This is one of the most frequently asked questions whenever a person attempts to buy a condominium unit in the city-state of Singapore. After all, most condominium properties in the city are extremely elegant and accompany very heavy price tags. Hence, it is important to be sure about how much is needed to be spent in order to buy and live in a condominium unit. This will not only help in the decision making as far as the purchase is concerned, but will also help a great deal in managing the finances well enough.

Most importantly, it is necessary for buyers to have a good understanding of their own financial conditions before embarking on an endeavor of buying a condominium property in the city. In order to do so, it is highly recommended that buyers visit their bankers so that the banker can evaluate their assets properly. This will be of great help in deciding the maximum amount that the buyer can afford in order to fund their property purchase. In other words, it can help a person evaluate their budget for the property purchase. Once the budget is decided, it will become easier for a person to make a decision about the best property to invest in.

When opting for a bank loan to purchase a residential condominium unit in Singapore in properties like the Thomson Impressions, it is important to understand that banks will pay a maximum amount of 80 percent of Loan-To-Value. In other words, banks will pay a maximum amount of 80 percent of the total price of the property. The remaining 20 percent must be paid upfront by the buyer as down-payment. The loan amount and the interest must be paid back to the bank in the form of monthly premiums for a loan tenure which would be for a maximum of 30 years.

Hence, buyers must ensure that would be able to arrange the money for the monthly premiums regularly in order to pay off the loan. Failing to do so would lead to a foreclosure of the property by the bank. Moreover, buyers must also ensure they have adequate money in the bank to pay regular taxes and cover maintenance and renovation costs as these costs would not be covered by the bank loan. Therefore, buyers need to carefully manage their finances and expenditure in order to ensure that they do not run out of money at any point of time until the bank loan can be paid off or else they could risk losing the property.

Furthermore, it is important to remember the securing a bank loan to finance the property purchase in projects like the Thomson Impressions condo properties is not easy. Banks in Singapore prefer to offer loans to those people with very less or no previous or pending loans, and also to people with sound financial conditions. Hence, buyers also need to keep such factors in mind when seeking a bank loan. This will only help to make things easier for the buyer and ensure that they are able to purchase the property of their desire with least obstructions.

Author's Bio: 

Maryann Wilson has worked with multiple projects like the Thomson Impressions in a career spanning over ten long years. She now helps new condominium buyers in opting for the ideal condominium projects like the Thomson Impressions condo.