Looking to buy an EC property in Singapore?? Then there is a number of things you should take into consideration. Here are some facts that will surely help you in taking the decision.
Always remember knowing the total cost determines your ability to afford an apartment. Let’s take a look at how we can buy an EX property in Singapore.
Eligibility for EC and grant
When you are about to buy EC, you automatically qualified for grants. If your gross income is 10k you get 30k. From 10k to 11k you get 20k. 10K is the last tier of grant. Grants are a touchy topic. Sometimes it becomes the topic of argument that if a family can afford EC then the family should not receive the grant. Hence, it is likely that grant will be removed in the near future. When you sell your flat, this housing grant will return to your CPF account as well.
Calculating and comparing prices
Important figures you need to know before comparing the prices of the property is the sale price and the floor area. From these two figures, you can derive the PSF (price per square feet). It is easier for your mind to work with this unit of measurement.
Usually, the developer or agent will give you the floor area in sqm (square meter) which you can convert to sqft (square feet).
How much can you borrow?
For buying an EC, 5% of your property must be in cash which is also the booking fee and the remaining 15% down payment you can pay using all of your CPF with the leftover in cash. The bank can loan you up to 80% of the sale price of the house.
Choosing a location?
Generally, you want to buy an EC property in Singapore that is near to a supermarket and transport stop (bus or MRT). Other considerations are proximity to parents, school, workplace, and recreation.
Choosing a unit
EC comes in 2, 3, 4 and 5 bedrooms, in terms of the floor area of the unit. You can choose different floor plans as there are different floor plan. You can go through the different layouts in developer brochure or search for them online. The height of the unit is an important consideration as the higher floor sells for higher.
Why choose Rivercove Residences:
Rivercove Residences, a perfect brand new EC for you and your family. It is located in Anchorvale, the neighborhood of Sengkang, Singapore. It is developed by Hoi Hup Realty & Sunway Developments.
They have received numerous awards for their work. It a full facility loaded EC and built-in Desirable location. Made up your mind to buy an EC property in Singapore, Rivercove Residences is a perfect choice.