We’ve caught on a trend recently, the numerous advertisements appearing on social media for the upcoming private condo at Jiak Kim Street may have given you a push in making some swift decisions. The myriad of facilities and amenities provided by Riviere makes it look even better than before, if you’re wondering what the place were used to be, it is actually sitting on the site of former Zouk Club, one of the Top Clubs in the world and the pride of Singapore party-goers.
Now, if you’re planning to proceed and buy a private property at a venue where you used to spend your teenage years partying, have you thought about the financial aspects before going ahead? If you have enough cash in your bank account, there is still a need to take up a mortgage loan. There are certainly many home loan packages in the current market, but the one factor which will impact you the most is the status of the private property, if it is a building under construction or a completed property that is ready for immediate occupancy.
For acquiring a condo unit at Riviere, which is building under construction (BUC), you’re certainly not eligible for HDB loan, you will need to pick a floating rate package among the private banks. Luckily, the mortgage rates for BUC is more competitive now, with current market rate of 1.95%. However, the sub-2% point are pegged to the bank rates rather than the SIBOR, so the same caveats apply.
Now, there are a few things that must be checked before you apply for the loan.
Your eligibility criterion for the Riviere condo
The first consideration before you take up a loan is your own eligibility criterion, whether you are able to repay the loan from the bank’s assessment. To acquire any units for yourself at the Riviere condo, you will need a lump sum cash/cpf upfront and thereafter the principal loan with interest in the following months and years through installments. For this, you’ll certainly require a mortgage specialist to assist and allow the bank to assess your current financial standings. From there onwards, you’ll be able to work backwards according to your comfortable range of monthly repayments.
Value of the Riviere condo property and initial down payment
As mentioned earlier, you will receive different options upon buying any private condos in any projects, there will also be different types of layout such as a 2 bedroom or 4-bedroom unit. Depending upon what your family needs are and how much you can afford to purchase, then you select the property accordingly to your budget. When the price of the property is finalized, then you proceed with the booking, down payment and the final confirmation of home loan package.
While you’re taking the home loan, make sure that the solicitors representing you go through the sales and purchase agreement with you carefully so that you know of any fine prints and what you are signing on. So, are you ready for this new launch condo by Frasers Property Singapore?