There are many condos in Singapore for sale. It depends on your preferred location. Most expats like to buy in the core central and eastern part of Singapore.
The procedures are as such for the new condo:
1. Get a bank to do an initial In-Principal Approval. This will determine your loan amount and budget. This step is not required if you do not need a bank loan.
2. Get an agent to help you source your property. For new launches, the developer will pay the agent commission.
3. Once you found the property, you will need to pay 5% initial down payment by cheque or cashier order to the developer or for a resale condo, 1% to exchange for Options to Purchase.
4. You would then need to go to a lawyer to sign the S&P agreement or exercise the OTP.
5. You will need to pay the stamp duty of 3%-5400 (mathematical formula) within 14 days of S&P. There will be additional buyer stamp duty of 10% for foreigners.
6. For the new condo, progressive payment to the developer will start depending on the stage of the projects. This will be certified by a professional engineer and letter will be sent to your lawyer and lawyer will coordinate with the bank for disbursement.
If this is your 1st property in Singapore, you are entitled to max 80% bank loan and cash payment is 20%. For 2nd property and above, you are entitled to max 60% loan and cash payment is 40%.
For the foreigner, the bank will do an income assessment and the bank loan could be lower.
Please also note that there will be a seller stamp duty of 16%, 12%, 8%, 4% if you sold your property within 1, 2, 3, 4years respectively.
Rivercove Residences Executive Condominium (EC) is an ideal choice for anyone who wants an affordable quality home, new EC in Sengkang, Singapore EC, Sengkang EC, Anchorvale EC, and Showflat. Register now for more details.