Sunday, April 27, 2014

It is a GOOD time to buy Executive Condominium NOW!

Do you know that it is very good time to buy Executive Condominium (EC) NOW?
Do you know that if you upgrade to a number of EC projects now, you don't need
to pay the Second-Timer Applicant Resale Levy?
First-timer, do you know that you can have a CPF Housing Grant when you buy EC?

Currently, there are 7 already-launched ECs that are not subjected to the Resale
Levy, and they are the following:

1. Forestville EC @ Woodlands

2. Twin Fountain @ Woodlands

3. Skypark Residences EC @ Sembawang

4. Waterwoods EC @ Punggol Field Walk

5. Ecopolitan EC @ Punggol Walk

6. Lush Acres EC @ Sengkang (Fully Sold)

7. Sea Horizon EC @ Pasir Ris

There are another 5 EC project that are afftected by the 2nd-Timer Resale
Levy but they will be launch at a later date.

Take note that if you are a first-timer applicant for the ECs project, you
are not affected by any resale levy. That is to say that, it is your first
house, and you have not applied or live in a HDB before.

Who are eligible to buy an EC?
Please refer to this link:
Eligibility to buy Executive Condominium

How much do I need to buy an EC?
Frankly, you do need a fair amount of cash in order to get your dream
home in an EC. You will need 5% cash for the booking fee and 3%
cash for the Stamp Duty and about $2500 for the legal fee.
We take for example an EC of 900k (I am taking the higher figure, in fact,
there are many EC that are selling below this figure)
5% cash will be $45000
and the 3% Stamp Duty will be 27000 - 5400 = $21600
Legal fee $2500
Total:  About $69100
Do take note that the Stamp Duty (cash) can be reimburse back to
you and it will be eventually be paid by CPF. Also, some law firms
allow the legal charges to be paid by CPF too. Therefore, effectively,
you only need to fork out the 5% booking fee in cash. The remaining
of the 15% down-payment can be settled in cash and/or CPF, and
in most cases it is 100% paid by CPF. The balance of 80% is by
bank loan.

Ok Nicholas, I am very interested to buy my dream home in an EC project,
so what should I do now?
Well, you can call me @ 97509878 for an non-obligation discussion
and we will see where and how  we can proceed from there.
But if you are charged-up and really want to get your dream home NOW,
please cool down a bit and listen to what I am going to say next.

Nowadays, because of the various cooling measures by our dearest
government, especially the most "effective" TDSR, which offically
stands for Total Debt Servicing Ratio, but to my industry, it is really
Total Damage to Singapore Residential.
For EC purchase, the bank will also look at Mortgage Servicing
Ratio (MSR) of the buyer.
Ok, jokes aside, you need to go to the banks and approach the banker
to do an Approval In-Principle (AIP) or In-Principle Approval (IPA).
It is essentially the same thing but different banks call it differently.
Well, you are asking the banks how much they are willing to lend you
for your EC purchase based on your income assessment and of
course, how much debts you are carrying right now. A good-to-excellent
credit score from the Credit Bureau Singapore (CES) will definitely
benefit the approval loan figure. 

Well Nicholas, initially I was so excited, then now my head is spinning
with the information that you mentioned, so what can I do?
Very simple, just call me @ 97509878 and we can discuss further.


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