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5 Things to take care of before your visit to TWIN VEW SHOWFLAT gallery

  1. Check the amount of CPF available with regards to housing loan taken for Twin Vew purchase.
  2. Make an appointment with your banker to know the exact amount of loan eligible.
  3. Before you visit Twin Vew Showflat make sure you understand your position with TDSR and whether it is affecting you or not.
  4. Another important aspect known as Normal Progressive Payment Scheme should be thoroughly understood.
  5. As for the launch date make sure you know the bits and pieces of the balloting system and its functions.

To understand how the functions mentioned above apply to you, register as soon as possible, the earlier, the better to get updated with every current information.

Additional Information regarding the important things to take care of before visiting Twin Vew Showflat

For any buyer, especially a first time property buyer, it’s difficult to know the procedures of getting a place registered in your name and the steps leading up to a purchase. So if you are planning to visit Twin Vew Showflat for the purchase of a condo real soon and also interested in the launch show gallery, make sure you are well prepared.

For someone getting a property for the very first time, you should be aware of your purchase power which means the amount you can invest in getting a property. Compare your income and expenditure with the amount you plan to invest in the condo. Any unplanned income study can greatly affect your purchase power. If you are planning to get a loan from the bank, make sure you get a proper estimate of the exact amount you can loan from the same.

The loan you plan to take from the bank can also vary greatly depending upon your financial commitments like past loans, children’s education, monthly expenses, and many more. To simply the order of things before you get your very first property, we are listing the major steps that you need to go through.

Get updated with the amount of CPF that can be invested for the Twin Vew Showflat purchase at West Coast Vale:

For a newbie, someone who has never bought a property before, the maximum CPF allocated to you for the purchase is the entirety of your OA fund. For a second property investment, you shall be required to pay at least $75,000 for the combined Special Account and the OA funds that you carry.

Getting the housing loan approved:

If your personal finances aren’t summing up to the total cost of the property, you might opt for a loan but getting a loan is a thorough process and requires proper attention and understanding of related situations. First and foremost you need to secure an AIP (Approval in principle) for the loan that you desire.

If you skip this step, you would have no idea about the exact amount of loan that can be approvable by the ban. Now if you are unaware of the amount that you shall be loaned by the bank, you cannot prepare a final budget for the property you are supposed to buy. Securing an AIP lets you fix a final budget with the exact loan amount in mind.

This information can be obtained for free from your preferred bank and usually requires a few working days to be processed. To initiate this procedure, you need some documents that would be requested by the bank like your identity proof, income proof and so on. Listed below are the documents preferred by any bank to help you with your loan needs.

  • Latest credit card statement.
  • Copy of the passport/passports or NRIC of the person making the purchase, be it one person or a group.
  • Duly filled application form.
  • Declaration form from credit facilities.
  • Latest pay slips of at least last three months.
  • HBD pages to confirm whether you have prior loans or do not have an HBD or never opted for a loan.
  • A tax assessment return to be obtained from the IRAS for the latest year for both self employed and employed individuals.
  • Latest copy of the last 12 months of the CPF contribution by you.

Understanding your ABSD bracket:

ABSD is short for Additional Buyers Stamp Duty which helps you determine your position in the bracket. This in turn helps you determine the exact amount of purchase tax you need to pay. For first time buyers, ABSD is exempted but for second and third time buyers, the amount increases with each purchase starting with 7% for second and 10% for third.

For permanent residents that are interested in getting a property for the very first time, a purchase tax that equals to 5% of the total amount shall be charged. This will increase to 10% for a second time purchase and so on. For people considered as entities and foreigners, a purchase tax of 15% is needed to be paid for every property they obtain in the market.

NPS procedures:
NPS stands for the Normal Progressive Payment Scheme. For any newly launched condominiums, this is the standard payment scheme for each. If you are looking for a planned and well directed cash flow, make sure you opt for the NPS procedure. Now as you have selected and confirmed the property you are interested in, you can go through the next steps that follow.

  • A 5% cash of the total is expected to be paid to the developer of the condominium. Doing this will land you with an OTP, better known as the option to purchase.
  • The S&P or sale and purchase agreement shall be send by the developer which is usually done within two weeks of the initiation of the payment. This agreement shall be sent to you at the address provided by you beforehand.
  • As you receive the S&P, you can take a few days to weeks but not longer to decide whether you need the contract to be exercised by your solicitor. If you decide not to go ahead with the same, 75% of the total initial fee you paid for the OTP procedure shall be returned back to you or in your account.
  • If you decide to go ahead with the contract, the ABSD should be paid within 14 days of you initiating and exercising the contract.
  • The remaining down payment needs to be paid off within eight weeks from the date the OTP was established.

How does the balloting system work?

A total of two week is given to the buyer of the condominium to take a look at the show flat or show suites before the launch. This allows the buyer to check the size in accordance with the price he is paying. You can easily register to secure a chance for a seat on the public launch day when you choose to take a look at the condo during this time.

This is something you must really look to if you really desire that condo as it ensures that you have a chance for participating in the balloting of the unit as the units are generally given in first come first served basis. You can also get additional discounts if you secure a seat in the public launch day with better price option in Twin Vew Showflat.

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