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I have a few questions:

1. What is the legal age to purchase & own a private property (eg. terrace house or bungalow)?

2. Does one needs to be fully employed with monthly income to own one?

3. Let's say one is not employed but has enough savings to purchase the property (regardless if one is able to pay full amount or through loan(s))?

4. Can one still buy HDB flat if one owns a private property? If no, why?
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7 Answers

Aaron Chong
Replied
Hi, legal age to purchase and sign for a property purchase is 21. And yes, you do not need any loan if you are able to pay it in full cash. You can still buy a HDB unit after that but will have to sell away your private property within 6 months upon collecting the keys of the HDB unit.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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  • MW
    Replied
    Hi, thank you for answering to my questions.

    I am above 21 years of age and I do not own any HDB flats. The current house I am in right now, was bought by my parents.

    Let's say..

    1. I am thinking of buying a private property under my name, will that be an issue? I am not married.

    2. I am thinking of buying a private property but under my parents' name instead (eg. they want to own the private property). What is the brief steps to sell off the current HDB flat? They have not paid the house fully, there are still balances.

    Thank you.
  • MW
    Replied
    Hi, thank you for answering to my questions.

    I am above 21 years of age and I do not own any HDB flats. The current house I am in right now, was bought by my parents.

    Let's say..

    1. I am thinking of buying a private property under my name, will that be an issue? I am not married.

    2. I am thinking of buying a private property but under my parents' name instead (eg. they want to own the private property). What is the brief steps to sell off the current HDB flat? They have not paid the house fully, there are still balances.

    Thank you.
YT Tan (陈永达)
Replied
A very good morning to you, buyer!

Legal age to purchase a property is 21 years old. To be eligible to purchase a landed, you must be a singaporean if not, you will have to apply for approval from SLA's LDAU.

If you wish to obtain a loan for this purchase, you will have to be employed in order to do so unless you have sufficient funds to do full payment (even you are not employed).

Lastly, you can purchase a resale HDB but will have to dispose off your private property within 6 months from resale HDB purchase completion date. Do take note that there could be seller's stamp duty applicable for your private property sale if you sell within 4 years from purchase date.

Hope my explanation helps!

If you need further assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT Tan
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More
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  • MW
    Replied
    Hi, thank you for answering to my questions.

    I am above 21 years of age and I do not own any HDB flats. The current house I am in right now, was bought by my parents.

    Let's say..

    1. I am thinking of buying a private property under my name, will that be an issue? I am not married.

    2. I am thinking of buying a private property but under my parents' name instead (eg. they want to own the private property). What is the brief steps to sell off the current HDB flat? They have not paid the house fully, there are still balances.

    Thank you.
CK Ang
Replied
Hi,
Below is my input.
1. the min age to own a property is 21.
2. if mortgage loan is required, bank will assess you monthly income.
3. you may purchase with full cash, but be prepare to answer to IRAS the source of cash.
4. you can purchase hdb later, but have to sell you private property within 6 months.

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.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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  • MW
    Replied
    Reply from Anonymous - Feb 5, 2016


    Hi, thank you for answering to my questions.

    I am above 21 years of age and I do not own any HDB flats. The current house I am in right now, was bought by my parents.

    Let's say..

    1. I am thinking of buying a private property under my name, will that be an issue? I am not married.

    2. I am thinking of buying a private property but under my parents' name instead (eg. they want to own the private property). What is the brief steps to sell off the current HDB flat? They have not paid the house fully, there are still balances.

    Thank you.
Allan Chong
Replied
Guessed the rest of our fellow agents had answered your queries. I share your sentiments. I assumed you are in your twenties, like me twenty years ago. I wasn't working but had some inheritance money which then I used it for deposit of a property. The bank financed the rest of the 50% and my monthly installment was paid using my rental income. For more advise, www.comm1realty.com Read More
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  • MW
    Replied
    Hi, thank you for answering to my questions.

    I am above 21 years of age and I do not own any HDB flats. The current house I am in right now, was bought by my parents.

    Let's say..

    1. I am thinking of buying a private property under my name, will that be an issue? I am not married.

    2. I am thinking of buying a private property but under my parents' name instead (eg. they want to own the private property). What is the brief steps to sell off the current HDB flat? They have not paid the house fully, there are still balances.

    Thank you.
YT Tan (陈永达)
Replied
Good evening buyer,

Great to hear from you!

You are legally eligible to purchase and own a private property as a single person (above 21 years old). To find out more about your comfortable budget, probably you can share more on your finances (cash and CPF OA funds) with me and speak to my banker so he/ she can advise you on your approval in principle (AIP).

If the purchase is under your parents' names, they have to decide whether to sell off the unit before the purchase or hold on to the property.

If they sell before the purchase, they wont be subject to additional buyer's stamp duty of at least 7% as Singaporean, they can obtain 80% bank loan (due to no outstanding loan) and able to utilise all their CPF OA funds (dont have to set aside half of minimum sum $80.5k).

Probably you can share more information about your parents' house with me via email or mobile as Propertyguru doesnt prompt me when you reply to my post.

I will be able to advise you what will be the potential sale price and whether do they have sufficient funds to upgrade to a condo.

Hope to hear from you soon!

Have a great and enjoyable holidays ahead!

Warmest Regards,
YT Tan
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More
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GAN ENG JOO ONASSIS
Replied
Hi,

Re: Our Preferred Experienced SG Professional

The main things is to have a clear pictures of the valuation of your HDB and balance loans. Your parents age. Monthly Household income

Call us now, we can explore further in detail.

We are contactable at 92222389  or onassis@sgrealtor.com.

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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YT Tan (陈永达)
Replied
Good afternoon buyer,

It might due to your busy schedule that you didn't have the chance to read my reply to your query.

I had shared some of my insights earlier. Hopefully they are value add to your purchase plans.

If not, feel free to share more with me so I will be in a better position to advise you further.

Hope to hear from you soon!

Warmest Regards,
YT Tan
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
BEstate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More
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