• List down your requirements when searching for a new home. Eg: Well planned infrastructure, size of family, security, urban vs sub-urban lifestyle, etc.
• Allocate a budget that you intend to spend on your new home. It is important to plan ahead and determine how much you can afford. Attached here is a monthly repayment schedule for your planning purposes. Bear in mind that this is a long term commitment.
• Location, location, location. Make sure you find a place where you are comfortable with. Look for location with potential appreciative value.
• Compare and visit other properties in the market.
• Consult your friends and family or opinions by professional on your new investment.

From Purchasing To Handing Over
A sales and purchase agreement will be executed to secure a unit of your interest.

Taking Out A Loan

• Speak to financial institutions to obtain a loan. Normally they would require proof of income for example, payslip, bank statement and EA form. Business owners are required to present Form J, bank statements and annual audited accounts. The bank shall assess your credibility based on your income/net worth before granting a loan.
• Once approved, the bank will send you an offer letter, followed by the execution of the relevant loan documentation.
• During the tenure from execution of S&P to handover date, there is usually a minimal amount on interest to be paid depending on the amount of loan drawdown. Note that some banks do provide promotional package whereby there are no interest charges during construction period. Monthly repayment of loan would only commence after hand over date.

EPF Withdrawal
Alternatively, you can apply for withdrawal of funds from your EPF account (a/c 2). Just bring along your stamped copy of S&P agreement, offer letter from the bank and photocopy of I/C to the EPF department to request for withdrawal of funds. Upon approval, the money will be directly transferred to your account.

Cash Purchases
Upon signing S&P there is usually a 10% payment to be made. Payments will be spelled out on the 3rd schedule in the S&P agreement and progressively billed according to construction stage.

Stamp Duty And Legal Fees
Be prepared to pay for your S&P and loan agreement fees. Some banks do absorb the loan agreement as an added value to the home financing package. Do scout around for the best loan deal that suits you best.

Upon Handing Of Keys

• Do budget for some extra amount that you have to pay after purchasing your property.
• The monthly service charge.
• Deposit for utilities (electricity, water and telephone lines).
• Assessment (twice a year).
• Quit rent (annually).