Buying your first home in Singapore can be daunting. The process is complicated and there are a lot of formalities you need to go through. However, it doesn’t have to be that way. If you plan your purchase carefully and know when to buy, you will end up with a great first home. Read on to know more about the mandatory age to buy condo in singapore, eligibility criteria, registration process, and other things you need to know before buying your first home in this country.
What is the mandatory age to buy condo in Singapore?
Singapore is a country with a lot of restrictions. You need to be 21 or older to buy a condo in Singapore, and it’s not just limited to the purchase of your first home.
For example, if you want to legally drink alcohol, you need to be 21 or above. If you want to get married, you must be at least 21 years old. If you’re an international student studying in another country who wants to live in Singapore for more than 3 months, you should have been 21 for at least 12 months before registering your address with the Immigration and Checkpoints Authority (ICA).
The age requirement for buying a condo is no different from these rules – if you don’t meet the age requirement when you buy your first home, then there are strict fines that can cost up to $5k for breaching this rule.
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Registration process for buying a condo in Singapore
It is mandatory for buyers to be registered as a condominium owner before they can buy their first unit in Singapore. Here are the steps involved:
Registering online: You can register online by clicking on Register Now and filling in your personal details. You will then need to submit your application form, proof of identity, and proof of address.
If you are unable to register online, you can visit any SingHealth polyclinic or SingCentral clinic and fill out an application form. This form needs to be filled out in front of a SingHealth staff member or at one of the following locations:
– A Singapore Citizen Registration Centre (SCRC)
– A Ministry of Manpower Employment Agency (MOMEA)
– A Singapore Overseas Employment Agency (SOEA)
Eligibility criteria to buy a condominium in Singapore
To buy a condominium in Singapore, you need to meet some eligibility criteria. These include US dollar deposit (US$30,000), at least S$50,000 in total purchase price and completion of two years of residence before applying for approval from the HDB. If your application is approved, you must also pay a service charge of one-time levy and an annual levy for five years.
Finding an appropriate property
The first step to buying a property in Singapore is finding one that suits your needs. You can find properties for sale and rent on the SG real estate portal. However, if you want to buy a new home, you will have to go through some formalities before being able to purchase one.
If you are looking for an investment property or a rental property, it is not necessary that you need to be a homeowner.
To meet the minimum age requirement to buy condo in singapore, you will have to be at least 18 years old.
Once you know the type of property you’re interested in and the location of where it is located in Singapore, the next thing would be filling in the application form and sending it off to the authority overseeing condo sales. This will take about 3 months.
If approved, they will give back your application package and all information pertaining to your condo purchase such as title deed, covenants, etc. In case you are not satisfied with what was given back by them upon approval of your purchase application, then you can request for more data via email or phone call depending on what type of information is needed.
the Mandatory Age to Buy
Singapore has a mandatory age of 21 years to buy a home. There are also other eligibility criteria you should be aware of, such as being a citizen or permanent resident. If you meet the eligibility criteria and decide to buy a home, then you can register for the sale at any HDB office in Singapore. During registration, you will need to provide your citizenship and address information, submit your deposit for the property, and pay for the stamp duty. The stamp duty is only payable if you purchase the property through an agent or auction.