Welcome to Rent My Room, Singapore's leading property listing portal designed to make your property search easy, efficient, and successful. Whether you're looking to buy, sell, or rent, Rent My Room is your go-to platform for navigating Singapore's dynamic and regulated real estate market. We understand that finding the right property can be challenging, which is why we are committed to providing you with comprehensive, up-to-date listings and the resources you need to make informed decisions.

At Rent My Room, we bring together a wide range of properties, from private residential homes to public housing options, tailored to meet the diverse needs of both locals and foreigners. Our intuitive interface allows you to effortlessly search, compare, and connect with property owners, agents, and tenants, ensuring that you find the perfect space that suits your lifestyle and budget.

But we’re more than just a listing service. Rent My Room offers in-depth insights into the rules and regulations governing property transactions in Singapore. We cover everything from eligibility criteria and tax obligations to loan regulations and rental guidelines, providing you with the knowledge to navigate the market confidently. Our tools help you calculate costs, understand market trends, and stay updated on the latest government policies that could impact your property decisions.

Our mission is to make your property journey smooth and stress-free, with a focus on transparency, reliability, and excellence. At Rent My Room, we’re not just helping you find a place to live—we’re helping you find a place to call home. Join us today and discover how easy and rewarding your property search in Singapore can be.

  • 1. Eligibility to Purchase Property

    • a. Foreign Ownership

      • Private Residential Property: Foreigners are allowed to purchase non-landed private residential properties such as condominiums. However, they need to obtain approval from the Singapore Land Authority (SLA) if they wish to purchase landed properties, such as bungalows, semi-detached, or terrace houses. Restricted Properties: Foreigners are restricted from purchasing properties in specific developments such as executive condominiums (ECs) that are less than 10 years old.

    • b. Public Housing (HDB Flats)

      Eligibility: Only Singapore Citizens and Permanent Residents (PRs) can purchase HDB flats. Singapore Citizens are eligible to buy new flats directly from HDB, while PRs can only buy resale flats. Income Ceiling: There are income ceilings for purchasing HDB flats. For example, the income ceiling is SGD 14,000 for families buying a new flat, and SGD 21,000 for extended families.

      Family Nucleus: Buyers must form a family nucleus, which includes a spouse, children, or parents, to be eligible for HDB purchases.

  • 2. Property Taxes

    • a. Buyer’s Stamp Duty (BSD)

      Rates: BSD is payable by the buyer when purchasing a property. It is calculated as follows:

      1% for the first SGD 180,000 of the property’s value

      2% for the next SGD 180,000

      3% for the next SGD 640,000

      4% for the amount exceeding SGD 1 million

    • b. Additional Buyer’s Stamp Duty (ABSD)

      Applicability: ABSD is an additional tax that applies to second and subsequent property purchases. The rates differ based on the buyer’s profile:

      Singapore Citizens: 17% for the second property, 25% for the third and subsequent properties

      Permanent Residents: 5% for the first property, 25% for the second and subsequent properties

      Foreigners: 30% for any property purchase

    • c. Property Tax

      Annual Tax: Property tax is an annual tax based on the Annual Value (AV) of the property, which is the estimated gross annual rent. The tax rates differ for owner-occupied and non-owner-occupied residential properties:

      Owner-occupied: 0%-16% depending on the AV

      Non-owner-occupied: 10%-20% depending on the AV

  • 3. Loan Regulations

    • a. Total Debt Servicing Ratio (TDSR)

      Definition: TDSR is a measure that limits the total monthly debt obligations of a borrower, including the mortgage, to 55% of the borrower’s gross monthly income. This is to ensure that borrowers do not overextend themselves financially.

    • b. Loan-to-Value (LTV) Ratio

      LTV Limits: The LTV ratio determines the maximum amount of loan that can be borrowed based on the value of the property. The limits vary depending on the borrower’s loan status:

      First Loan: Up to 75% for private properties, up to 90% for HDB flats

      Second Loan: Up to 45% for private properties, up to 75% for HDB flats

      Third and Subsequent Loans: Lower LTV limits apply, often around 35%

    • c. Mortgage Servicing Ratio (MSR)

      Applicable to HDB Flats: MSR is a cap on the amount of a borrower’s gross monthly income that can be used to service the mortgage for HDB flats or executive condominiums bought directly from a developer. The MSR is capped at 30%.

  • 4. Renting Regulations

    • a. Security Deposit

      Standard Practice: It is common practice for landlords to request a security deposit, typically equivalent to one month's rent for a one-year lease or two months' rent for a two-year lease. This deposit is refundable at the end of the tenancy, provided no damages are incurred and all terms of the tenancy agreement are fulfilled.

    • b. Tenancy Agreement

      Essential Clauses: The tenancy agreement should clearly outline the lease term, rent amount, payment schedule, and maintenance responsibilities. It should also include provisions for early termination, renewal options, and conditions under which the security deposit may be withheld.

    • c. Stamp Duty

      Tenant’s Responsibility: Tenants must pay stamp duty on the tenancy agreement. The duty is calculated at 0.4% of the total rent for the lease period if the lease is less than four years, or 0.4% of four times the average annual rent if the lease is four years or more.

  • 5. Resale of Property

    • a. Minimum Occupation Period (MOP)

      HDB Flats: Owners of HDB flats must occupy the property for a minimum of five years before they are eligible to sell it on the resale market. During this period, the flat cannot be rented out as a whole, nor can it be sold.

    • b. Seller’s Stamp Duty (SSD)

      Payable on Sale: SSD is payable if the property is sold within three years of purchase. The rates are:

      12% if sold within the first year

      8% if sold in the second year

      4% if sold in the third year

      No SSD is payable if the property is sold after three years

  • 6. Property Agents

    • a. Licensing and Registration

      Council for Estate Agencies (CEA): Property agents must be licensed and registered with the CEA to practice in Singapore. They must adhere to the CEA's Code of Ethics and Professional Conduct.

    • b. Commission Rates

      Negotiable Fees: Typically, the commission is 1-2% of the selling price for property sales and one month’s rent for leasing transactions. However, commission rates are negotiable between the client and the agent.

  • 7. Cooling Measures

    • a. Government Measures

      Stabilizing the Market: The Singapore government has implemented various cooling measures to ensure the stability of the property market. These include adjustments to ABSD rates, LTV ratios, and the introduction of the TDSR framework. These measures are periodically reviewed and updated based on market conditions.

  • 8. Dispute Resolution

    • a. Small Claims Tribunals

      For Minor Disputes: The Small Claims Tribunals handle disputes involving amounts up to SGD 20,000. This avenue is typically used for resolving issues related to rental deposits, maintenance fees, and minor breaches of tenancy agreements.

    • b. Mediation Services

      Encouraged First Step: Before escalating to legal action, parties involved in property disputes are encouraged to seek resolution through mediation services. This can help in reaching an amicable solution without the need for a lengthy legal process.

Loading...