AskGuru Q&A Community

Dear Sue Chin,

As you are 31, you do not qualify to purchase any HDB under singles scheme, therefore your only option is in the private residential market which includes resale EC, as well as commercial and industrial properties.

With your existing funds on hand, plus consideration of your income and age, your loan eligibility falls quite short to afford a private residential property, as your loan eligibility based on estimation is about $215k maximum.

The alternate ways to kickstart the journey of real estate investment is through other vehicles like group investment via trust agreement, where you can co-invest with friends or relatives or even like minded investors. Risks is definitely something you will need to consider through such channels. I have come across investors in their early 20s owning their first investment property and selling them off making decent returns via such channels.

Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
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
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com
-----
Note: We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us!

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

Visit and Like my facebook page at https://www.facebook.com/GerylLimSince2009/ - Aspiring To Be The Best Real Estate Agent In Singapore

Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

My self introductory video on https://www.youtube.com/watch?v=uZ6REQfdGSw
-----
Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ http://l.ead.me/7772 Read More

Hi Sue Chin, do contact me at 97970200  to discuss more on your options.

Mark, your RIGHT choice
Propnex Read More

Hi Sue Chin,

1) HDB flat is mainly for SC, although there are certain schemes available for SPR, but exclusive of single.
2) Thus as a single SPR, you can only choose a private condo or resale EC.
3) Under current MAS regulations, financial assistance from bank max loan is 75%. In other words, you have to prepare a 25% downpayment, of which 5% must be cash.
4) Using your gross salary to do a TDSR assessment, your maximum loan is around $350k.
5) Consider you are also subject to 5% ABSD (Additional Buyer stamp duty) on top of 3% BSR (buyer stamp duty). You have to take into consideration the tax amount for any property purchase in Singapore.
6) I assess your current condition and feels that you can wait a few years when your financial status is more ready to consider buying any property.
7) However, when you found your partner, you may combine with his salary to apply for a higher loan. You may also eligible for HDB by then.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More