Buying studio apartments in Singapore lets Singaporeans and local residents avail of budget-friendly new homes.
Leasing a studio apartment for rent from a homeowner allows you to considerably save money without compromising the lifestyle that you desire.
If you’d like to avail of a studio apartment for sale in Singapore, though, you need to meet certain eligibility requirements.
Enumerated below are the eligibility requirements that you must meet before you’ll be permitted to lawfully buy a studio apartment in Singapore:
1. For Singaporean Citizens Only
Buying condo & studio apartment in Singapore is available for Singaporean citizens only.
2. Age Requirements for the Principal and Derivative Applicants
Principal studio apartment homebuyers in Singapore must be 55 years old and above when they file their purchase applications. If principal studio apartment buyers have supporting or derivative applicants accompanying their purchase applications, the following eligibility requirements must also be met:
– Principal buyers’ husband/wife, parents, brothers/sisters or sons/daughters
These derivative applicants must be Singaporean citizens or Singapore Permanent Resident Status Holders. They must be 21 years old and above.
– Derivative Purchasers Not Mentioned Above
Applicants must be Singaporean citizens. They must also be 35 years old and above.
3. Inclusion of Husbands/Wives As Derivative Applicants
It is mandatorily required under the law that you include your husband/wife in your studio apartment purchase application if you’re married.
If you’re unmarried, you can still file a purchase application for a studio apartment in Singapore on your own.
4. Sufficient Income
The principal and derivative applicants that intend to own studio apartments in Singapore must each have a monthly income of not more than SGD$10,000 in gross amount.
5. Other eligibility requirements
– If you partially own a flat provided by the Singapore’s Housing and Development Board, you need to surrender such ownership within the 6-month time frame from the time you purchase a studio apartment.
– Before you can purchase a new condo launch or studio apartment in Singapore, you must surrender all private property ownerships of all types.
– If the any of the applicants are owners of the following properties, these applicants may also file applications to own studio apartments:
– HDB provided flats.
– CPF Housing Grant Scheme Resold Flats.
– Developer Sold DBSS Flats.
Other conditions govern these requirements, find out more by going to HDB Singapore’s website.
If you meet the eligibility requirements stated above, then you’re well underway to purchase your very own studio apartment in Singapore. Avoid wasting time and efforts. Assess your qualifications carefully before you file an application to purchase an SA in the country.