Update: Below is probably the Showflat exact location, please register to make your appointment to the The Jovell Condo showroom.
5 Things to Take Note Before Visiting The Jovell Condo Show Gallery
- Check your CPF for The Jovell purchase
- Get your loan estimation
- TDSR bracket
- Understand how Normal Progressive Payment Scheme works
- Understand how the VVIP balloting works.
Register early (preferably now) to stay updated on The Jovell Condo information and also understand how the above functions work.
More Read up Guidelines prior for The Jovell Showflat:
One thing that is very important for you to know is that units at showflats are sold on a first come first serve basis. So if you want to be able to select the unit of your dreams, it is essential you come prepared and with complete knowledge of your budget and finance. Here are a few mandatory things you should do before you visit any property showroom:Click here to read more
1- Check your CPF:
Before purchasing any property, you should check your Central Provident Fund (CPF) to find out how much funds you require. Such planning will make sure you do not have to face any surprises along the way. First time buyers will be able to use all funds in their Ordinary account while second-time buyers must fulfill the minimum sum requirement of $75000 in their CPF accounts.
2- Get your loan approved:
Since the enforcement of TSDR (Total Debt Servicing Ratio) and MSR (Mortgage Servicing Rights), acquiring loans has become rather difficult. You will need to apply for an Approval In Principal (AIP) and can use mortgage broking sites to compare rates. Any banker or mortgage broker can help you get it done. The best part about it? It’s a free service! The documents you will need for this purpose are:
3- Here are the set of documents for you will require are:
- Copy of NRIC or passports of all purchasers
- All your latest Credit Card Statements that you have utilized
- Application form
- Declaration form of all credit facilities
- HDB page to show that your HDB status
- Latest 3 months payslip and IRAS Tax Assessment Return for people who are employed
- Latest 12 months of CPF contribution for people who are employed
- Latest 1 year of IRAS Tax Assessment Return for people who are employed and self-employed
Know your Additional Buyer’s Stamp Duty (ABSD) bracket:
The purchase of the first property will be free of any ABSD for Singaporeans. However, your second and third property buys will be exhausted 7% and 10% of the price tag separately. For Permanent Residents (PRs), your purchase of your property will be taxed an additional 5% on the purchase price, and purchases will be taxed 10% on the property transacted price. Property purchases for Foreigners will be taxed 15% on the price of each property.
Understand how the Progressive Payment Scheme Works:
After you have confirmed the unit you will be purchasing you will need to:
- Pay the developer’s project account 5% cash in exchange for the Option To Purchase (OTP).
- The developer will dispatch the Sales and Purchase Agreement (S&P) to you in the next 2 weeks.
- If you want to use the option, you will have 3 weeks from the date of receiving the Sales and Purchase Agreement (S&P).
- The Stamp Duty and ABSD is payable 14 days from the date of exercise.
- You will have to pay the remainingdownpayment of 15% within 8 weeks from the initial OTP issue date.=
Before the launch of the condo, there will be a preview timeframe of 1 to 2 weeks given to the buyer so that he becomes aware of the size and price of the unit. During this preview period, the buyer will be eligible to register for balloting way before the public launch and will be able to select the unit of your choice at a discounted early bird rate.
The documents you will need for buying The Jovell are:
- Copy of your ID card
- Completely filled and signed interest form
- Cheque issued to the developers project account
Following all these steps just brought you a little more closer to owning the unit you dreamt for The Jovell condominium!