Buying A New House In Singapore New Buyer 2021 Guide
Purchasing a house your very own house has always been a Singaporean dream.
Whether you are doing purchasing a new BTO flat, or a resale one, we got you covered!
Cost of a Singaporean Home
Average cost of a Singaporean house in 2021 are as follows:
Average cost of renovating a Singaporean house in 2021 are as follows:
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Do note that when choosing between a build-to-order (BTO) versus a resale property, keep in mind that resale properties are usually more costly than BTO flat. Usually this amount is pretty high for the average Singaporean, thus aside from withdrawing from your Central Provident Fund (CPF) account, you may want to consider taking a loan to fund your new home.
Taking a loan
The amount of CPF Ordinary Account (OA) savings you can use is subject to the CPF housing limits, namely the Valuation Limit (VL) and Withdrawal Limit (WL).OA.
Purchasing multiple properties
Purchasing other properties with HDB flat has some limitations in Singapore. By law, there is a minimum occupation period of 5 years. This means that a person cannot own more than one HDB flat concurrently. In the event that this happens, he or she will be required to sell of the other HDB flat within 6 months.
Loan-To-Value (LTV) Limit
If you are buying an HDB flat, you can apply for an HDB Concessionary Loan. The Loan-To-Value (LTV) limit for HDB Concessionary Loan is up to 90% of the property value or selling price, whichever has a lower value. The remaining 10% can be financed with cash and/or your Ordinary Account from your CPF savings.
If you are buying an HDB flat, you can also choose to take a private bank loan.
The LTV limit for private bank loans is up to 75% of the property value or selling price, whichever has a lower value. The remaining 25% is split into 20%, which can be paid using cash and/or your Ordinary Account from your CPF savings, and a minimum of 5% compulsory cash component.
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At Dreamakers Interior we believe that every space has the potential to become unique, harmonial and beautiful. We are proud of what we do and are prepared to work overtime to guarantee that you are satisfied with the way your space looks. From full-scale projects to small renovations, we invite you to take a look at our gallery and see what we have done. Below are some of our favorite projects. If you need professional help for design conceptualization or space planning, let us know
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