Posts Tagged ‘mortgage’

Elevated City-Fringe Living

April 25th, 2014

Commonwealth Towers 3-Optimized

Rediscover home and family at Commonwealth Towers, an innovative new condominium development in the suburbs of Queenstown. The 99-year leasehold is the latest collaboration between two established entities in real estate, the Hong Leong Group and City Developments Limited. Two 43-storey buildings are now on the rise at the Commonwealth Avenue site, targeting a TOP by December 2017.

What To Expect at Commonwealth Towers

Effortless Accessibility

Commonwealth Towers is easily accessible via several main entry points. It’s right by roads that flow into the Central Expressway, the Ayer-Rajah Expressway, as well as the Pan-Island Expressway.

To your advantage, the site is quite near important Singapore locations. It will only take you ten minutes to drive to your workplace at the CBD or Marina Bay. If you prefer to commute, you can easily catch an MRT ride on the East-West line – just hop to the Queenstown Station right beside the development. It will merely take eight short minutes or four stops to the Tanjong Pagar Station in the CBD.

If you would like to choose a workplace that is even closer to home, you can look into employment opportunities at One North, Star Vista, Fusionopolis, Mediapolis, Biopolis, SERC, MDA, Spring Singapore, National University, or the National University Hospital. These places are all just a six-minute drive from home.

With a new, efficient routine that the proximity allows, you can maximize your schedule. You can even devote even more energy and time for the other things that matter to you – like family. Say hello to a successful, more profitable lifestyle!

Fulfilling Life-spaces

Come home to an abode that inspires your soul – an address to be envied, and interiors conducive to productivity. Of the 845 homes, you can choose one that looks out into a magnificent cityscape, or one that glimpses the spectacular Southern Ridges.

- One-bedroom unit: approx.. 462 – 527 sq ft (341 units available)

- Two-bedroom unit: 721 – 914 sq ft (271 units)

- Three-bedroom unit: 914 – 1259 sq ft (195 units)

- Four bedroom unit: 1237 – 1420 sq ft (38 units)

Gratifying Leisure Amenities

A progressive development such as Commonwealth Towers is sure to come with a full array of residential facilities. Give your life an added perk, whether for some family fun or a bit of solo relaxation.

To begin with, the development will have a fifty-metre lap pool where you can take an invigorating swim. It’s complemented with a pool deck and relaxing cabanas.

There will also be some spots that will be great for nurturing your relationships. Take some quality time with your little ones at the barbecue area, or let them loose at the playground. There are also a number of Sky Terraces where you can admire the view with your loved ones.

Bring out the best in you by taking advantage of the fitness facilities, such as the outdoor workout station, the aqua gym, the yoga area, or the tennis court. For some unhurried down-time, you can ease out at the hot tub.

Further Options

All around you is an energizing environment that’s full of places for shopping, groceries, dining, and entertainment. Just a short walk from home is Redhill Market, and also the Redhill Line Food Centre. Also close by is the Tanglin Halt Market.Within three minutes’ drive are malls such as Queensway Shopping Centre and Anchorpoint. IKEA Alexandra is also within the neighborhood. By the time you move in, the Alexandra Central will be ready for your enjoyment.

The renowned Orchard Road is just a six-minute drive away, giving you access to shopping centres like Ion Orchard and Takashimaya. Food havens like Dempsey Hill and Rochester Park are just as quick and easy to get to.

Hop on the MRT and take a short ride into town for even more choices. A few blocks away are Star Vista, Tiong Bahru Plaza, and the Tiong Bahru Food Centre. Also within a quick ride or an easy drive is Holland Village, where you will find a selection of restaurants, cafes, bars, and happening bistros.

Five stops away is the highly anticipated Jurong Lake District. There, you will find a number of trendy malls like Jem, Westgate, MM, JCube, and Big Box. Five stops in the other direction takes you to Clarke Quay, which offers a vibrant dining and entertainment hotspot.

World-famous leisure attractions like Marina Bay Sands, Vivo City and Sentosa Island are not so far away either. All it will take you is a leisurely drive between ten and fifteen minutes.

Nearby Educational Institutions

Your children will definitely benefit from studying in schools that are close to home. With the time and effort they save, they can enrich the other aspects of their lives. Give your little ones a head start at Maris Stella Kindergarden, Good Shepherd Kindergarten, Mindchamps, or True Way Presbyterian.

