Know how to sort your finances before buying a condo for sale in Singapore

1. Know how t Know how to sort your sort your finances before finances before buying a condo buying a condo for sale in for sale in Singapore Singapore o often becomes tough to afford by many Singaporean people. Sorting out your financial expenses from the very beginning and taking well-calculated financial actions can fortunately help you afford your dream condominium in Singapore. Below mentioned points can guide you in the same. To avail a condo in Singapore is one of the best and smart decisions that you can ever take. Commonly known as the garden city, the country hosts the busiest port in the world. It is also a global financial hub consisting of people coming from a variety of cultures. Singapore is even the sole country in Asia with an ‘AAA’ sovereign rating from the topmost rating agency, giving it rank among eleven countries worldwide. Do get an (AIP) approval in principle done Thus the above attributes make the country the best place to invest for your property to get the maximum benefit in return. You might regard yourself to be worthy of any loan amount but, you may not be accurate enough to consider the amount. It is the bank that decides the sum of money to be approved, depending upon your current financial position and past credit history. The only downside of purchasing a condominium in Singapore comes when you consider the price of the property. Although it can lure you with its multiple benefits and luxurious lifestyle, the high-end price You must keep in mind that an AIP is just an agreement and no real loan

2. amount. It only guarantees you that the bank will offer you the sum amount when you will require it. The number of days the agreement lasts in Singapore is from 30 to 90 days. It is the time allotted to you for searching the most suitable and affordable house for yourself. homebuyers are now required to pay ASDB in addition to buyers stamp duty payable. Further, the government also made an increase to the existing ASDB in July 2018. A certain number of buyers need to pay ASDB in addition to BSD. The buyers' stamp duty is actually the tax paid on the acceptance of the legal documents which includes Sale and purchase agreements. These documents are prepared when you buy or sell a property and the amount of tax to be paid is calculated on either the actual price or market price of the property whichever may be higher. Don’t forget to consider miscellaneous fees and costs Miscellaneous costs include a good sum of money besides the original cost of the property. You need to pay a down payment of at least 20 per cent of the property price legally as down payment, which includes 5 per cent of option fee and 15 % of excise fee. Besides this you must also consider BSD (buyers stamp duty), legal fees. All of these together can sum up to quite a good amount of money. Thus with a few calculated steps and optimum utilization of your available money you can easily afford condos for sale in Singapore. Keep an eye to additional buyers stamp duty (ABSD) It was in 2011 that these additional buyers stamp duty was introduced as part of property market measure. The