Tips & Resources
When you invest in your home / business, we want you to have the best! Investment decisions can often become very difficult and cumbersome and, in haste, you may overlook some key issues.
Here are some of our top tips which will assist in making good investment decisions. This will assist in finding the perfect house and commercial property to invest in with the help of HFC Finance's custom-made loan packages.
The first question one usually asks is "How much can I afford?" Find out what your maximum loan entitlement is with HFC Finance; this will be your guideline to finding the right house for the right price! All you need to do is to take your latest pay slip to a customer services executive at any of our branches and let them calculate your entitlement, which you can then use as your 'price range'. HFC Finance requires that you make a deposit, usually 20% (minimum), which represents your interest in your investment, so at this time it is a good idea to ask for your entitlement inclusive of the required deposit amount. Deposits from your FNPF funds are accepted.
- Is there anything on the title that may hinder the purchase of the property?
On the back of every title, you should be able to sight the true owner of the property, if there is a caveat on the property or if there is an existing mortgage on the property. For your advantage, always site the 'latest' certified copy of the title, this can be obtained from the Title's office for just $1.13. If you do not feel comfortable with any transaction shown on the title, you have every right not to go ahead with the deal, there's always another better house to invest in!
- Where is the house located?
Accessibility! How central is the property? How far is it from the hospital, police station, school, supermarket, chemist and post office? These factors contribute to the value of the house!
- Is the house situated on freehold or leasehold land?
The land tenor does matter, especially if it is leasehold land. Find out how long the lease is and to whom it is leased to. The maximum loan term offered by HFC Finance is 25 years and we can help you if the leasehold term is at least 30 years.
- Does the house have an existing plan?
Every house should have a floor plan. Make sure that the plan is approved by the respective city or town council. Also, ensure that everything is shown on the plan, even the fence! The respective city or town council reserves the right to demolish any part of the house that is not shown on the approved plan.
- Are the city or town rates up to date?
Always check if the city or town rates are up to date! To find out whether it is up to date or not, request from the vendor a copy of the latest statement of city or town rates from the respective council. If there are outstanding rates, it is the responsibility of the vendor to clear his or her dues. Alternatively, you could negotiate with the vendor to lower the selling price offered as you would pay the outstanding rates. But don't forget that if you are not comfortable with any transaction, you do not have to go ahead with the deal.
- Is there a valid Engineer's Certificate?
Placing insurance cover over the house is not only placing an assurance on the safety of your family members and yourself but also protecting your interest in your investment! Remember, a house can be covered for fire, cyclone and earthquake. In order for a house to obtain these types of cover, you need to hold an Engineer's Certificate issued by a certified engineer with a rating of 8' or more. HFC Finance has a list of certified engineers with their contact details which you can pick up from any of our branches.
If you have any further enquiry do not hesitate and send us an email or else click on any of customer service executive and directly make an enquiry.
