Can 2 PR Buy Resale HDB?

Singapore's public housing market is constantly evolving, and with the recent changes to the eligibility criteria for buying a resale HDB flat, many Permanent Residents (PRs) are wondering if they are still eligible to purchase one.

Eligibility Criteria for 2 PRs to Buy Resale HDB

According to the Housing and Development Board (HDB), 2 PRs can only buy a resale HDB flat if they meet the following criteria:

• Both PRs must be married to each other.
• Both PRs must be at least 35 years old.
• Neither PR has ever owned a private property in Singapore or overseas.
• Neither PR has ever received any housing subsidies from the Singapore government.
• The combined monthly household income of both PRs does not exceed S$12,000.

Advantages and Disadvantages of Buying a Resale HDB Flat as 2 PRs

There are both advantages and disadvantages to buying a resale HDB flat as 2 PRs.

Advantages

• Affordability: Resale HDB flats are generally more affordable than new BTO flats.
• Flexibility: PRs have the flexibility to choose from a wider range of resale HDB flats, including flats in mature estates and flats with larger floor areas.
• Customization: PRs can renovate their resale HDB flat to their own liking.

Disadvantages

• Eligibility restrictions: PRs must meet strict eligibility criteria to be able to buy a resale HDB flat.
• Income limits: The combined monthly household income of both PRs cannot exceed S$12,000.
• Competition: PRs may face stiff competition from Singapore citizens when buying a resale HDB flat.

Common Mistakes to Avoid When Buying a Resale HDB Flat as 2 PRs

Here are some common mistakes that PRs should avoid when buying a resale HDB flat:

• Not doing their research: PRs should do their research and understand the eligibility criteria and the process of buying a resale HDB flat.
• Overstretching their finances: PRs should not overstretch their finances when buying a resale HDB flat. They should make sure that they can afford the monthly mortgage payments and other associated costs.
• Not getting a home inspection: PRs should always get a home inspection before buying a resale HDB flat. This will help them to identify any potential problems with the flat.

Strategies for 2 PRs to Increase Their Chances of Buying a Resale HDB Flat

Here are some strategies that 2 PRs can use to increase their chances of buying a resale HDB flat:

• Save up for a larger down payment: The larger the down payment, the lower the monthly mortgage payments. This will make it easier for PRs to qualify for a loan.
• Get a HDB loan: HDB loans have lower interest rates than bank loans. This can save PRs money on their monthly mortgage payments.
• Consider buying a flat in a less popular estate: Flats in less popular estates are generally more affordable than flats in popular estates.
• Be prepared to make compromises: PRs may need to make compromises on the size, location, or condition of the flat in order to find one that meets their budget and eligibility criteria.

Conclusion

Buying a resale HDB flat as 2 PRs can be a challenging but rewarding experience. By understanding the eligibility criteria, the advantages and disadvantages, and the common mistakes to avoid, PRs can increase their chances of success.