If you are venturing into purchasing a resale private property for the first time, you will find the following overview of the process useful. Remember to also consider home loan rates in Singapore and factoring that into your considerations:
1) Once the property of choice has been found, you’ll want to negotiate with the seller for the right price.
2) To secure the Option to Purchase, an option fee of 1% of the purchase price is paid to the seller. The seller now has to honor your option for the agreed time frame (usually 2 weeks) before being able to accept another offer.
3) You should be looking for a home loan at this point, and you can do so here. MoneySmart helps you to compare, advise and apply for the best interest rates for your needs.
5) Again, the time frame between this point and the completion of the purchase varies in accordance to what you agree on with you seller although usually its about 10 weeks from the time you exercise the OTP.
6) Pay the balance of the downpayment (15%) and get your keys!
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