You can purchase resale HDB under non citizen spouse scheme (I assume you are Singaporean) but do take note that only your income will be taken into consideration as your spouse is a foreigner.
For HDB purchase, you can opt for 90% HDB loan (10% downpayment can be fully paid by CPF OA funds) or 80% bank loan (5% cash downpayment and 15% CPF or cash downpayment).
For financing of private property, you can only obtain max 80% bank loan as well. But for this case, you can purchase it jointly with your spouse and wont be subject to additional buyer's stamp duty even though your spouse is a foreigner. IRAS will grant exemption as they will treat your first property purchase as your matrimonial home.
In addition since you wont be in Singapore for the next few years, you need to seek permission from HDB in order to rent out whole unit within minimum occupation period. Your absence will not be taken into consideration for MOP as well. For your information, you need to fulfill MOP first before you can rent out or sell.
While there's no such restriction for private property.
So with this, which property suits you guys better?
May I know how can I value add further in your property purchase?
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YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480
(M): +65 9111 5171
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For resale hdb, you can opt for hdb (90%) or bank loan (80%). Downpayment will be 10% and 20% respectively. I assume you be looking to rent out the unit since you will not be in SG? For hdb you can't rent out the unit as there is a MOP of 5 years to be met. For private property there's no such restrictions, you can purchase units with tenancy as well for immediate rental yields.
May I have more info and requirements so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Contact: (+65) 97432395
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If you're taking a bank loan, the maximum loan you can get is 80% of the lower of property valuation or purchase price.
Hence, the amount of downpayment you will need to fork out is the 20% downpayment plus the necessary legal and stamp duty, estimated at 3% of the property purchase price.
If you are not based in Singapore, it is advisable you buy a private condo and rent it out for the tenant to help you pay your mortgage installments.
Please call me at my mobile 9748 6305 for further discussion. I will be happy to assist.
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I have assisted several of my clients who are in the same situation as you, ie. based overseas and buying a local residential property either for investment or for retirement needs.
In terms of financing, UOB and OCBC are able to assist as long as you are able to provide proof of your salary slips and income tax statement from overseas. You will be able to secure up to 80% loan, with the remaining 20% consisting of 5% cash and 15% CPF.
Buying a condo will make more financial sense as you will be restricted by the minimum occupation period of 5 years for a HDB as you will not be able to rent the unit out during the initial 5 years. This will translate to lost income and opportunity cost.
Please feel free to contact me so that I can understand your situation and assist you further!
(M) +65 9644 4854
Testimonial from Satisfied Clients (2015/2016)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
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“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
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For of hdb, can only purchase under your name but your husband as occupant. As for condo, there is no restriction, but take note of the ABSD for foreigner.
To purchase a condo, if your husband is working in Singapore, then bank loan is quite straight forward, can get up to max 80% of the valuation. The remaining 20% will be cash 5% and 15% cash + cpf.
To assist and advise you more in details, kindly drop me an email for me to share.
I am contactable at my mobile or email.
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