Hi there, turning 35 is a significant milestone, and it's understandable that you're thinking about your future, especially when it comes to property ownership.
While not having CPF contributions from your current employment can be a hurdle, it's not necessarily impossible to own property in Singapore. Here's what you need to know:
Understanding the Situation:
No CPF Contributions from Employer: Your current employment arrangement with your family business doesn't include CPF contributions. This limits your ability to use CPF savings for a down payment or to service a housing loan for an HDB flat.
Limited CPF Savings: You have some CPF savings from past employment or self-contributions, but it might not be enough to cover the required down payment for a property.
Cash Savings: You mentioned having cash savings, which is a positive factor in your favor.
Possible Options:
Private Property:
Cash Purchase: If you have sufficient cash savings, you can consider buying a private property outright without a loan. However, this might require a substantial amount of capital.
Bank Loan: You can apply for a bank loan to finance the purchase of a private property. However, be aware that banks typically require a higher down payment (at least 25%) compared to HDB loans.
Consider Smaller or Less Expensive Properties: If your cash savings are limited, you might need to consider smaller or less expensive private properties to make the purchase feasible.
HDB Flat (Limited Options):
Non-Citizen Spouse Scheme: If you are married to a non-citizen, you can purchase a resale HDB flat under the Non-Citizen Spouse Scheme, even without CPF contributions.
Joint Singles Scheme: If you are single, you might consider buying a resale flat with another eligible single under the Joint Singles Scheme. However, this scheme has specific eligibility criteria.
Explore Other HDB Schemes: You can explore other HDB schemes like the Orphans Scheme or Public Rental Scheme, but these have specific eligibility conditions.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here:
https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you with reputable bankers for private housing loans free of charge and with no obligation.
I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
XXXXX The End XXXXXXX
Read More
