Everybody wants to be a homeowner, but the process of becoming one can be a long and tedious one. If you’re applying for a BTO, then the 4-year wait can be an epic torture, and if you’re opting for a resale flat, spending that insane amount of money needs to be worth it. So today, we’ll be guiding you in the ABC’s of how you need to be qualified to build your own home in Singapore.
1. Appliance eligibility
First of all, it is important to note that you need to be eligible to even apply for one. The criteria differs for different people, but here’s a brief checklist of who can apply and who cannot: you need to be at least 21 years old, you need to be from a family unit, you need to meet a specific income bar and you need to have enough amount in your back account as assurance.
2. Cost concerns regarding resale properties
But if you’re opting for a resale unit, there is whole other cluster of things that you need to see to. It may be beneficial that you can instantly become a homeowner by going for resales, but quite a few of them a prime properties that have been strategically invested in, so they’re definitely more expensive. If you have to stretch the limits of your bank account to get one, then it’s not really worth it.
3. Check out the neighborhood infrastructure
Before investing in any property, it is important that you check out the neighborhood and infrastructure of the place you’ll be moving to. Check out of the neighbors are nice people – who wants to learn that their neighbors like to make a huge ruckus in the middle of the night while only just moving in? You also need to check out the public transport platforms for easy commute.
4. HDB grant offsets
Ever heard of the CPF Housing Grants? They’re allocated for the people of low income who might not be able to otherwise afford a unit. Of course they check out your monthly income to determine if you really are eligible for the grant. If you get it, you can easily get around $80,000 in subsides, which makes up a bulk of the down payment.
5. Single citizen scheme
This basically means that one of the partners who’re applying for the home ownership need to be citizens of Singapore. The noncitizen spouse must also be holding a valid Visit Pass at the time of application. Here’s where you can check out the rest.