Can foreigners buy property and get a mortgage in Singapore?

Foreigners can purchase certain types of property in Singapore and obtain mortgage financing from local banks, though they face additional restrictions and costs compared to Singapore Citizens and Permanent Residents.

In terms of property types, foreigners can freely purchase private condominiums and apartments. Landed properties - including detached houses, semi-detached houses, and terrace houses - generally require prior approval from the Land Dealings Approval Unit under the Singapore Land Authority, granted on a case-by-case basis and subject to conditions such as making the property your primary residence. Foreigners are not permitted to purchase HDB flats.

Financing is available from most major banks in Singapore for foreign buyers, though terms may differ. The LTV limit for foreigners is the same as for citizens - up to 75% for a first housing loan, subject to standard MAS conditions. However, banks may apply stricter internal criteria based on residency status, income source, and country of origin. Some banks impose a minimum loan amount or property value for foreign borrowers.

The most significant additional cost for foreigners is the Additional Buyer's Stamp Duty, currently set at 60% of the purchase price or market value, whichever is higher. On a S$2 million condominium, ABSD alone amounts to S$1,200,000, making property ownership significantly more expensive for non-residents and acting as the primary deterrent for foreign buyers in the current market.

Income documentation requirements are typically more extensive for foreigners, particularly where income is earned overseas. Banks generally require translated and notarised documents and may apply more conservative income calculations for foreign-sourced earnings.

Some banks offer mortgage products tailored to expatriates on Employment Passes, with more streamlined documentation processes that recognise local employment while accommodating the nature of expatriate stays.

Cashew works with multiple banks that cater to foreign and expatriate buyers, helping navigate the additional requirements and identify the most suitable lenders for your specific situation.