Property Buying Tip #10: Co-Ownership

In Singapore, there are two forms of co-ownership for residential property. (1) Joint Tenancy [right to survivorship] Two or more parties have rights to the land as if they were a single owner. It also implies the right to survivorship i.e. when one party dies, his or...

Property Buying Tip #8: Property Tax

(Reference: www.iras.gov.sg) In Singapore, property tax on the ownership of property is based on the gross annual value of the property. The gross annual value is determined on the hypothetical assumption that the property is vacant and to be let. In most instances,...

Property Buying Tip #6: Option Fees

When buying from the Open or Resale market, a 1% Booking or Option Fee is required upfront and you are given a period of time, usually 14 days, to pay the balance 4% to exercise the Option to Purchase (OTP). In other words, you will need a minimum of 5% cash to pay...

Property Buying Tip #5: Cash Component

There is no minimum CPF amount required to be used when buying property in Singapore. In other words, you can use all CASH to buy property if you want to. There is, however, a minimum Cash component when buying property: If you have no outstanding home loan, you can...

Property Buying Tip #4: CPF Component

(Reference: www.cpf.gov.sg) The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence in their old age. The savings in the Ordinary Account can be used to buy a...

Property Buying Tip #3: Credit Record

(Reference: www.creditbureau.com.sg) Maintaining a good personal credit record is important especially when you are applying for a housing loan. This includes timely payment of your mortgage loan, credit card debt, cash overdraft, car loan and so on. Please remember...

Property Buying Tip #1: Where to invest?

(Reference: www.ura.gov.sg) One of the most important websites to gather information about Singapore’s physical development is www.ura.gov.sg. Some of the key information available on this website includes: The Concept Plan which maps out the country’s vision for the...

When is the Best Time to Buy a New BTO Flat?

By Getty Goh (guest contributor) In one of my previous blogs, I wrote about why I thought HDB flats could be made cheaper for first time buyers. Serendipitously, the DBSS debacle occurred shortly after my blog was published and the public outcry over the S$880,000...