Buying a new launch isn't complicated once someone shows you the map. Here's the honest, no-jargon version — the process, the money, and the traps — from someone who does this every week.
Secure an In-Principle Approval (IPA) from the bank so you know your real budget before you fall in love with a unit. This is where I start every client.
Pay the 5% booking fee and receive the Option to Purchase (OTP). At a new launch this happens on preview/launch day — the good stacks go fast.
Within the timeline, sign the Sale & Purchase Agreement (S&P) and pay your Buyer's Stamp Duty (and ABSD if it applies).
You pay in stages as the project is built — foundation, structure, and so on — so your loan draws down gradually. Easier on cashflow than a resale.
At Temporary Occupation Permit you can move in or rent out. For most new launches this is roughly 3–4 years from launch.
All your monthly debt repayments combined can't exceed 55% of your gross monthly income.
A first home loan is typically up to 75% of the price — the rest is your downpayment, with at least 5% in cash.
The Mortgage Servicing Ratio caps your mortgage at 30% of income — applies to ECs/HDB, not private condos.
Beyond the price, budget for Buyer's Stamp Duty (BSD), and Additional Buyer's Stamp Duty (ABSD) if this isn't your first property or you're a foreigner/PR. Sell too early and Seller's Stamp Duty (SSD) can apply. Then there are legal fees, valuation, and interest on your progressive drawdowns.
Stamp-duty rates and ABSD remissions change, and depend on your citizenship and how many properties you hold — I'll work out the exact numbers for your situation before you commit a cent.
The order you do things in — sell your flat first, or buy private first — decides whether you pay ABSD and whether you need a bridging loan. This is the single most common place upgraders overpay. Talk to me before you put down anything.
That's literally my job. Ask me anything — no pressure, no obligation.
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