How To Buy A House in Singapore?

Who can buy a house in Singapore?

There are 3 main types of properties in Singapore:

HDB Apartments
Private properties
Executive condominiums (EC)
To purchase an HDB apartment, you must be a citizen of Singapore or a permanent resident (PR) – foreigners are not eligible to purchase HDB apartments.

Citizens and PRs in Singapore are free to purchase any type of private property (including apartments and bungalows) and the EC, but note certain restrictions on the ownership of HDB apartments.

What types of properties can foreigners buy in Singapore?

Foreigners can purchase private properties such as private apartments and condos, but will need government approval to purchase land properties such as bungalows.

Foreigners can only buy Executive Condominiums (EC) at least 10 years old.

Foreigners cannot buy HDB apartments in Singapore.

How much does it cost to buy a house in Singapore?

The actual cost of a home in Singapore will vary depending on many factors, including the maturity of the estate, proximity to amenities, the type and age of the property and the condition of the unit. The average price of real estate in Singapore in 2018 was US $ 874,372 (approximately S $ 1,183,025).

It is important to note that in addition to the actual price of the property, there are additional expenses to become an owner. Examples include legal fees and stamp duties, maintenance fees (conservation fees), home insurance, etc.

How much bank loan can I borrow to buy my house?

The amount you can borrow depends on the person you are borrowing from, not the property you buy.

If you are buying an HDB apartment, you can apply for an HDB concessional loan. The maximum loan-to-value ratio (LTV) for HDB home loans is 90% of the property value or the sale price, whichever is less. The remaining down payment of 10% can be financed in cash and/or with your CPF savings.

If you buy an HDB apartment and, for whatever reason, do not qualify for an HDB home loan, you can choose to take out a private bank loan. The LTV ratio for private bank loans is 75% of the property value or the sale price, whichever is less. The remaining 25% is divided into 20% which can be paid in cash and/or your CPF savings, and a mandatory cash component of 5%.

If you are considering applying for a home loan, be sure to compare the best home loan rates on a financial comparison site like SingSaver.

At what age can you buy a house in Singapore?

To buy an HDB resale apartment, the minimum age is 21, provided that you buy as part of a family nucleus. The core can include:

Spouse and children
Parents and siblings
Children in your legal care (if widowed or divorced)
If you buy an HDB resale apartment as a single person, the legal minimum age is 35 years old if you are single or divorced. If you are a widower or orphan, 21 years old.


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