skooch wrote:Hi,
My partner and I have been living in Singpore for a year now and my partner has an EP and I have a long term visitors pass. We are now thinking about buying a
property instead of renting and I have a few questions that I hope you can answer.
1. Is there an advantage to being a PR when buying a property ?
Yes - you can purchase HDB housing which is cheaper, but don't think that that is enough to qualify you for PR.
2. Is it possible to get a mortgage where you only pay 10% deposit ?
You need to look around. The 20% deposit is also there for your protection so if the value of your property tanks it limits the difference between what you sell it for and what you have to repay the bank.
3. What additional costs do you have to bear in mind when buying a property ?
Read the property guide the main section of the website. Some useful pointers there. Transfer tax is about 3% of the value and then there are legal fees and bond registration fees. On going there are Levies and property tax and insurance costs. Depends on the block that you purchase as to how much this is.
4. Can anyone recommend any good financial advisers ?
I am amazed at the high cost of properties in Singapore and will struggle to raise a 20% deposit. Is there a way that people do this ie get loans for the deposit ? Silly question I know but its just so expensive !
You can take out a personal loan for the difference, but a) the interest rate will be much higher, the repayment period shorter and if you have to sell the property at a loss, you'll be much worse off.
