To rent out an HDB flat, homeowners need to follow certain steps and fulfill specific requirements. Here is an overview of the process:
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Eligibility: Ensure that you meet the eligibility criteria set by HDB. Generally, only Singapore citizens, Singapore permanent residents, and non-citizen spouses of Singapore citizens or permanent residents are allowed to rent out their HDB flats.
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Minimum Occupation Period (MOP): Fulfill the MOP, which is typically 5 years for HDB flats. This means you must have lived in the flat for at least 5 years before you can rent it out.
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Approval from HDB: Seek approval from HDB before renting out your flat. Submit an application through the HDB Resale Portal or My HDBPage. HDB will assess the application and provide the necessary approval.
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Rental Rules and Regulations: Familiarize yourself with the rental rules and regulations imposed by HDB. These include restrictions on renting to certain groups, such as foreigners holding Work Permits (WP).
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Rental Income and Taxes: Understand the tax implications of rental income and comply with the relevant tax regulations. Consult with the Inland Revenue Authority of Singapore (IRAS) or a tax professional for guidance.
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Engagement of a Property Agent (optional): Consider engaging a licensed property agent to assist you with the rental process. They can help with advertising, screening tenants, and managing the rental transaction.
Remember, it is crucial to follow the guidelines provided by HDB and comply with the regulations to ensure a legal and smooth rental process. For detailed information and specific requirements, it is advisable to refer to the official guidelines provided by HDB or consult with a real estate professional.
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