The Verandah Residences Condo Showflat Location & Address
The Verandah Residences exact location will be located along 231 Pasir Panjang Road, Singapore
5 Things to Take Note Before Visiting The Verandah Residences Show Gallery
- Check how much CPF you currently have that is available for the purchase for The Verandah Residences.
- Consult the bankers to find out how much you can borrow and never overstretch your budget.
- TDSR is very crucial and ensure that you know where is your bracket.
- Understand also the flow and process on how Normal Progressive Payment Scheme works
- VVIP Balloting – make sure you understand the flow during the launch date.
Register early (preferably now) to stay updated on The Verandah Residences information and also understand how the above functions work.
More READ UP about Steps Before Visiting The Verandah Condominium Show Suites/Gallery
Once you have settled with the documents and budgeting, it is time to visit The Verandah Residences Showflat
But before this step is taken there are some things that must be taken care of.
There are some variables important to consider before you go visit the showflat so that you can purchase with ease, but it not only depends on your income but also on the number of the properties already existing under your name.Click here to read more
CPF USAGE For The Verandah Residences
The most important thing before buying Verandah Residences is acquiring a loan approval-in-principle. This is essential because this enables you to properly set your property purchase budget.
Once you have put in the request, the bank takes almost three days to process it and it is absolutely free.
The following documents are usually required:
- Copy of NRIC or the passports of all purchaser
- The latest Credit Card Statements
- Application form
- Declaration form of all credit facilities
- HDB status as shown on HDB page
- Pay slips of last three months
- CPF contribution of the last 12 months
- Latest 1 year of IRAS Tax Assessment Return
YOUR ABSD BRACKET
In today’s market it is absolutely important to know which Additional Buyer Stamp Duty category you fall into.
For Singaporean residents, the first property is free of taxes while the second and third are taxed 7% and 10% respectively.
Permanent Residents (PRs) are charged 5% on the first property and subsequently taxed 10% of the property transacted price.
Foreigners and Entities are taxed 15% of the price on each property .
THE NORMAL PROGRESSIVE PAYMENT SCHEME
The NPS is currently used as the standard for all property payment methods. It is important to understand all the steps involved in this process. These include:
In exchange for the Option to Purchase a payment 5% of the project amount has to be made in favour of the developer
The Sales and Purchasing Agreement will be sent to your address in two weeks
The contract must be exercised to your solicitor’s office within three weeks. Failure to do so shall result in 75% of the Initial option Fee paid being refunded to your account.
Once the agreement has been exercised, the Stamp Duty and the ABSD will be payable within 14 days.
The final 15% of the down payment must be paid within 8 weeks of the initial OTP date.
THE BALLOTING PROCESS
A preview period of two weeks is given to you to review your show flat and consider the sizes and prices of the units. Buyers are given the option to reserve a non-obligatory seat during the launch day.
The following document are required to register for the balloting:
- The copy of the NRIC of the registrant
- An Expression of Interest (EOI) form filled and signed
- A cheque addressed to the developer project account
In case you decide to not go through with the purchase, the full set of documents shall be returned to you.