3 Answers

Occupiers do not affect the loan size. Their inclusion will only affect the housing grant applicable if they are included in the household income.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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My Answer with regards to your Question:

Drawbacks:

Limited CPF Usage: Essential Occupier's CPF cannot be used for the HDB flat purchase (downpayment or mortgage).

Loan Burden on Single Owner: Only the Single Owner's income is considered for loan eligibility, potentially limiting the loan amount.

No Legal Ownership for Essential Occupier: Even if financially contributing, the Essential Occupier has no legal ownership of the HDB flat.

MOP Applies to Both: Both partners must fulfill the Minimum Occupation Period (MOP) before buying another property.

Benefits:

Essential Occupier Saves ABSD (Additional Buyer's Stamp Duty): They are not considered a homeowner, potentially saving a significant amount of tax when buying private property later.

Essential Occupier May Qualify for Higher Loan Quantum: With no existing housing loans, they might qualify for a higher loan amount for future private property purchases.

Conclusion:

The Single Owner & Essential Occupier scheme offers potential tax savings and higher loan eligibility for future purchases. However, it comes with limitations on CPF usage, loan amounts, and ownership rights for the Essential Occupier. Carefully weigh the pros and cons to decide if this scheme is suitable for your situation.

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Tan Pei Cheng (Pei)
Hi
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
Pei
Mobile: (65) 9 7 1 0 0 1 5 5.
Email: peicheng.tan@propnex.com
Associate Group Director
Propnex Realty Pte Ltd

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