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Basic Checks
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| Buying a new apartment, flat or house may probably be your single largest investment. Hence, before
you even visit a showflat or view any unit, it is important that you familiarise yourself with some
existing Government policies which may affect you.
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| Fast
Facts: |
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If you own a HDB flat or Executive Condominium, you have to fulfill the minimum occupation period
before you can purchase private residential properties
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If you are a Non-Singapore citizen, you have to obtain approval from the Controller of Residential
Property before you may buy landed houses.
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You should consider your finances before committing to any property purchase, taking into consideration
the limit on the use of CPF monies for property purchase and the loan amount you can obtain.
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You can access free property market information, such as prices of private residential properties
transacted over the last 12 months, from URA website.
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Besides the price of the property, other fees such as stamp duty and property tax are payable.
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You may wish to consult a lawyer on your rights and obligations before signing any document. |
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| Check
Your Eligibility to Buy |
Before you consider buying your dream home, check whether you are eligible to buy especially if you own
a HDB flat and/or are a non-Singapore citizen (including Singapore Permanent Resident).
If you own a HDB flat, you may wish to check whether you have fulfilled the minimum occupation period
required for your HDB flat before you can purchase private residential properties. For more information,
visit the HDB website.
If you are a non-Singapore citizen (including Singapore Permanent Residents), you have to obtain
approval from the Controller of Residential Property, Singapore Land Authority, before you may buy
landed houses. For more information, visit the SLA website.
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| Considering
Your Finances |
You should consider your finances and decide on a budget that you would be able to commit towards your
property purchase. You could use the "Housing Affordability Calculator" from CPF's website to estimate your housing loan based on your income and ability to service the loan.
If you decide to utilise your CPF monies, you should take note that there are limits on their use for
property purchases. Information on the use of CPF monies and how proceeds of sale from your previous
residential property will be handled is available from the CPF website.
If you need to borrow from banks, you should familiarise yourself with the terms of the loan and
mortgage as well as the variation in interest rates for the period of your loan. You may wish to
discuss with a banker to determine the maximum loan amount that you may obtain, the interest rate
and period of repayment for the loan. The list of local and foreign full banks operating in Singapore
can be found in MAS website.
Your application for the use of CPF monies and/or loans from banks will take some time to be processed.
Your lawyer will also need time to carry out certain checks regarding the property to be purchased. To
ensure that you have enough funds to meet the payments required as well as a place to stay, you should
plan carefully when you should sell your existing home and when to purchase a new home. For information
on the process of sale of HDB flats, visit the HDB website.
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| Property
Market Information |
URA provides free information on the property market, including:
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List of the
launch and sale status of uncompleted private residential projects. The list is updated
every month.
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Prices
of private residential properties
that were transacted with
caveats lodged over the last
12 months. |
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| Know
the Fees Payable |
You may want to find out more about the other fees payable when purchasing a residential property.
Besides the following fees, you should also find out from the sales agent or your lawyer on any other
fees which you may have to pay.
For information on stamp duty and property tax payable, visit the IRAS website.
A valuation report on the value of the property to be purchased is required by banks and the CPF Board.
For a list of valuers and the fees payable, visit the SISV website.
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| Consult
a Lawyer |
You may wish to consult a lawyer to understand better the process of buying a property and your rights
and obligations before signing any document. In engaging a lawyer you should also clarify the scope of
services to be provided as well as the fees payable. For information on lawyers and the legal
profession in Singapore, visit the website of The Law Society of Singapore.
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