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My husband and I are Singaporeans, but we have lived outside Singapore for the last 30 years. Either one of us do not own any property, either in Singapore or anywhere else. We would like to know if we are eligible to buy HDB apartment in Singapore and use it when we return every year to Singapore. Alternatively would we be able to rent it out? 2nd question---- Not owning any property, can we buy property in Singapore (not HDB) and what mortgage rates would the bank offer us and what percentage will down payment be. My husband has his own business outside Singapore. Thank You .
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2 Answers

YT Tan (陈永达)
Replied
Morning Mrs Aswani,

Both of you are able to apply for BTO but have to bear in mind the income ceiling of $10k combined. While no issue for purchase of resale flats.

But do take note that, if both of you do not fulfill the minimum occupation period of 5 years after purchase, you wont be able to lease out your HDB.

If you are thinking of purchasing a private property instead, no problem at all as well.

As for mortgage, I will refer you to my bankers to advise you on this. But some background information for you, downpayment will be 20% (if you manage to obtain a 80% bank loan) as you dont have any existing housing loan. Secondly, the loan tenure you take up cant exceed age of 65 years old. If it is, the loan percentage will reduce to 60%.

Another thing to take note is that buyers nowadays have strictly adhere to the Total Debt Servicing Ratio (TDSR) regulation which means you can only finance your debts up to 60% of your income (inclusive of credit cards bills, car loan etc.)

Hope this will help. If you need bankers to advise you on the mortgage packages, feel free to contact me.

Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior District Manager
R043025D
ECG Property Pte Ltd
(A Wholly Owned Subsidiary of ECG Group of Companies)
Estate Agent no. L3009759F
Blk 190 Lorong 6 Toa Payoh #05-508 S (310190)

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): yttan.stproperty.com.sg/
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  • AN
    Replied
    Thank You Mr.Tan , for your very detailed and informative answer.I will contact you when I am in Singapore in a few months time.
Mike Lim
Replied
Morning Natasha,

Depending on your income status, both of you can either opt for BTO or resale HDB unit. If you are not renting out your HDB unit, you can keep it vacant during your stay oversea. As for how much loan both of you can attain, my banker can work it out based on your income overseas.
However, if you are looking at purchase of private property, you can opt to rent it out during your absence.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • AN
    Replied
    Thank You Mr. Lim for your kind reply. It was very informative and I will be getting in touch with you soon.

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