Mayfair gardens showflat is just a few days away. If you have not register for it, kindly do so now to avoid disappointment.
Now, before going to the showflat, there are some homework best that you set aside some time to do:
A) If you were to purchase a unit of Mayfair Gardens, how much of your CPF can you use?
As you already know, 1st time property buyer has the benefit of maximising your CPF Ordinary Account fund for your purchase. Whereas for 2nd time property buyer, you will need to have half of your prevailing CPF minimum amount untouched.
The balance amount in the Ordinary Account, you will be able to use them. The prevailing amount of this minimum amount can be checked here.
B) With reference to your existing financial status and property folio, how much loan are you eligible for?
As much as we are excited about visiting Mayfair Gardens Showflat (it is really beautify, and you will love it), we need to not overlook on loans matters. Get a loan approval-in-principal (AIP) so that you can workout your purchase budget. Do you go for a 4 roomer or stick to the original plan of 3 roomer, working out your purchase budget get things clearer, and help you make a better decision.
Checkout with your favorite bank on how much you can get for housing loan. Try other banks if you need to. This should be a free service but takes up a few days though.
C) Additional Buyer Stamp Duty (ABSD) Bracket – how does this affect you?
Additional Buyer Stamp Duty basically means you need to pay substantially more if you are buying the 2nd or 3rd property.
If you are a first time buyer of a property, you will not be subjected to ABSD – which is additional 12% and 15% for 2nd property buyer and 3rd property buyer respectively. Yes you are right, it is one of the cooling measure employed by our government.
For Permanent Resident and Foreign Residents, the amount are higher for ABSD. Kindly refer to this chart for more detail.
D) Normal Progressive Payment Scheme(NPS) – how does this works?
NPS is a stardard payment scheme that most condominium like Mayfair Gardens uses. By knowing the how it works, you will be able to better plan your cash-flow .
Here is the flow of NPS:
1. For exchanging the Option Tp Purchase(OTP), a 5% in cash (cheque) has to be made in favour of the developer’s project account.
2. You will then receive the Sales and Purchase Agreement (S&P)
3. Upon date of receipt of S&P, you will need to exercise the contract within 3 weeks. If not, maybe a change of decision, only 75% of the fee paid (item 1) will be refunded.
4. Then, here comes Stamp Duty and ABSD, which is payable within 14days from the date you exercise your contract.
5. 15% down payment will be expected within 8weeks after the OTP date.
E) Balloting System of Condo Purchasing
Balloting usually takes place within 1 or 2 weeks after the initial Showflat.
Potential buyers can register for a non-obligatory seat to the balloting during the showflat period. This allow buyers to grab the limited units before official launch day, which are sold on a first come first serve basis. Usually, to encourage purchase, there will be attractive Early birds discount, and sometime further developer discount. So if you are keen on Mayfair Gardens, register for the showflat makes a big difference (saving).
Kindly bring along the following document:
- a copy of your NRIC (ID)
- a signed EOI – Express of Interest form
- a cheque issue to developer project account
It is always better to be well prepared, better informed and clear minded. There should be more important things to be concern about during your showflat visit. In anycase, if you think it is too late or unsure what to do, give us a call at our showflat hotline: 9002 2267, we will guide you through.