How Much Should First Time Home Buyers Pay for HDB Downpayment?

Time = Money

Starting a new family can be quite a hassle on your pocket since you will need to cover expenses and be responsible enough for the whole family’s bills. You will need to start with buying a house that you can call your own. Or, you just want to go independent and would like to purchase a house and live independently from your parents, this also incur a lot of responsibilities to single people.

A house is where your family will build memories that is why this is a very important factor when it comes to families. A house can be called a home when you live in it in a very loving household as well as being comfortable and relaxed while you are in it. Houses give life more meaning and it is especially fulfilling if you own one under your name. Like the old saying goes,”Home is where the heart is” says, it is very important to go home at the end of the day to your family in your own home. While at home, love and affection is being shown to your wife or husband and the kids too.

If you are single and you own a house, it will be so fulfilling that you can tell yourself that you have achieved something in your life by buying a house. It can also be an investment that increases its value over time. Owning a house is such a very sweet way to live freely and relax at your own time with yourself or with your dear friends. You can have your own parties and basically everything else that you would want to do. You will always have a place to call your own every time you think of something that you would like to do on your free time hence, having full responsibility of whatever it is that you do.

 

Ways to Obtain a House:

There are a lot of ways on how to get a house of your own in Singapore. The Housing and Development Board or HDB manages public housing and most of the residential housing projects are publicly developed and governed. There are an estimated 78.7% of the residents that are residing there. Most of them are situated in housing estates that have supermarkets, schools, clinics, shopping centers as well as recreational facilities.

There is a huge variety of house types and styles that can differ to various budgets for housing. Flats are being built for a more affordable housing that can also be supported by the Central Provident Fund. HDB introduced the Design, Built and Sell Scheme because of the changing demands of the people who need houses.

The new public housing flats are only for Singaporean citizens. The housing project and grants available to finance the acquisition of a flat are also only extended to households owned through Singaporeans and permanent residents don’t get any housing offers or subsidies from the Singaporean authorities and could most effective purchase resale residences from the secondary market at a marketplace price.

Research the area where you want to buy a house, the type of house that you want and what fits your budget. The internet is one of the resources that you can utilize if you do not have much time to go around to check out a certain place. You should have a clear view of what you really want.

Think of what house you can afford. You can opt for a public housing loan or HDB apartments, executive condominiums, private residential housing or landed properties. You think of the amount of money you would want to spend on a house and check out your options.

Check the suggestive valuation for the house that you are wanting to buy. Valuation without delay affects the quantity of loan you could get for the house. Bear in mind the number of years that you can loan, the month-to-month instalment, etcetera.

It’s vital to suppose long time period and expect your actions within the future. If you need to buy a house for investment, prime districts like the Central Business District are the safest option. Properties with a view on the East Coast are also remarkable for a resort home.

Down Payments 

If you are taking an HBD housing loan, the down payment would be 10% of the price of the house that you want to purchase. You can pay this through your CPF Ordinary Account savings but if you do not have enough balance, you should pay the downpayment in cash. 

Requirements:

You should be a Singaporean citizen to be able to avail the HDB flats and should also be of legal age which is more than 21 years old if you are a couple or an orphan who does not have siblings. You should be 35 years old and above if you are unmarried or have divorced.

You are also required to have at least S$6,000 if you will be availing the 3 bedroom flat. S$12,000 for a 4 bedroom flat or anything bigger.

Are You Ready?

You should always ask yourself this question. Purchasing a house should be very carefully thought of. You should be able to think this stuff over and over again. HDB flats are always great options when purchasing a house of your own. You should also be always ready for the expenses that comes if ever you have already purchased a house. There are a lot of options that Singapore can offer you and you need to be more careful in deciding what is best for you.

Fortune Credit can provide you with a lot of options when you decide to buy a house. You can simply visit the site to know more about their offers.

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Fortune Credit – Money Lender Singapore is one of the highest rated in customer reviews.

Simply click here to apply a loan online and you won’t be disappointed.

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