This February, we are not just celebrating the Year of the Wood Dragon, we are also celebrating Valentine's Day!! Valentine’s Day is a celebration of love and it can also be a catalyst for a unique journey – finding the perfect love nest for you and your SO. What better way to “take the next step” in a relationship than to purchase your first home!
However, even though Singapore has repealed Section 377A in Dec 2022, a decades-old law criminalising gay sex, home ownership as an LGBTQ+ couple is still not so straightforward and especially tricky to navigate in the realm of public housing.
In this article, we'll explore the intersection of love and real estate in Singapore, where the search for a home becomes an exciting chapter in a couple's love story.
For couples consisting of both Singaporeans
Congratulations! If both of you are Singaporeans, owning a home together would be the easiest, because unsurprisingly, as you would have the greatest number of options. You could potentially pursue any of the following:
HDB & Executive Condominiums
1. Purchase a new BTO (2-room flexi only) under the Joint Singles Scheme if your total income does not exceed $7,000
2. Purchase a resale flat of any size (less 3Gen flats), also under the Joint Singles Scheme. There is no salary cap restrictions for resale flats
3. Purchase a new Executive Condominium under the Joint Singles Scheme if your total salary does not exceed $16,000
Do note that for all the options above, both of you need to be 35 years old and above. Other eligibility criteria apply as well.
Private Property
There are no restrictions currently, as long as both of you have sufficient funds (i.e. cash and CPF Ordinary Account funds) and the ability to obtain a loan.
For couples consisting of one Singaporean and either PR or Foreigner, or both PR/Foreigners
HDB
It gets a bit more limited in terms of public housing if only one of you is a Singaporean or both non-Singaporean. Essentially, if one of you is a Singapore, the Singaporean can purchase either a BTO (2-room flexi, salary cap applies) or Resale (any size, less 3Gen flats) under the Singles Scheme.
However, if your PR/Foreigner partner needs to register their name at the address, then your options would be limited to just a Resale unit, because technically, you are now allowed to rent out rooms if you own a 2-room flat.
If both of you are PR or foreigners, sadly, HDB would not be an option for you at all. Your only option is to purchase a private property.
Private
Again, the sky is the limit when it comes to private properties. The both of you may choose to co-purchase a property, assuming you are willing to pay the Additional Buyer’s Stamp Duty. Alternatively, you could purchase the property solely by the Singaporean to avoid the hefty ABSD.
Are you thinking of purchasing a property with your partner? Come talk to me to find out more!
In the meantime, have a wonderful Lunar New Year and Happy Valentine’s Day to all you love birds out there!!