For primary school, you can send them off to Queenstown Primary, or River Valley Primary. After that, they can attend the secondary school at Queensway, Gan Eng Seng, Outram, Henderson, Bukit Merah, or Assumption English School. Your daughters might like going to a prestigious all-girls school like CHIJ St. Theresa or the nearby Crescent Girls’ School.Of course, there are also international schools in the area: International School Singapore, Global Indian International School, Avondale Grammar School, and Eton House Primary School.

The colleges and universities in the area include the National University of Singapore, Singapore Polytechnic, Management Development Institute of Singapore, Singapore University of Technology and Design, and the German Institute of Science.

The Best that Singapore Suburban Living Has to Offer

Go for an address that not only puts you in high-quality setting, but also lets you live your life to the fullest. Moving to Commonwealth Towers would open up a whole lot of new opportunities and pleasures for you and your family. On the other hand, if you should choose to rent out your unit instead, you’ll be sure to get a lot of interested tenants from the surrounding workplaces, as well as a favorable income from the rent.

In preparation for Commonwealth Towers’ big launch next month, a showflat is now open for viewing. Make time to check it out, so you can grab the chance to buy a home in this new, dynamic environment.

However, don’t forget to prepare your finances and compare home loan Singapore. To avoid all the unnecessary hassle, contact an iCompareLoan mortgage broker.

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The Santorini at Tampines: Where Life Turns for the Best

April 25th, 2014

The Santorini 3-Optimized

Bask in an endless summer at the Santorini, where you are embraced between calming, blue waters and verdant foliage. The modern Mediterranean-themed resort condo rises where Tampines Avenue 10 meets Tampines Street 86, set against the lavish idyll of the Tampines Quarry. By mid-July of 2018, this 99-year leasehold by MCC Land will have eight residential blocks with 15 storeys each.

It presents an assemblage of 597 opulent living spaces, with different numbers of bedrooms, varying window views, and varying floor plans. Whether you’re looking for a place that will accommodate a single individual, newlyweds, parents with children, or extended families, there is something for you at The Santorini.
Standard Homes

- One bedroom apartment (463 to 527 square feet); 165 units in all

- Standard two bedroom apartment (721 to 786 square feet) 127 units

- Standard three bedroom apartment (915 to 1,184 square feet); 126 units

- Standard four bedroom apartment (1,238 to 1,259 square feet); 14 units

- Standard five bedroom apartment (1,367 to 1,378 square feet); 14 units

 

Dual Key Suites

- Dual key with two bedrooms (904 to 915 square feet) 45 units in all

- Dual key with three bedrooms (1,130 to 1,259 square feet); 80 units

- Dual key with four bedrooms (1,421 square feet); 13 units

 

Garden Duplexes

- Garden duplex with three bedrooms (1,787 to 1,991 square feet)

- Garden duplex with four-bedroom (1,787 to 1,991 square feet)

 

Spacious Penthouse Units

- Penthouse with four bedrooms (1,313 to 1,528 square feet); 4 units in all

- Penthouse with five bedrooms (1,571 to 1,604 sq ft.); 3 units

 

Though the site is divinely peaceful and sheltered from the city rush, it isn’t at all isolated. The Tampines Expressway, the Central Expressway, Kallang- Paya Lebar Expressway, as well as the Pan-Island Expressway all provide convenient access throughout the island. It will only take you a few minutes to drive to key places like the Singapore CBD, Orchard Road, or Marina Bay.

For those who prefer to take public transportation, the area is served by the Tampines MRT Station, which can give you a ride on the East-West and Downtown lines (Downtown segment to be completed by 2017). Also providing mobility in the area is the Tampines Bus Interchange.

At The Santorini, your home won’t only be close to everything important; its lifestyle offerings also allow you to let your desires take centre stage. As its name suggests, the development beckons with the indulgences of a Greek island paradise. Right in the middle of this exclusive community is a breathtaking lap pool, where you can treat yourself to an exhilarating swim. For those who prefer to stay dry, the pool is bordered by a tree-shaded sunbathing deck.

For even more titillating pleasures, the place will be furnished with spa beds, an al fresco dining area, lounge areas, a viewing deck, and a clubhouse. There will even be cozy, shaded pavilions set over a sparkling pool.

As more and more people are becoming health-conscious these days, there will also be a handful of fitness facilities. That includes an aqua gym, a tennis court, an indoor gym, and outdoor gym equipment.

At the Santorini, you can create memorable moments at the roof garden, the multipurpose lawn, or the barbecue plaza. Your kids will have a blast at the playground or the kiddie pool.

Just outside the development is a township that unfolds a horizon of even more pleasures. Let nature’s timeless charm envelop you at the Tampines Quarry or Bedok Reservoir Park. Also nearby are Tampines Central Park, Sunplaza Park and Tampines Eco Green.

