How and where to get bank valuation for a condo

To get a bank valuation for a condo in Singapore, you typically need to follow these steps:

Through the Bank

When you apply for a mortgage to purchase a condo, the bank will usually require a valuation report to determine the market value of the property. This is a standard procedure to ensure the bank's loan is secured against the property's value. You can initiate this process by informing your bank that you need a valuation report as part of your loan application.

Using URA's Services

For private residential properties, you can use the Urban Redevelopment Authority (URA)'s Private Residential Property Transactions e-service to get an approximate valuation. This service allows you to check recent transactions of similar properties in the same area, which can give you an idea of the market value.

Real Estate Portals and Agents

You can also use real estate portals like EdgeProp to get an estimated valuation. EdgeProp's Edge Fair Value tool provides an estimated value based on recent transactions in your area. Additionally, consulting with a real estate agent who is knowledgeable about the local market can provide valuable insights and help you determine a fair and accurate valuation.

Professional Valuers

If you need a more detailed and official valuation, you can hire a professional valuer. These professionals will conduct a thorough assessment of the property, considering factors such as location, size, condition, and recent market transactions to provide a comprehensive valuation report.

In summary, you can obtain a bank valuation through your mortgage application, use URA's services for transaction data, utilize EdgeProp's valuation tools, or consult with real estate agents and professional valuers for a more accurate assessment.