Buying a flat is awesome and probably you are thrilled to attend a showflat viewing of your choice. On the other hand, I think that before you visit a showflat, there are things you should prepare and do. This will make it easier for you to buy a flat that you like.

Here are the five things that you need to prepare and do before you view Midwood showflat. The development is located at Hillview MRT Station and is near to Hillview MRT Station.

1.Acquire a Housing Loan Approval-in-Principle 

When you want to purchase a property you need to have a loan approval-in-principle or the AIP that will make your budget stable. You will know what amount the bank will lend to you. But, be ready to have the following documents:


  • Application form
  • Copy of NRIC or passports of all purchasers
  • Latest 1 year of IRAS Tax Assessment Return ( for self-employed and employed)
  • For employed, submit the latest 12 months of CPF contribution
  • For employed, you need to submit the latest IRAS Tax Assessment return  and 3 months payslips
  • Status of your HDB
  • Declaration form of all credit facilities
  • Latest Credit Card Statements


  1. Examine your CPF

You must know how much CPF you can get to fund the property you want to buy.

In one instance, this is your first time to buy a property, the CPF that you can get is the whole of your Ordinary Account or the OA funds.


Meanwhile, if you are buying for the second time, you must see to it that you have a minimum of $75,000 for the combined Special Account and OA. This is as of January 7, 2013.


  1. Evaluate the Normal Progressive Payment Scheme (NPS)

To properly plan your cash-flow for buying a flat, you must know the Normal Progressive Payment Scheme or NPS, which is the standard payment scheme in condominiums.

The progression of payments goes like this:

  • Deposit a 5% in cash for the Option to Purchase (OTP)
  • The developer will provide the Sales and Purchase Agreement (S&P) to you within 2 weeks.
  • Once you have received the S&P, you have three weeks to implement the contract with the solicitor’s office. If you fail to do this, 75% of the first Option Fee paid will be reimbursed into your account.
  • Once the agreement is implemented, the ABSD and Stamp Duty will be paid within 14 days from the date of implementation.
  • You can pay the remaining 15% of the down payment within 8 weeks from the OTP date.


  1. Determine your ABSD Bracket

If this is your first property, you are free of any ABSD or the Additional Buyer Stamp Duty. On the other hand, if this is your second or third property to buy, you will pay 7% and 10% tax on the purchase price. Please see Midwood main website as well as the location here.


  1. Know the Balloting Process

You can be eligible to ballot for the unit you want to purchase. This can give you a discount on the property you want to buy. On the other hand, you must prepare the following documents:

  • An Expression of Interest form or the EOI (properly filled and signed)
  • A copy of the registrant’s NRIC
  • A cheque addressed to the project account of the developer