If you’re a single permanent resident (PR) looking to purchase a property in Singapore, you may be wondering what your options are. While there are certain restrictions in place for single PRs, it is still possible to buy a property in Singapore. In this article, we’ll explore the eligibility criteria for single PRs, the types of properties they can buy, and the financial considerations that go into purchasing a property.
To start, it’s important to understand that single PRs are not allowed to purchase new Housing and Development Board (HDB) flats directly from HDB. However, they can purchase resale HDB flats, private condominiums, or executive condominiums (ECs) that have fulfilled the minimum occupation period (MOP). Additionally, single PRs who are at least 35 years old and have never been married can apply for a 2-room Flexi flat under the Single Singapore Citizen Scheme.
When it comes to financial considerations, single PRs should take into account their income, credit score, and down payment. They may also be eligible for certain housing grants, such as the Enhanced CPF Housing Grant or the Family Grant. It’s important to do your research and understand the costs associated with buying a property, including stamp duty and legal fees. By taking these factors into consideration, you can make an informed decision about purchasing a property in Singapore as a single PR.
Key Takeaways
- Single PRs can purchase resale HDB flats, private condominiums, or ECs that have fulfilled the MOP.
- Single PRs who are at least 35 years old and have never been married can apply for a 2-room Flexi flat under the Single Singapore Citizen Scheme.
- Financial considerations such as income, credit score, down payment, and housing grants should be taken into account when purchasing a property in Singapore as a single PR.
Understanding Eligibility and Housing Schemes
If you are a single permanent resident (PR) in Singapore, you may be wondering about your eligibility to buy a house and what housing schemes are available to you. This section will provide you with the necessary information to help you understand your options.
Eligibility Criteria for PRs
As a single PR, you will need to meet certain eligibility criteria to buy a house in Singapore. Firstly, you must be at least 35 years old. Secondly, you must be a Singapore PR for at least three years. Thirdly, you must not own any other residential property in Singapore or overseas.
Available Housing Schemes for Singles
There are several housing schemes available for single PRs in Singapore. The public scheme is available for singles who are first-time buyers of HDB flats. The fiancé/fiancée scheme is available for singles who are engaged to a Singapore citizen or PR. The family nucleus scheme is available for singles who are divorced or widowed with children under 18 years old.
HDB Flats and Executive Condominiums
As a single PR, you are eligible to buy a new or resale HDB flat under the public scheme or the fiancé/fiancée scheme. You are also eligible to buy an executive condominium (EC) that is at least 10 years old. However, you are not eligible to buy a new EC.
To help you finance your purchase, there are several CPF housing grants available for singles. The enhanced CPF housing grant is available for singles with a monthly income of up to $4,500. The proximity housing grant is available for singles who buy a resale flat near their parents or children.
In conclusion, as a single PR in Singapore, you have several housing schemes available to help you buy a house. By understanding the eligibility criteria and the available housing schemes, you can make an informed decision about your purchase.
Financial Considerations and Property Types
When it comes to buying a property in Singapore as a single Permanent Resident (PR), there are several financial considerations that you should keep in mind. In this section, we will explore the different property types available to single PRs, taxes and duties that apply, and financing options that you can consider.
Understanding Taxes and Duties
As a single PR, you will need to pay the Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD) when purchasing a property in Singapore. The BSD is calculated based on the purchase price of the property and ranges from 1% to 4%, while the ABSD ranges from 5% to 20%, depending on your residency status and the number of properties you own.
Exploring Different Property Types
Single PRs can purchase private condominiums, strata landed properties, and resale HDB flats, but are not eligible to buy new HDB flats from the government. Private properties, such as semi-detached houses, bungalows, and terrace houses, are also available for purchase, but come with a higher price tag.
Financing Your Home Purchase
When it comes to financing your home purchase, you can consider taking out a home loan from a bank or financial institution. The loan amount will typically cover up to 75% of the purchase price, and you will need to pay the remaining amount in cash as a downpayment.
In addition to the downpayment, you will also need to factor in other costs such as legal fees, agent’s commission, and monthly maintenance fees for communal facilities. It is important to budget for these costs to ensure that you can afford your property in the long run.
Overall, buying a property in Singapore as a single PR can be challenging, but with the right financial planning and property type selection, it is possible to find a home that meets your needs and budget.
Frequently Asked Questions
What are the eligibility criteria for a single Permanent Resident purchasing a resale HDB flat?
As a single PR, you are eligible to purchase a resale HDB flat provided that you have been a PR for at least 3 years. Additionally, you must not own any other residential property in Singapore or overseas and your average gross monthly household income for the 12 months prior to your application must not exceed $14,000.
How much stamp duty must a single PR pay when acquiring property in Singapore?
As a single PR, you will need to pay Buyer’s Stamp Duty (BSD) when acquiring property in Singapore. The BSD rates range from 1% to 4% of the purchase price or market value of the property, whichever is higher. For properties with a purchase price or market value of up to $1 million, the BSD rate is 1%. For properties with a purchase price or market value of more than $1 million, the BSD rate is 2% for the first $180,000, 3% for the next $180,000 and 4% for the remaining amount.
Are single PRs allowed to purchase executive condominiums?
As a single PR, you are allowed to purchase a resale Executive Condominium (EC) but not a new EC from developers. New EC owners can sell their units to PR after meeting the 5 years Minimum Occupation Period. You can also purchase private condos in Singapore.
What housing options are available for singles looking to buy in Singapore?
As a single PR, you have several housing options available to you. You can purchase a resale HDB flat, a resale EC or a private condominium. However, do note that the eligibility criteria and regulations for each type of property may differ.
What is the minimum down payment required for a single PR buying an HDB flat?
As a single PR, the minimum down payment required for an HDB flat depends on the loan-to-value (LTV) ratio of your home loan. If the LTV ratio is 75% or less, the minimum down payment is 5% of the purchase price or valuation, whichever is lower. If the LTV ratio is more than 75%, the minimum down payment is 10% of the purchase price or valuation, whichever is lower.
Can two PR siblings team up to buy an HDB flat together?
Yes, two PR siblings can team up to purchase an HDB flat together. However, do note that the eligibility criteria and regulations for purchasing an HDB flat may differ for joint applicants.