Bossadministrators Here’s what you need to know as a First-Time Home Buyer
So you’re ready to leave your childhood home for a new environment. Even before taking the first step, you’ll find that moving out will require a fair amount of foresight and detailed-planning. No worries, we’ve compiled a few things you might want to consider when you plan for your first home.
So we’ve covered the basics of what properties Singaporeans can buy and its criteria for purchase here. Before you get to house hunting, do ensure that you have a ballpark figure of what you can say “Yes!” to.
Have the DBS MyHome Planner tool ready when doing the calculations below!
Let’s consider the next steps depending on your situation. Are you…
1. Starting from scratch and/or exploring your options?
Find out your maximum loan amount to find out which property type and neighbourhood is suitable based on your salary and other financial commitments. In MyHome Planner, click on “I’m still exploring!”
Read up on Home Buyer Grants and Subsidies. Yes, there are schemes for Singles too!
Read up on HDB and DBS loans to explore your options. You may also choose to apply for an In-Principle Approval(IPA) for an accurate loan estimate to better budget yourself
Read up on Home & Mortgage Insurance
2. Prepared to pay S$X,000 each month to repay your home loan?
- list item Find out your overall property budget by working backwards. In MyHome Planner, click on “Monthly Instalment”
3. Already set with a property price budget?
- Find out an estimate of your downpayment to see the timeline and affordability. In MyHome Planner, click on “Property Price”
4. Prepared with enough cash and CPF monies to meet the government’s regulations on down payments?
- Find out how much “home” you can afford. In MyHome Planner, click on “Downpayment"
More on home affordability for first-time buyers here. <go.dbs.com/3jDgfli>