Plan Before You Buy

Setting short term goals for long term targets. Plan for something that you can afford and make some compromises on the lifestyle Β for a sound financial start.

Setting a budget

  • It is important to set a budget.
  • Do an Approval-In-Principle (AIP) from banks to understand how much you can borrow before starting to look for a house. The loan amount will be limited by your income earning capacity, assets and existing debts, credit card limits, study loans and car loans etc.
  • Set aside another sum of cash for mortgage/house insurance, stamp duty, legal fees, renovations and maintenance fees etc.
  • Set aside 6 months of income for emergency.
  • Β Important to buy a home that you can comfortably afford to repay over the long term with the goal of being debt free in the shortest possible time.

Focus on your preferred area

  • Near to work place
  • Near to parents house so that your parents can take care of the babies easily
  • Near to public transportation (MRT, LRT and buses)
  • Lifestyle
  • Favourite District