The Tapestry – Which Home Loan Should You Apply for When Buying A Condo in Tampines?

The Tapestry – Which Home Loan Should You Apply for When Buying A Condo in Tampines?

The popularity of living in Tampines cannot be understated. It’s been experiencing explosive growth over the past 30 years and you now have not one but three shopping malls that are consistently filled with Tampines residents. And now there’s a new condominium project to look forward to – The Tapestry.


Why live in Tampines?

Located along Tampines Avenue 10, The Tapestry is the latest condominium launch in the fast-expanding neighbourhood. Nearby private condominium projects The Santorini and The Alps Residences have had their units snapped up, despite being launched during a weaker property market, proving how popular the area is. Here are just some reasons why:

The Tapestry is conveniently located near to major educational institutions including Temasek Polytechnic and Tampines Meridian Junior College and the UWC South East Asia East Campus. It’s also relatively close to the Singapore University of Technology and Design (SUTD).

And when it comes to shopping options, you can’t beat the proximity to Giant Hypermarket, IKEA Tampines and Courts Megastore, to say nothing of the earlier-mentioned shopping malls at Tampines Central. You really cannot underestimate the convenience of having this broad variety of options less than 10 minutes’ drive away.


Here’s what The Tapestry has to offer

But of course, while location is a big factor, it is not enough. The Tapestry is offering a wide variety of unit sizes, from 1-bedroom units to 5-bedroom, dual key units, ranging from 448 square feet to 1797 square feet.

The Tapestry will comprise about 7 blocks of about 15 stories each, which will give some residents a great view overlooking the calmness of the lake at Tampines Quarry Park.

Each unit in The Tapestry will be fitted with smart home technology, designer fittings and a fully-equipped kitchen.

And you have the option of heading to nearby Bedok Reservoir or Our Tampines Hub for your recreation, or just staying within The Tapestry and enjoying the amenities.

Currently planned amenities include a 100-metre Infinity Pool and a 50-metre Lap Pool, while there are several fitness options including tennis courts, fitness stations and an indoor gym. There are amenities suitable for children as well as pets. There are also plans to have a childcare centre within The Tapestry to cater to young families.


How much do units at The Tapestry cost?

Prices at The Tapestry are going to reflect the sentiment of the current property market. It also reflects the very competitive bids for the parcel of land when it was up for tender last year.

Units at The Tapestry are expected to be priced at about $1,200 per square foot, slightly higher than the neighbouring condos. But remember, The Santorini received their TOP last year and The Alps Residences was launched back in 2015, so this appreciation in price is expected.

This translates to about $600,000 for a 448 sqft 1-bedroom unit, up to about $2.1 million for a 1,797 sqft 5-bedroom, dual-key unit.

Considering the prime location of The Tapestry in Tampines, one could argue that these prices are value for money.


What are my home loan options?

For private properties with a purchase price of at least $600,000, you’ll have just about every bank trying to entice you to take up a home loan with them.

Do note that since you are buying an uncompleted private property, it’s important to choose a home loan package that won’t drastically increase their interest rates in the 3rd year. The Tapestry is expected to TOP in Q1 2022, which means you’ll need to think at least 4 years ahead when making your choice.

Fortunately, some banks are willing to offer a very low interest rate of around 1.55% to 1.60% currently, with a couple of free conversions should there be a better interest rate package in the future. These low interest rates are from SIBOR and fixed deposit-linked home loan packages.

For more information about these rates, give our mortgage specialists a call. There’s also a chance to win an iPhone X!


Should I go with a SIBOR or fixed deposit-linked rate?

SIBOR is much more volatile this year than ever before, and we expect it to rise in the near future.

If you’re looking for a more stable home loan package compared to SIBOR-linked packages, consider fixed deposit-linked home loan packages. These are home loans with interest rates linked to a bank’s fixed deposit account rates.

Just be careful. Unlike SIBOR, which is a public, transparent rate that no single bank can control, fixed deposit rates can change whenever a bank feels like it. However, raising fixed deposit interest rates also represents a cost to the bank, so we don’t expect it to happen often.


How much can I borrow for my home loan?

When going with a bank loan for The Tapestry, remember that you can only loan up to 80% of the purchase price. The actual amount you can borrow depends on your income, and the amount of debt you’re currently incurring, of course.

To get a better idea of how much you can borrow, our mortgage specialists are happy to provide you with a free consultation. You may even stand to win an iPhone X!

The Tapestry is launching tomorrow, March 24th. The showflat is located at Tampines Grande, near the Tampines MRT station.

Image credit: The Tapestry