If you are ready to pamper yourself with that dream home, thoroughly research the market for the best mortgage loan package with the lowest interest rates
The recent Urban Redevelopment Authority flash estimates have revealed the first decline in Singapore private home property prices by 0.4% since the first quarter of 2020. Considering the prior quarter had witnessed a 3.3% gain, this sudden price dip has drawn lots of attention, especially from those looking for the right time to buy a private property in Singapore.
In Singapore, HDB upgraders make up a large portion of private property buyers. With the HDB Resale Price Index showing no sign of slowing down, the potential for this pool of buyers to fetch higher proceeds from their HDB flat sale to fund their private home purchases remain relatively high for the year. However, there are only 15,748 units of flats reaching their Minimum Occupancy Period in 2023 as opposed to.
However, it is safe to say that the Singapore property market has been resilient for many decades.
Suppose you are a Singaporean buying your first property in Singapore, which is a S$1 million condo. Your financial calculation should include 25% in the down payment, in which 5% must be paid in cash, and the remaining 20% can be funded by cash or CPF OA. The down payment breakdown will look something like this:
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