The Portal

When you look around, make sure you take with you the contact number of the banker or home loan officer. That person can get for you, by phone, a preliminary valuation price then and there. You don't have to make a trip to the bank, and then back to the property again. Saves a lot of precious time, doesn't it. All you need do is phone the banker, give the address of the property, together with details, such as floor finish (eg. marble), number of rooms, etc. The banker will immediately call up the bank's preferred valuer and obtain a verbal quote, at no cost to you or the bank. It's a value-added service provided by their valuers. Within minutes, the banker will call you back with a preliminary valuation price free of charge.

This information is valuable to you because you can make an on-the-spot decision about whether to buy that property. So, if the seller wants to sell at, say S$1400 000 and the verbal valuation is only S$1000 000, that means you have to fork out S$400 000 in cold hard cash. You should straightaway know whether the property is right for you or not and move on to the next property on your shopping list. Don't be afraid to impose on the banker. That person is there to help you make the right decision. And there's no obligation attached whatsover.

Once you have found your new home at the right price and put down a deposit, you can approach the bank for the loan. The bank will contact the valuer who will pay a visit to the property and give a written valuation. In most cases, there is no change in the valuation amount. So, it's quite safe to buy the property based on the preliminary valuation.

In our article Home Loan Part 2 next week, we will walk you through the calculation of the home loan and show you how you can use the Internet to get a preliminary but fairly accurate calculation of the amount you can afford to pay every month to service the loan. This way, when you are taking a look at several properties, you can do your maths sums without referring to the bank. Remember - banks close in the afternoon and you could be viewing properties in the evening.

If you have any comments or questions, please e-mail us at editor@getforme.com .

ABOUT THIS WEBSITE | ADVERTISING WITH US | LISTING WITH US

Contact us at help@getforme.com

P.O. Box 162 Hougang Mall Post Office Singapore 915306 Tel: (65) 282 4221 Fax: (65) 281 4785. The business name getforme.com is registered in the Republic of Singapore under Certificate of Registration Number 52908811L