For some shopping and recreation, you can head on over the Tampines Mall or Century Square. For a full-blown shopping experience, you can spoil your taste for international brand-name goods at Orchard Road, Singapore’s renowned shopping destination. If you’re up for a colorful, cosmopolitan experience, take a short ride to Little India. To make sure your home is furnished with all that you need, you can make a stop at the nearby Giant Hypermarket, IKEA, or Courts Megastore.

The Santorini also happens to be within the vicinity of many primary and secondary schools, international institutions, and enrichment centres. Being so close by, taking your children to school and driving them home will be a breeze.

The primary and secondary levels are offered at East View, Junyuan, St. Hilda’s, and East Spring. Among your other options are Quiaonan Primary, Poi Ching Primary, Chongzheng Primary, Gongshang Primary, One World International School, Springfield Secondary, Dunman High School, Chankgat Changi Secondary, Pasir Ris Secondary, and the Japanese School. For your college-aged sons and daughters, they can choose from ITE College, Temasek Polytechnic, Uptrend College, and United World College.

Beautifully designed, ideally located and easy on the pocket, The Santorini is an extremely desirable luxury address for those who seek only life’s finest offerings. It’s an excellent place to relocate and raise a family. Likewise, it’s an extremely profitable investment, since the many nearby corporate centres will ensure a lot of tenants.

At The Santorini, you and your family won’t only dream of an endless summer – you can actually live it. All you need now is to find an ideal home loan so you can make the most rewarding purchase of your lifetime. Compare mortgage loan Singapore with iCompareLoan mortgage broker.

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Adjustments on Mortgage Regulations

March 2nd, 2014

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The year 2013 saw a lot of new regulations regarding real estate and mortgages, however, not many of them applied to refinancing. To help you grasp that concept better, below is a table presenting the new measures regarding refinancing that were introduced from 2012 onward.

Table 1: Refinancing Regulations

With Effect From Rules
6 Oct 2012 The maximum tenure of all residential property loans for individual and non-individual borrowers will be capped at 35 years.
The sum of the tenure of the re-financing facility and the number of years since the first housing loan granted to the borrower for the purchase of that residence was first disbursed, cannot exceed 35 years.
12 Jan 2013 HDB loans by FIs: A Mortgage Servicing Ratio (MSR), or percentage of total monthly mortgage obligations to gross monthly income, not exceeding 30% will apply.
29 Jun 2013 A Total Debt Servicing Ratio (TDSR), or percentage of total monthly debt obligations to gross monthly income, not exceeding 60%, will apply to all property loans granted by FIs to individuals.A mandatory interest rate of 3.5% (4.5%) p.a. or the prevailing market interest rate, whichever is higher, has to be used in the computation of MSR and TDSR for residential (non-residential) loans.
28 Aug 2013 HDB loans by FIs: The maximum loan tenure is reduced to 30 years.The sum of the tenure of the re-financing facility and the number of years since the first housing loan granted to the borrower for the purchase of that HDB flat was first disbursed, cannot exceed 30 years.
10 Dec 2013 Executive Condominium (EC) loans by FIs: A MSR cap of 30% for refinancing within the minimum occupation period of 5 years.

 

Do keep in mind that refinancing isn’t offered for the HDB Concessionary Loan. Simply put, if you are buying an HDB flat with a mortgage financed by a private money lender, you aren’t eligible to apply for refinancing for the HDB Concessionary Loan.

Vague Terms About Loan Tenures When it Comes to Refinancing

In refinancing, it’s usually unclear whether the specified tenure would encompass the years that were already expended in the earlier loan, and whether or not this will have any bearing on determining the maximum tenure of the new loan, particularly if the total number of years is well within the tenure limit.

Since October 6, 2012, the Monetary Authority of Singapore enforced a limit on the tenure of all housing loans, which is 35 years from the time the loan was disbursed. In response to this new regulation, a number of banks subtracted the number of years spent in the previous mortgage from the maximum tenure of the new mortgage.

Let’s this take for example: A certain Mr. A took a mortgage in the year 2007, and it was disbursed that same year. In November of 2012 (after the MAS enforced the new tenure), Mr. A opts for refinancing. By then, he had already spent 5 years financing his first loan.

Given that there is now a 35-year limit on loan tenures, Mr. A should have only 30 years to go, as he has already spent 5 years on the original loan.

