Buy Landed Property

For many, purchasing a landed home in Singapore is a pipe dream. Find out what it takes to rank amongst this elite group! There are four criteria one must fulfil before qualifying to buy landed property in Singapore. You have to be a Singapore Citizen (SC) or Permanent Resident (PR)- Foreigners are only allowed to purchase condominiums. If you are a PR, you will have to wait five years after registration to be eligible to buy a landed property. You should have a debt to income ratio of 60% and below- you and your spouses’ combined monthly debt obligations divided by your combined base salary will give you your debt-to-income ratio. If you have a debt-to-income ratio of below 60%, fret not. You are still allowed to take out mortgages as long as loans borrowed do not surpass 75% of the overall property value. You have to be able to afford 110% more on home insurance- because of the scale of landed property, landed property owners tend to fork out 110% more on home insurance, renovations and furnishings by default. These ‚Äòhidden’ fees that could haunt the unsuspecting buyer if not taken into account. You need to be amongst the top 5% of earners- expect to fork out anywhere between several hundred thousand dollars to $100 million when you buy a landed property.