Properties In Singapore

5 Questions For Yourself Before Upgrading To A Private Property In Singapore (Condominiums & Landed Properties)

The long-term goal of many Singaporeans is to become the proud owner of an individual piece of the home property. To precise, a condominium or a landed property. Singapore is known as the Little Red Dot. This means that land is scarce. Singapore’s housing is known to be super expensive and it costs at least $1 million to own a condominium or a private property. Compared to Malaysians or Australians, most of the citizens in Singapore live in HDBs. However, with hard work and self-improvement, investments or perhaps starting their own business, some of us may be able to afford a landed property. Areas such as Serangoon, Bukit Timah, Sixth Avenue, Hillview, Orchard and Marine Parade are areas known for their expensive properties. If you already own an HBD flat, it could be the right time for you to upgrade to owning your own private home. However, before you embark on this upgrade, there are some critical questions that you need to ask yourself. Some of these are outlined below. 1. Have you fully paid off your current mortgage? The funds that you receive when you sell your HDB flat should be first used to pay off any outstanding amount that you owe on the loan of the house. If any amount was borrowed from your CPF account, it should be repaid in full together with any amount of accrued interest. If the amount that you receive from the proceeds of the sale of your HDB flat is less than your outstanding loan, then you will need to top up the balance in cash. However, if the amount that you receive from the proceeds of the flat is more than the amount you have outstanding on loan, then you will remain with the other balance. Should you require funds to upgrade your home from a HDB to a condominium or private property, Lending Bee’s Bridging Loan may be able to help. 2. Do you satisfy the eligibility requirements? Before upgrading to owning a private home property, there are specific requirements that you will need to meet. Firstly, you will need

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