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What Do You Need To Be Eligible For Food Stamps – Are you planning to buy a house? Owning a home is not cheap, especially in Singapore. But how is it treated? We have summarized the essential criteria and answers for you, whether you are looking for a BTO, a resale apartment, or a private property.
If you intend to buy an HDB flat, to find out if you are eligible for an HDB loan and the maximum amount you can borrow, you need to apply for an HDB Loan Eligibility letter (HLE).
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The HLE helps you plan your home purchase, giving you information about how much you can borrow, the monthly repayments, the amount of money you need and other terms and conditions.
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Or you may be more interested in the investment potential of private property. If so, prepare to have a bigger budget because they are more expensive for:
A house in Singapore will vary in price depending on many factors, such as the maturity of the estate, the proximity of services, the type and age of the property, and the condition of the unit.
Because the government subsidizes HDB properties, they are the most affordable type of housing available. The average cost of an HDB property listing is S$532, 768 or S$507 per square foot. Smaller flats such as 2- and 3-bedroom flats typically cost between S$300,000 and S$450,000. Medium-sized 4-bedroom HDB flats are much more expensive, costing 34 % more than 2 and 3 rooms. However, if you want to upgrade to a larger HDB flat such as a 5-room flat or an executive flat, you can expect to pay 20-44% more.
The above mentioned are only for HDB flats. Many Singaporeans dream of upgrading or living in a condo or more luxurious accommodation. Such accommodation is usually much more expensive.
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Buying a home is a big financial commitment that requires careful planning. It must meet the needs of you and your family now and in the future. With this in mind, consider what is needed and what you want to have.
What you can afford depends on your income, expenses, debts and savings, as well as the amount you may be eligible to borrow. You will need to make some payments in advance and keep up with the monthly installments of housing loans and other recurring expenses.
You pay the option fee to reserve the property of your choice. The tables below show the option fees for the different types of accommodation, all payable in cash. If you choose not to exercise the option, you must be prepared to forfeit the option fee paid.
In order for the bank to release funds for you to buy the property you are interested in, an appraisal must be carried out. The rate on this will vary depending on the value of the property. It usually costs a few hundred dollars.
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These are legal fees charged by law firms for any work done. These often start at S$1,800.
This is a tax you pay on Sale and Purchase (S&P) or Option to Purchase (OTP) Agreements. The amount you pay is a percentage of the property’s market price, or the price at which you purchased it (whichever is higher).
This was introduced for residential properties. It is payable in addition to the existing buyer’s stamp duty. However, not all real estate buyers pay this stamp duty. For example, if you are a Singaporean citizen and buy your first property, you will not be charged with this duty. However, you will be charged 12% on the property purchase price if it is your second property.
You will need to factor the agent’s fee into the purchase price if you have hired an estate agent to help you buy the property. This commission is usually 1% of the price you bought the property. 1% will cost a little as it is based on the price of your property.
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In addition to your monthly home loan repayments, you’ll also want to cover other recurring costs that come with owning a home. These include:
HDB owners pay monthly service and maintenance charges to their town councils to maintain their houses. You pay a higher rate for a larger apartment. Owners of private properties such as condos and apartments usually pay monthly maintenance fees. Utility charges (energy, water and gas) depend on their use.
The property tax payable annually is calculated based on a percentage of the property’s annual value. The annual value is the estimated annual income that your property can take, regardless of whether you rent it or not. Find out more about property tax from the IRAS website. You pay lower property taxes if you live in the property you own, compared to if you rent your property.
If you buy an HDB flat and use your CPF savings to pay your monthly installments, you must be insured under the CPF Home Protection Scheme.
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This insurance scheme protects you and your family from the loss of your home should you become permanently disabled, or die before the housing loan is paid.
Even if you do not use your CPF monto pay for your monthly payments, you are still encouraged to be insured under the Home Protection Scheme. You can use your CPF money to pay for it.
Term reducing mortgage insurance protects your dependents if you (the borrower) should pass away or become permanently disabled and can no longer service the loan.
If your property is mortgaged to a bank, you may be required to take out a mortgage interest policy.
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For peace of mind, it is a good idea to insure your home against fire and other dangers. The cost of such insurance is generally low relative to the potential loss. Certain policies, such as fire insurance and mortgage interest policies, may be required by your bank. Here is a comparison of the different types of home insurance and what they are for:
Many contractors or interior designers will quote you around $65,000 to renovate a resale HDB flat. The cost of renovating a resale flat is typically more expensive than renovating a BTO. If you want to take out a loan for renovations, the interest rate is usually in the range of 5% per year – you should compare between banks for the lowest rate.
Do you have insurance or investments? Great! But this will not help if you need money immediately accessible. Having an emergency fund means setting aside 3 – 6 months of income for such emergencies. It is also a sign that you are ready to buy your home.
Make sure you have Approval in Principle (AIP). That’s because if you can’t find a bank to borrow money to buy the house in 14 – 30 days, your reservation fee is lost. This means you could stand to lose thousands of dollars! Here are examples of how much you could lose by losing your booking fee:
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That’s why it’s smart to talk to a bank and get an AIP before booking an apartment. It is a free document that you can get in any bank that indicates how much the bank promises to lend.
The down payment on your home can vary from 10% for an HDB loan to 20% for a bank loan. If you don’t have the cash (or CPF) on hand to make the payment, either wait until you do or find a more affordable home.
It is very tempting to use your CPF whenever you get the chance. But before you think about dumping all your CPF into your home purchase, think about your retirement. Can you afford to put all your eggs in one basket?
If your answer is no, you should rethink using ALL of your CPF towards your home. Remember, you always have retirement to think about!
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If you buy your home at the peak of a property bubble, you are buying high at a point where prices can only go one way – down. Instead, wait for the market to clear because that’s when real estate agents and developers lower their prices to find buyers.
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There are four scenarios that make you eligible. Medicare is used mostly by seniors 65 years of age or older or by people with disabilities. However, there are other less common scenarios that may qualify for this discounted government health insurance coverage, including people with end-stage renal disease.
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If you are 65 or older, you will probably be eligible for Medicare. You must also have more than 10 years of work history from both yourself and your working spouse. And, you should