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Singapore Home Ownership: Requirements and Tips

Home ownership is basically the major priority of the government of Singapore for its citizens. This is the primary reason why they have created the Housing & Development Board. This government agency is tasked to create and develop affordable housing for Singapore citizens.

Location

You will be able to find affordable homes developed by the Housing and Development Board all over Singapore. This is primarily the reason why before you purchase a unit, you must have already decided on the location you wish to be relocated in. You must take various factors into consideration; these include accessibility to transportation and basic needs and its distance to your workplace. Available properties from the board are posted on their website or the newspaper. Their list usually includes the size, the location, as well as the price of the unit.

Singapore Home Ownership: Requirements and Tips

Requirements for Eligibility

Owning a housing unit in Singapore is subject to the qualifications for eligibility which will largely depend on the guidelines of the development agency. In order for you to purchase from Housing & Development Board, you need to be at least 21 years of age and a bona fide Singaporean resident or a permanent resident of Singapore. For you to purchase a small unit, you must have below $8000 Singapore dollars as a monthly gross income. If you wish to purchase a large unit with many rooms to accommodate a large family, you are required to have below $12000 Singaporean dollars for a monthly gross income. Remember that these guidelines and qualifications are made by the board to limit the number of people wanting to live in such units. Since they are subsidized by the government, they give priority to those who have average to low income.

Purchasing Process

An application is submitted to the board for your housing unit application to be processed. The requirements or forms for the application are available at the Housing & Development Board’s website.