But here’s where it gets tricky: What about in cases when the borrower is qualified for a maximum loan tenure of 20 years, based on the bank’s evaluation of his financial profile? In Mr. A’s case, his bank or financing company would consider the first five years spent on the original loan. As he is qualified for a 20-year tenure, his refinanced loan now has only 15 years remaining.

If you think about it, the bank’s 20-year tenure, even when added to Mr. A’s first five years with the original loan, is way below the 35-year limit imposed by the MAS. Luckily, cases like this one aren’t that widespread.

All these mortgage regulations can be a bit baffling for home buyers, so you may have some questions about them. If you’re considering taking a housing loan in Singapore, it would definitely be advantageous for you to have a professional explain the basics to you. All you need to do is contact an iCompareLoan mortgage expert – their services valuable, and are absolutely free.

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How The New TDSR Regulations Can Affect Your Mortgage

November 17th, 2013

It’s important to understand how the Total Debt Servicing Ratio, or TDSR, comes into play regarding your home loan. The TDSR is calculated according to specified factors, and it of course affects your mortgage. Before we proceed, please take note that the Total Debt Servicing Ratio (TDSR) is not the same as the Debt Service Ratio (DSR).

If you are a home buyer or home owner currently paying off a mortgage, you should be aware that the Monetary Authority of Singapore introduced new regulations regarding the TDSR. Banks and financing companies are now required to impose either a definite medium-term interest rate, or the current market interest rate – whichever comes out higher. The medium term-rate for home loans is 3.5%, while other property loans will be given 4.5%. This interest rate needs to be factored into the TDSR.

In addition, all borrowers are now required to have a TDSR of 60% or less when applying for refinancing or repricing. This may pose some issues as interest rates go higher, depending on what kind of loan plan you have.

Problems Concerning Interest-Only Loans

If you bought your home using an interest-only loan, you may encounter a bit of difficulty. It will be very hard for you to shift to another loan plan in the chance of an interest rate hike. Shifting to another plan means adding to your monthly service cost, which will ultimately affect the TDSR. This may cause your TDSR to exceed the 60% limit, making you ineligible for repricing or refinancing.

Several banks or financing companies offer Step-up housing loans. However, borrowers will be forced to submit to an increase in costs, and many of them cannot opt to refinance if they fall short of the new TDSR requirement.

Case Study

You may come into a snag with a tigher TDSR limit of 60%. For instance, let’s assume you acquired a home loan, given a lower interest rate of about 2%. Say you have a monthly income of S$9,000, and your monthly mortgage installment turns out to be S$3,252. Excluding your car loan, your DSR comes up to 36.14%.

Figure 1: DSR of 60% using 2% interest rate to justify (Source: www.iCompareLoan.com)

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At this rate, you can comfortably afford to pay the monthly installment. If you choose to add a car loan which requires you to pay installments of S$1,500 monthly, you can still afford it. This brings you to a TDSR of around 55%, which is still well below the 60% limit.

Now, consider the fact that the MAS requires a 3.5% medium-term rate for home loans:

Figure 2: TDSR at 3.5% – www.iCompareloan.com Home Loan Report ™

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After factoring in the 3.5% rate, you will end up with a TDSR of 74.44%. Your updated TDSR clearly exceeds the 60% limit, so are not qualified to apply for refinancing. If the bank decides to raise the interest on your home loan, you will be forced to stick to your current plan and pay the higher rates.

This is of course a moderate example. A monthly income of S$9,000 is a good salary, and is even considered to be quite high. It certainly won’t be as comfortable for everyone.

All these new parameters introduced by the MAS are intended to regulate financing companies, to make sure that all lenders practice restraint when dispensing loans. Unfortunately, these new rules will ultimately cause problems for some home owners who are currently in the middle of paying off a mortgage. Particularly if the home owner wishes to shift to a loan with more affordable terms, the said home owner may not qualify for refinancing. In effect, many borrowers will be forced to stick with their current loan plans and lenders, and pay any increase in interest.

While intended to keep lenders from dispensing loans indiscreetly, these new rules will be more favorable to lenders who were already dispensing loans unrestrainedly in the first place. The home-buyers who took loans from them are now unable to refinance, and they have no choice but to submit to the higher rates due to an increase in spread. This pretty much defeats the purpose of the new regulations. Instead of enforcing more cautious lending practices, it ends up laying an unnecessary burden on the borrowers.

This issue about the TDSR parameters is rather tricky business, and you will need an expert to guide you through it. If you need to know more about Singapore home loans and how the TDSR can affect your mortgage, contact a consultant at iCompareLoan. He or she can help you evaluate whether you can opt for refinancing, or if refinancing can help you cut down on costs.

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