Best Way to Finance the Purchase of an EC at Hundred Palms Residence

Hundred Palms Residence

If you are looking for a way to finance the purchase of an EC at Hundred Palms Residence in Singapore these recommendations are going to help you but you will need to do some legwork on your end.  Meeting the underwriting requirements of the prospective lender is only part of the equation, the government also wants cultural harmony so they want each building to be made up of a mix of different ethnicities so you have to fit into those requirements as well if you want to be able to purchase an executive condo in Singapore, while it may sound like a draconian law it has been in place since the time of Lee Kuan Yew and the PAP.

Meeting the Underwriting Requirements to Finance the Purchase

Unless you are cash rich you will need financing to buy the property and let’s face it if you had that type of cash on hand you wouldn’t be reading this! The lender will want to find out what the value of the property is currently worth so they will need an appraisal to be conducted prior to doing anything else. If it was an HDB then the lender could simply check on the HDB website for the current fair market value but since it is a private property you will need to pay for the appraisal out of your own pocket.

When the lender has the appraisal they will typically lend up to 80% of whatever the property is worth and you will need to come up with the remaining 20% from your own sources and that does not mean taking out additional loans, the 20% has to come from savings. The reason you have to approach it this way is the lender is going to look at your total income and then your current debts and if your debt levels are too high you would not be able to service the mortgage and not qualify for the financing.

Aside from the 20% you also need to come up with money to pay the lawyer and cover the closing fees that are associated with buying an executive condo in Singapore. All of these fees and expenses are coming out of your pocket so you really do need to do your homework. Something that will bring a smile to your face is the low-interest rates in Singapore. The tiny nation has a very robust and active banking sector which allows it to get money from the international market at very competitive rates so when you are borrowing money to buy a home in Singapore you only pay a fraction of the interest rate that someone would pay in nearby Malaysia or Indonesia. Now that you see what is involved in buying a property in Singapore you really need to do your homework and make sure it is something you can commit to otherwise it may be wiser to simply rent until you know what you want to do.

Hundred Palms Residence

If you are looking for a way to finance the purchase of an EC at Hundred Palms Residence in Singapore these recommendations are going to help you but you will need to do some legwork on your end.  Meeting the underwriting requirements of the prospective lender is only part of the equation, the government also wants cultural harmony so they want each building to be made up of a mix of different ethnicities so you have to fit into those requirements as well if you want to be able to purchase an executive condo in Singapore, while it may sound like a draconian law it has been in place since the time of Lee Kuan Yew and the PAP.

Meeting the Underwriting Requirements to Finance the Purchase

Unless you are cash rich you will need financing to buy the property and let’s face it if you had that type of cash on hand you wouldn’t be reading this! The lender will want to find out what the value of the property is currently worth so they will need an appraisal to be conducted prior to doing anything else. If it was an HDB then the lender could simply check on the HDB website for the current fair market value but since it is a private property you will need to pay for the appraisal out of your own pocket.

When the lender has the appraisal they will typically lend up to 80% of whatever the property is worth and you will need to come up with the remaining 20% from your own sources and that does not mean taking out additional loans, the 20% has to come from savings. The reason you have to approach it this way is the lender is going to look at your total income and then your current debts and if your debt levels are too high you would not be able to service the mortgage and not qualify for the financing.

Aside from the 20% you also need to come up with money to pay the lawyer and cover the closing fees that are associated with buying an executive condo in Singapore. All of these fees and expenses are coming out of your pocket so you really do need to do your homework. Something that will bring a smile to your face is the low-interest rates in Singapore. The tiny nation has a very robust and active banking sector which allows it to get money from the international market at very competitive rates so when you are borrowing money to buy a home in Singapore you only pay a fraction of the interest rate that someone would pay in nearby Malaysia or Indonesia. Now that you see what is involved in buying a property in Singapore you really need to do your homework and make sure it is something you can commit to otherwise it may be wiser to simply rent until you know what you want to do.