The cost for making the purchases of the house in Singapore is very high as it is sometimes unaffordable for many people who are looking for the best place for living in Singapore. For paying the house prices in Singapore, many people of Singapore take a bank loan. When people take a loan then the house prices in Singapore consists of many types of cost. This cost includes the total cost of the house, interest payment on the bank loan, and the insurance payment of homeowners. The last two prices are the ongoing prices. It is said that house prices in Singapore will decrease after the year of 2013. This is a good news that house prices in Singapore are going to decrease in near future. Now it is the best time for you people to buy a home for the perfect living of the people in Singapore. When making the purchase of a house, there are several costs that are associated with the purchase of a house. The costs that are related to the house prices in Singapore.
The prices of the house will be dependent on the location of the house. If the location of the house is perfect then the house price in Singapore will be greater. The perfect location means that location of the house contains all the facilities like educational institutions, hospitals, shopping centers, recreational facilities, and all other important facilities. It is also a determining factor of house prices in Singapore. The price ranges from very high prices to very low prices. The research shows that many house prices in Singapore range from 400 dollars per square feet to 2000 dollars per square feet. The price of the landed property is greater because its sale involves the ownership of land. In comparison to it, the prices of apartments are very low because of the land ownership. The prices of these two are different and are on the different point of the spectrum. On is sold at 200 dollars per square feet and other on the 2000 dollars per square feet. The prices of the apartment that have one bed and one bath and the total area is 462 square feet. And the prices of this will increase to 200,000 dollars. The apartment that is described above is best for the small family but for the larger family, the apartments containing the number of rooms is best.
People find out the home that is best for them according to the average house prices of Singapore. The real cost of borrowing is the interest rate. The total cost of the loan has a great impact on the house price of a loan. The best loans for making the purchase of a home is also available in Singapore. But the monthly amount is also paid on the bank loan. The rate of interest on the bank rate ranges from 0.72 percent to 1.59 percent. These rates are sometimes paid annually. When we keep in mind the simple interest rate than the interest rate on the bank loan of 300,000 dollars is 1.59 percent. This bank rate sums up to 4770 dollars per year. There are also the rules that are established by the Monetary Authority of Singapore on the amount of bank loan that is taken by any family. The amount that the family takes and the debt amount on this loan does not exceed the 60 percent of total amount of loan.
It is also the requirement of the bank to have the insurance as the homeowner. It is also possible that bank helps the person in holding this homeowner insurance and charges the monthly fee for their service. This is one of the costs that is the part of the total cost.
The rise in the demand for houses in Singapore besides the increase in house prices in Singapore. This thing is causing the positive feelings among the home builders. But the measures are taken by the government of Singapore to make the balance in the house prices in Singapore. It is shown that the prices of houses are greater as compared to the property that is not landed like flats. The prices of non-landed property are very less as compared to landed property in Singapore.