THE HYDE CONDO – EXACT SITE & SHOWFLAT LOCATION
5 Things To Note Prior to Visiting The Hyde Condo Show Gallery
If you are planning to visit The Hyde condo gallery and proceed with the purchases, you will need to do a pre-assessment on your financials. Here is a brief summary on what you should prepare.
- If you are using CPF, ensure that you check the amount that you can use for The Hyde purchase.
- Your banker is your best friend, get a IPA or an estimated on how much you can loan based on your current property profile and monthly finance commitments.
- The new ABSD has kicked in on 5th July 2018, ensure that you know your bracket.
- Understand how the Normal Progressive Payment Scheme works.
- Understanding how the Balloting system works.
More Read Up Before Visiting Any Showflat Gallery
You may be planning to visit and check out some new launches you are willing to buy. However, it is important to first get to know about your financial position. Contrary to what many people think, financial position is not only determined by the income you earn. Financial position of a given individual is determines by their income and also other assets that are under their name. It is also important to understand that the amount of credit you can get from the bank is limited by the maximum number of the loan caps you can take and also the monthly incomes you receive.Click To Read More
Here are some of the thing you are supposed to understand about your financial situation before you visit any showflat:
The CPF you can use to make purchases for The Hyde Woh Hup
This can be translated to mean all the ordinary account funds for a person buying the property for a first time. For a second time buyer, you have to meet a minimum of $75,000 in both the special account and ordinary account.
Loan legibility for The Hyde Condominium
It is also very important to consult with your banker and find out how much loan you are eligible for. Despite the importance of this factor, many investors fail to understand its importance. A loan approval in principle is essential when you want to buy property. When you have AIP, you are able to know how much the bank is willing to give you to buy the property you desire. This will make it easier for you to come up with a budget plan.
Know the bracket of (ABSD) additional buyer stamp duty you fall in for The Hyde Singapore
This is a very important factor to consider in today’s market most especially. People in Singapore enjoy zero ABSD for the first property they buy. However, the second and third properties are taxed a total of 12% and 15% respectively. Initial property for permanent residents are taxed a total of 5% on the price of purchase and 15% on subsequent purchases of property. Entities and foreigners are charged 20% for all the properties.
Understand the normal progressive payment scheme and how it works For The Hyde @ 11 Balmoral Road
The NPS is the payment scheme that is currently used in most of the projects. When you understand this payment scheme, you will be able to plan your property purchase.
Understand the balloting process
Before a new condominium is launched, one or two weeks period is given for reviews and give a feel of the prices and sizes of units. The buyers that review the showflats at this time have the opportunity to register for a non-obligatory seat on the launch date of the showflats. This registration make it possible for you to have a vote for the units up for offer before they are made open to the general public on a first come first served basis.
It is very important that you get to know your financial position before you go to see a showflat. The above tips are pointers on the financial considerations you should make before you go to see a showflat.