Buying a house in foreign is still a dream of many Indians. Buying a property outside a country is an outstanding achievement. Living outside the country leads to several expenses and house rents, so people think buying a house is a good option.
If you live in Singapore and you want to have your own house in Singapore. And you are thinking of buying property in Singapore or not, and then the answer is yes. Yes, you can buy property in Singapore, but there are certain boundaries. For example, only permanent residents and Singapore nationals can buy property from the Housing and Development Board (HBD).
Housing and Development Board flats are under government subsidy and are sold by HBD to the public under the tenancy agreement of 99-years. They also resale that property once it has met the Minimum Occupation Period.
Tips for buying property in Singapore
If you plan to buy a house, you can get it in foreign at bargain prices. However, economic troubles in foreign have led to falling prices in the property. Because banks own a large number of area foreclosed and non-performing assets, this situation resulted in the banks offering these foreclosed areas at meager prices.
Buying a property in foreign has now become a trend among high net worth Indians. The Indians who travel overseas are becoming attracted to the fallen prices in Singapore. Dubai, London, New York, and Singapore are the most famous places to buy property. Singapore has now provided attractive inflation-adjusted returns in the last two years and provides longer tenancy.
To buy land in Singapore is made online on the website Singapore Land Authority (SLA). To apply on the SLA website, you should meet two basic requirements, at a minimum, to buy land real estate:
- You should be a permanent resident for at least five years in Singapore.
- It would be best to make ‘significant contributions based on your income computable for tax in Singapore.
Indians can buy property in Singapore, but there are some restrictions. For example, if an Indian wants to get a property, he needs approval from the government; you don’t need any special approval to buy apartments and houses.
Kinds of residential property restricted and non-restricted
When you buy a property in Singapore, you should first decide which kind of property you will buy, residential or non-residential property. Residential property can be restricted or non-restricted. For example, Indians can face restrictions and taxes to buy residential property. Whereas, Non-residential property includes commercial property. Such as an office building, a warehouse, etc.
The following property is non-restricted residential property. Foreigners can own these, but some additional taxes applied for foreign buyers:
- Condominium unit
- Flat unit
- Strata landed house ( an approved condominium development)
- Shophouse only for commercial use
- Executive condominium unit
Following are the types of restricted residential property that can only be bought if one has permission from the government to buy it:
- Vacant residential land
- Terrace house
- Semi-detached house
- Strata landed house (not an approved house, e.g., townhouse or cluster house)
- Shophouse for non-commercial use
- Place for worship
- Boarding houses