new HDB for first timers...

the discussion that i had with my bro... for several weeks...

he is, liked a whole bunch of first timers and less than 35years old, not eligible for new HDB flats... just because his 'packaged' salary exceeded slightly over 8k... no 'packaged' less than 8k...

getting a resale flat proved to be a difficulty...

if your income is over 8k per month and below 9k:

- no subsidized HDB flat...

- no housing grant...

- no HDB loan...

Pay a 3rm resale flat with COV $30k... supposing valued at $300K

you will need:

- 30K cash + 5% cash of valuation (15K cos getting bank loan) = 45K

- CPF needs to have 45K + stamp duty est 5K + 1K legal = 51k CPF = 5years of work and CPF contribution of $900 per month in OA...

Govt asked you to get EC (income ceiling is$ 10k per month)... do your maths:

new EC shd be around 650psf (a 3 bedrm EC around 1000sqf) = $650k

- 5% cash @ $32500

- remaining 15% CPF @ $97500....

- bank loan installment (3%interest for 30years) est. $2334...

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from an article:

The government will not be raising the $8,000 household income limit for the purchase of new HDB flats." ?5 f9 ]# T; P9 u
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National Development Minister Mah Bow Tan told parliament this in response to a question by Sembawang GRC MP Dr Lim Wee Kiak.
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He said under current guidelines, 8 in 10 Singaporean families are eligible to buy subsidized public housing.

Higher-income households exceeding the income ceiling have many other options including the resale of HDB flats, or new Executive Condominiums./ \+ O1 |6 Z0 F) }( H# |

"As the vast majority of Singaporeans qualify for subsidized public housing under the current rules, HDB has no plans to raise the income ceiling. However, HDB recognizes there may be cases deserving special recognition and will exercise flexibility accordingly. HDB will continue to monitor its policies on income ceiling to ensure that the majority of citizen families can continue to enjoy subsidized public housing".

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what a joke? when your income is between 8k to 9k (and that's basic with overseas allowance), the govt is talking afford-ability?!!! yes, if you slog your life paying for a house...

no wonder, my bro is still staying overseas with the wife and kid.

can't HDB pass a ruling for first-time married couple the opportunity to own a new HDB flat with no restriction? maybe get them to commit 10years occupancy period before sale... without a proper roof, how can we talk about birth rate increase?

the capped of 8k is not logical... it can be easily reached when both married couple are working, especially undergrads... i think my SIL who is still studying, will not be eligible for HDB if she is working as a prof (first job) next time... how ironic.

when was these 8k capped implemented? 10 years ago? a plate of char kway teow was $2 then, it is at least $3 now... 50% increment but not the income ceiling...

the relevant govt authorities.... help the 'sandwiched' group - the first time young married couple...