expression of Interests (EOI) with the developers.
- Timeline of buying an (BUC) Building Under Construction, Normal Progressive Payment Scheme works.
- Check on how much CPF you able to utilize for property purchase with your Singpass login. (CPF Website)
- Check on the (LTV) Loan-To-Valuation of the bank loans base on properties under your name.
- Know which category you fall on (ABSD) Additional Buyer Stamp Duty.
- Understand the process of balloting system works on sale of units
- Speak to bankers to find out how much you are eligible to loan base on your current property portfolio and monthly financial commitments
Normal Progressive Payment Scheme For BUC
|Signing of Option To Purchase (OTP)||5% of Option Fee base on Purchasing Price||Option Day / On the Day of Booking|
|Finding Bank Loans and engaging of Law Firm|
|Developer will send Sales and Purchase Agreement (S&P) to Purchaser, or the appointed Law Firm||Within 14 days from OTP Date|
|Signing of Sales and Purchase Agreement (S&P) if (OTP) Option expires, Developer will forfeit 25% of the option fee (1.25% of the purchase price)||Within 3 weeks from the very day S&P is delivered|
|Stamp Duty payable to IRAS||(3% of Purchasing Price -$5,400)|
or/and plus ABSD
|Within 2 weeks from S&P is signed|
|Pay remaining 15% of the downpayment to Developer||15% of Purchasing Price||Within 8 weeks from OTP Date|
The remaining 80% outstanding payment payable in accordance with construction progress
|Upon Completion Of||Payment||Est Time Frame|
|Upon Completion of||Payment||Est Time Frame|
|Completion of Foundation Work||10%||6 - 9 months|
|Completion of Reinforced Concrete Framework||10%||6 - 9 months|
|Completion of Brick Walls||5%||3 - 6 months|
|Completion of Roofing / Ceiling||5%||3 - 6 months|
|Completion of Electrical Wiring, Internal Plastering, Plumbing & Installation of Door & Window Frames||5%||3 - 6 months|
|Completion of Car Park, Road & Drains Serving The Housing Project||5%||3 - 6 months|
|Notice of Vacant Possession||25%||TOP Date|
|Legal Completion Date||15%||On Certificate of Statutory Completion (CSC)|
|1st Housing Loan||2nd Housing Loan||3rd Housing Loan|
|>30 years loan>65 years old||60%||30%||20%|
|Minimum Cash Upfront||LTV=80%, 5% Cash|
LTV=60%, 10% Cash
|25% Cash||25% Cash|
Additional Buyer Stamp Duty (ABSD)
|Citizenship||ABSD on 1st Property||ABSD on 2nd Property||ABSD on 3rd Property Onwards|
|Foreigner* & Non-Individuals||15%||15%||15%|
|* Citizens of the USA, Switzerland, Liechtenstein, Norway, Iceland will be treated the same as Singapore Citizens due to FTA agreement|