30 Mar '13, 4pm

Home Loan Pitfalls

Before you put down the booking fee, also known as option fee, to obtain the option to purchase for a residential property, you might want to secure an approval-in-principle loan first. This is to ensure that you have the financial resources to close the deal as part or all of the booking fee can be forfeited if the option to purchase is not exercised within the validity period. For a resale private house and a resale HDB flat, the booking fee are 1% of the purchase price and S$1000, respectively. All of it will be forfeited if the option to purchase is not exercised. For a new completed or under-construction private residential property, the fee is 5% to 10%, 25% of it will be forfeited shall the deal fall through.

Full article: http://thefinance.sg/2013/03/31/home-loan-pitfalls/

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