Rivercove Residences

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trailblaze

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How to progress from low ses to high ses?
Buy tat EC n sell in 5-10yrs. Fast track high ses
 
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viruskbs

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first timer questions

Need some clarifications about the process of balloting from all the esteemed veterans in this forum.

1. based on previous experiences what is the percentage of applicants who are considered as first timers.
2. one of my friends was telling me to get an IPA from bank but the balloting not done yet. so I am confused. I thought i need to worry about IPA once the balloting done. I am planning to go for for deferred plan.
3. any Idea about the appeal process , as our combined household income more than 14k. does the developer appeal & how long does it take. If my appeal gets rejected do i get the option money back.

Thanks in advance
 
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haihaiahjie

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viruskbs said:
Need some clarifications about the process of balloting from all the esteemed veterans in this forum.

2. one of my friends was telling me to get an IPA from bank but the balloting not done yet. so I am confused. I thought i need to worry about IPA once the balloting done. I am planning to go for for deferred plan.
3. any Idea about the appeal process , as our combined household income more than 14k. does the developer appeal & how long does it take. If my appeal gets rejected do i get the option money back.

Thanks in advance
Click to expand...

2 >> Yes, need to get IPA first before committing on ballot day. Just to make sure bank is able to loan u the amount and you from losing your option fee to the developer...

3 >> You can submit the e-app with the developer first and appeal with HDB at the same time. If Rivershores biz too good, might not even issue you a ticket for balloting day. But if it's a marginal case, usually no problem. If your appeal gets rejected, u lose your option fee.
 
ben2608

ben2608

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viruskbs said:
Need some clarifications about the process of balloting from all the esteemed veterans in this forum.

1. based on previous experiences what is the percentage of applicants who are considered as first timers.
2. one of my friends was telling me to get an IPA from bank but the balloting not done yet. so I am confused. I thought i need to worry about IPA once the balloting done. I am planning to go for for deferred plan.
3. any Idea about the appeal process , as our combined household income more than 14k. does the developer appeal & how long does it take. If my appeal gets rejected do i get the option money back.

Thanks in advance
Click to expand...

You can get an IPA done over phone and emails, and if you get your documents ready (i.e. Salary Slips, CPF Statements, for you & your accompanying applicants), you should get the IPA verbal approval in 2-3 days. I got mine in 2 days, 1st day submit, 2nd day get the call. IPA is just an assurance that as long as your financial status remains the same as the day you submitted the documents, you are more or less guaranteed a loan of x amount. If your IPA gets rejected or falls way short of a sufficient amount, then you can prolly drop your idea of the purchase. They will look at your MSR+TDSR. Your MSR should be fine, but your TDSR will depend on your existing financial commitments. Car, CC, Study Loan, any other loan minus from loanshark xD, etc.

I hope I know the answer to question 1. Hundred Palms had over 2.7k applicants to its 500+ supply of units, reckon Rivercove will be similar, prolly 2.5-3k applicants to its 628 units. :s12:
 
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