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Planning To Buy a Property in 2015? Make Sure You Can Afford it With This Tool

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Jeff Cuellar

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The days when property was affordable and home loan applications were easy are long gone. Home buyers now have to deal with increasingly complex property financing regulations, tighter borrowing restrictions, and massive amounts of paperwork.

 

As a result, finding out if you can even afford the home you want is like running a race blindfolded and waiting weeks to find out if you either won or were disqualified. That’s because the home buying process is so complex that it takes some banks 2-4 weeks to respond to your In-Principle Approval (IPA) and let you know whether you qualify for the necessary loan.

In the meantime, you’re stressing for weeks like everyone else, wondering if the bank will not only approve you for a loan, but give you enough to buy the home you want.

MoneySmart has just launched their new  Loan Affordability Calculator an incredibly easy to use tool that will save your financial sanity. For most of us normal folks, there are probably more acronyms and rules than we care to remember. We just want to get the answers and know how we’re affected.

 

Are You at Risk of Losing Your 1% Deposit?

Since the barrage of MAS cooling measures in 2013, many home buyers have found themselves losing their 1% deposit because they didn’t qualify for the required home loan amount, and thus had to forfeit their purchase deposit. Do you want to be in the same position?

 

 Do You Really Want to Go Through All That Paperwork Now?

Even savvy home buyers who applied for an In-Principle Approval from the banks found that they had to go through additional troublesome paperwork and submit credit card statements for all their cars, car loan repayment statement among other things just to find out how much they could borrow. This whole process takes as long as 4 weeks! What if you missed out on buying the home you wanted during that time?

“The MoneySmart Loan Affordability Calculator was easy to understand and gave me the answers I needed immediately. It saved me a lot of frustration trying to make sense of how all these complicated regulations affect me,” said Mano Kathiravan, a satisfied user.

 

Find Out Exactly How Much You Can Afford for Only $9.99

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Here are just some of the important facts and cost factors you’ll get from this tool:

– How much can you borrow from a bank?
– What’s the maximum loan tenure you qualify for?
– What’s the maximum loan % (LTV) you qualify for?
– How much cash versus CPF is required?
– How much stamp duty do you need to pay?

The MoneySmart Loan Affordability Calculator is available for only $9.99 for a limited introductory period. We highly recommend it if you’re in the market to buy a home this year, it’ll save you a whole lot of stress and worry.

 

Image Credits:
Steel Wool

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Jeff Cuellar

I'm known by many titles: copywriter, published author, literary connoisseur, ex- U.S. Army intelligence analyst, and Champion of Capua.