With the rising cost of rent in Singapore, some may argue that purchasing a home makes much more economic sense in the long run, especially if you decide to stay in Singapore indefinitely. This is what happened to pharmacist Summer Tan. Summer, who also happens to be Miss Tourism and Culture Universe Singapore 2019, shares, “I previously rented a HDB flat with my siblings, but as time went on, I decided to buy my own place.”
She began her search in April 2021 with PropertyGuru, using the app to indicate her dream home criteria and to check property listings daily. “With its search and filter feature, I can whittle down the available listings easily. The app is very user-friendly and I can navigate around with ease.”
“My main priority was that the condo must fit my budget, have two bedrooms, and be preferably in District 19 (Hougang, Punggol and Sengkang), where I lived before,” explains Summer. Aside from District 19, she also viewed condos in various areas such as Pasir Ris and Tanjong Pagar before finding her ideal place in the district.
“What sold (the property) me was the view of the Singapore skyline and the greenery surrounding it,” Summer smiles.
Much Needed Guidance
As this was Summer’s first time purchasing a condo in Singapore, she didn’t know where to start to apply for a bank loan. “When you jump into something you don’t know, it’s best to have a guide who is an expert in that field,” Summer remarks. Her property agent also advised her to do the same and connected her with Ethan, a mortgage advisor from PropertyGuru Finance.
One of the challenges was that Summer didn’t know much about the jargon, payment schemes, or the process of securing a bank loan. “Luckily, Ethan was always there. He was very patient in guiding and explaining to me the jargon and steps that needed to be taken. He took care of everything; he’s a tremendous help,” shares Summer.
Another major challenge was getting the banks to approve her mortgage.
Although this was her first buying experience in Singapore, Summer has several properties in Malaysia, which is her home country.
Summer admits that buying property in Malaysia is easier. “In Malaysia, you only need to prove that you have sufficient funds to afford the place, whereas here it’s much more complicated,” Summer remarks.
Given her history of having multiple properties overseas, banks were initially reluctant to approve the loan amount that she wished to get. “They wondered about my commitment. Ethan coached me on how to deal with this issue; what proof of documents needed to be submitted, and he helped in explaining my situation to the relevant people.”
In the end, she successfully secured a home loan within her budget with an attractive interest rate of 0.96% p.a.!
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“I Want the Condo to Reflect Who I Am”
“I want the condo to reflect who I am; as the saying goes, a home is a reflection of its owner, so I opted for a little renovation. The condo itself is a resale that has not been occupied for a while, so a little ‘touch up’ was necessary,” adds Summer.
Currently, Summer is planning to stay in her condo for the foreseeable future. “I put a lot of effort into this place, money and time-wise, so the place is where I’ll be for a long time, unless my circumstances change,” Summer grins.
Read stories of real people and their home journeys. Still searching for your dream home? Browse properties for sale on PropertyGuru or compare home loans on PropertyGuru Finance.
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