Twin Vew Showflat Location & Address
Twin Vew Condo exact location will be located along West Coast Vale
Update: Below is probably the Showflat exact location, please register to make your appointment to the Twin Vew condo showroom.
5 Preparation To Manage Mefore Visiting Twin Vew Showflat Gallery
- Check how much CPF available for housing loan for Twin Vew Purchase.
- Talk to your banker on the amount of loan eligible.
- Is TDSR affecting you? Understand the position you are in before committing.
- Find out how the Normal Progressive Payment Scheme works
- Find out how the balloting system functions during the launch date.
Register early (preferably now) to stay updated on Twin Vew information and also understand how the above functions work.
Read More: Few Important Things to Do Before Going to Twin Vew Showflat
If you are looking forward to purchase Twin Vew condo soon and interested in visiting the new launch show gallery. Before you do though, it is important that you are properly prepared. If this is the first time that you are buying a property, then you have to be sure that you have a good gauge of what your purchasing power is at present. Your income can greatly limit your purchasing power. Your present property portfolio can affect that too. Also, you need to know how much you can loan from the bank as this can be restricted by the amount of monthly financial commitments that you have too.
This can be a little complicated to the first time buyer. To help you understand things better, here are the steps that you need to do first.Click here to read more
- Know how much CPF you can use for the Twin Vew purchase @ West Coast Vale
If you have never purchased a property before then the maximum CPF that you can use is the entirety of your OA funds. If this is the second time that you are making a property purchase, then you will be required to pay a minimum sum of $75,000 for the combined Special Account and OA funds that you have.
- Get an approval for the housing loan
You will need to secure an AIP for the loan. This means approval in principle and is a very important requirement that you need to accomplish before you proceed with the next steps for the purchase of the property. When you do not secure one, there is no way for you to know how much the bank is likely to lend you. This also means that you will not have an idea what your property purchase budget is going to be.
When you secure an AIP, you get to know exactly what the bank is able to lend to you when you secure a loan. The information is free and would usually take about the working days for the bank to process. All you need are some documents that the bank will need to get the request processed and expedited.
- Recent credit card statements
- Copy of the NRIC or passports of the persons that are making the purchase
- Application form
- Declaration forms from credit facilities
- Latest payslip for the last three months
- HDB pages to show whether you have a loan, do not own an HDB, or if you have not taken a HDB loan
- Tax Assessment Return for the latest year from the IRAS, required for both self-employed and employed individuals.
- Latest 12 months copy of your CPF contribution
- Know your ABSD bracket
ABSD stands of Additional Buyers Stamp Duty. You need to know where in the bracket you belong to as this can determine how much you are going to need to pay as far as purchase tax goes. If you are purchasing a property for the very first time, you will not need to pay for any ABSD fee. But if you are purchasing a property for the second time or more, you will be taxed 7% for the second purchase and 10% for the third one.
A purchase tax of 5% will be charged for Permanent residents that are buying the property for the very first time. A tax of 10% is charged for any subsequent purchase. In addition, those who are considered as Entities and Foreigners that want to make a property purchase will have to pay a tax of 15% for every single property that they will choose to secure off the market.
- Know how the NPS works
NPS is the Normal Progressive Payment Scheme. It is referred to as the standard payment scheme for almost all of the new launch condominiums around. The progression of payments done through this is considered to be quite an effective means to get your cash flow planned.
Once you have made a selection and confirmation of the unit that you are interested in the next steps will be as follows:
- You will be expected to pay 5% in cash to the condominium’s developer. In exchange, you will be given the OTP or the option to purchase
- The developer will then send the agreement for the sale and purchase or S&P. They usually do this within two weeks from the time that the payment has been made. It will be sent to the correspondence address that you have provided them ahead of time.
- Once the S&P has been received n your end, you will have the weeks to decide whether you will want the contract exercised by your solicitor or not. If you will choose not to exercise the contract within the time period given, 75% of the initial fee that you paid for the OTP will be returned to your account.
- If you do decide to have the contract exercised, the ABSD will need to be paid off within 14 days from the date that the contract has been exercised.
- The rest of the downpayment will have to be settled within a period of eight weeks from the date of the establishment of the OTP
- Understand the Balloting system
Buyers are given a total of two weeks before the launch of a condominium to preview the show flat or show suites . This is to allow you enough time to get a feel both its size and its price. When you choose to preview during this time, you will have to chance to register to secure a seat on the public launch day. This is something that you might want to look into as those that have secured a registration on the launch day get to have a chance for the balloting of the unit as they are usually given to the first takers. Also, it is a chance to secure early bird discounts that will get you even better pricing for the unit in Twin Vew Condo.