Selamat datang ke Singapura – Welcome to Singapore,
I hope you are adjusting well to your new work place and new home here.
Here’s some information that may be relevant for you and your family:
Foreigners are eligible to purchase any ‘Non-Restricted Property’ in Singapore such as apartment within a building or any unit in an approved condominium, whether it is Freehold or Leasehold.
More information could be found here http://www.sla.gov.sg/htm/ser/ser0306.htm
The most affordable Freehold condominiums here are available in District 14, near Aljunied MRT starting from around $500,000 for 1 Bedroom or $600,000 for 2 Bedrooms.
You must have all the following to own your first $500,000 Condominium property:
*Based on IWAA-Income Weighted Average Age below 35 years old which allows for maximum 30 years loan period
1. Minimum fixed salary of $3,000 monthly or $4,300 monthly if variable/commission based salary to be eligible to apply for 80% loan of $400,000
2. Cash for 20% Down payment (Up to 15% can be from CPF OA, if applicable): $100,000
3. Cash for BSD-Buyer Stamp Duty (3% -$5,400): $9,600
4. Cash for ABSD-Additional Buyer Stamp Duty (Citizen 0%, PR 5%, Foreigner 15%): $0/$25,000/$75,000
As a foreigner, you will require a minimum $184,600 in cash and earning $3,000 monthly subject to further credit assessment by relevant banks to purchase a $500,000 non-restricted property.
*For higher valued properties, simply multiply the figures accordingly.
Kindly consult a banker to get an IPA-In Principle Approval on your loan before making any commitment.
Hope the above guide is helpful. Please feel free to contact me should you have additional queries or require assistance in search of your ideal home.
Thank you and Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile:
82250212
Email: karrien.realty@yahoo.com
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