Things to note when purchasing a HDB if you are Single

by Laura

Some singles are staying with their parents even when they turned 35 because they’re already comfortable with that whereas the other section of the group find flats too pricey in Singapore. Fret not, as Singapore allows singles who are 35 and above to purchase 2-room flats!

The Income Ceiling

BTO flats are cheaper than resale flats – which happens to be the important factor – money. By purchasing BTO flats, you get to have a fresh 99-year lease as well, and of course, you could renovate your flat at a lower cost too. However, there’s a catch for you singles. Singles, 35 and above, who wish to purchase a flat of their own could only purchase a 2-room BTO flats at an income ceiling capped at $6,000 SGD. A 2-room flat basically means you have one bedroom, one bathroom, a small living room; dining area and a small kitchen to yourself. On top of that, you could only apply for a 2-room flat in non-matured estate. Resale flats, however, could be of any size you like as long as you have the money. Moreover, it could be on a matured estate too. But the price of it could double or triple BTO flats any time. BTO flats seem to be a better option if you are eligible for it, isn’t it?

Housing Grants


Singles who wish to apply for a BTO flat are eligible to get both the Additional Housing Grant (AHG) and Special CPF Housing Grant (SHG), just like any couples out there. Similar to couples, the grant given will be based on your monthly income. As for singles who are applying for resale flats, the SHG are available for you if your monthly income is less than $2,500. Additionally, you get a $15,000 Singles Grant too.

Considerations

Buying a flat doesn’t seem to be easy for couples so needless to say for you singles out there. Singles applying for flats have to consider two main points: Money & Future. Do you have enough money to afford the flat on your own? Have you planned out for finance well?  What about your future? Do you wish to have a family of your own? Or are you planning to have your elderly parents moving in with you in a few years’ time?

Wish you all the luck in applying for flats in Singapore!

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