It’s essential that you calculate the exact amount of CPF you need for the Rivercove Residences Purchase. CPF Housing Grants are housing subsidies provided by the Government. They assist qualified first-timers to buy an EC unit. The applicant needs to be a Singaporean aged 21 years and above. Co-applicants can either be Singaporean or a Permanent Resident.
Both applicants need to be either First or Second Timers. Applicants should form a family nucleus to buy the EC. Applicants joint household gross monthly earnings are S$14,000 and below. The Housing Grant is credited to your Ordinary Account (OA), thus treated as part of the CPF fund. You use for down payment when signing your Sales and Purchase Agreement. The CPF Grant is included in the calculation of CPF withdrawal limit.
A Need To Consult Your Banker
Take time to consult your lender on your loan eligibility for the purchase. Present your entire current properties portfolio as well as other financial commitments you may have.
Know The MSR Bracket You Are In
Mortgage Servicing Ratio caps the amount you can spend on mortgage repayments by 30% of the borrower’s gross monthly earnings. It’s calculated by dividing the monthly mortgage obligations by sum of gross monthly earnings. In case of joint borrowers, the total monthly mortgage obligations are divided by sum total gross monthly of their income.
How Normal Progressive Payment Plan Works
NPS is conventional of payment plan that newly launched condo units have adapted. Know your repayment sequence thus get a better plan for managing your funding source for your desired purchase.
Once you have decided and confirmed the condo unit you want to purchase, please be advised:
- 5% cash payment in exchange the Option to Purchase.
- Expect to receive the Sales and Purchase Agreement (S&P) within two weeks from the property developer.
- Implement the contract agreement at your nearest solicitor’s office. For this, you have a period of three weeks to do the task. When the contract agreement hasn’t been executed, expect a refund of about 75% of the initial Option payment you made.
- When the contract agreement is accomplished, you need to pay the ABSD taxes and the Stamp Duty 14 days after the date of the contract completion.
- You will then need to fully pay the 15% balance of the down payment within 8 weeks from the initial date when the OTP was been granted.
You need to understand how the Balloting scheme works before the actual launching date.
- E-Application to register your Interest- this will enable you to get the balloting queue number
- Show flat Viewing, Ballot Results and the Price Release-the applicants listed in the balloting pool will get priority when it comes to viewing the price list and the showroom.
- The selection Day –The Booking sequences are strictly followed according to Ballot Queue. This is based on the number you received during the registry of interest.
It is also advisable that you have 15-30 units in mind. That way can decide on the spot hence securing your desired unit fast. Always register early to be able to receive updated information on Rivercove Residences EC and to also know how the above-listed functions work.