By Marcus Sim (guest contributor)
Before you make the trip to that swanky new launch condominium showflat, it is useful to first determine your financial strength. Your purchasing power is not just limited by your income, but also by the number of existing properties under your name. Moreover, the maximum amount of money you can loan from the bank is also restricted by the combined sum of your monthly financial commitments.
To simplify matters, here is a comprehensive to-do list before you make the trip to the show flat.
- Check on how much CPF you are able to use for the property purchase
- Speak to a banker to find out how much you are eligible to loan based on your current property portfolio and monthly financial commitments
- Know exactly which ABSD bracket you fall into
- Understand how the Normal Progressive Payment Scheme works
- Understand how the Balloting system works