BTO 3 room flat (Non mature estate)

[Jessrin]

Hi. I would like to know more if I am eligible to apply for a BTO 3 room flat with my current finance(low income family). I'm a stay home mom looking after my 2 year old son and I have $0 in my CPF. It's only my husband who is working. He have been working as a part timer without CPF contribution for over 12 months. What are the chances for my family applying a 3 room bto flat is a non mature estate? Is it possible to take HDB loan and pay the monthly installment by cash? If yes, roughly how much would that be per month?

Currently he earn $700-$800 per week. That's about $2800-$3200/month.

 

[birmingham123]

I think u can take 80k grant so if u buy 200k bto, only need repay 120k... i think lah.. not v sure hehe

 

[01asdf]

If neither has proof of employment for the last 12 months it will affect the subsidy available won't it?

 

[Sakagamii]

no income from both of them leh. still can get grants? HDB loan can even qualify meh?

btw part timers also need CPF de. ur husband shortsighted wan more take home pay and ask employer dun give CPF is it? now tio owned liao

 

[vinz]

Hi. I would like to know more if I am eligible to apply for a BTO 3 room flat with my current finance(low income family). I'm a stay home mom looking after my 2 year old son and I have $0 in my CPF. It's only my husband who is working. He have been working as a part timer without CPF contribution for over 12 months. What are the chances for my family applying a 3 room bto flat is a non mature estate? Is it possible to take HDB loan and pay the monthly installment by cash? If yes, roughly how much would that be per month?

1. No CPF contribution (12months) prior to application for the BTO, slim chance for any grant.

AHG and SHG (both grant for low income) required 12 months continuous employment prior to application of BTO. Unless he can proof he is in full employment (company letters, payslip etc) , if not chance of this grant being approve is slim

2. Separate matter from grant is the HDB LOAN (HLE). Need at least 3 months employment prior to flat selection. Most clear cut proof is payslip and CPF contribution. HLE can be applied online and valid for 6 months.

Even if its a low amount, this a must for flat selection.

Few years later before key collection, you guys can redo the HLE again with the updated (hopefully much higher) salary.

If HLE + grant + CPF + cash saving is not enough for price of flat, HDB will not allow you to own the unit at that stage.

From what I see, a 2 room flat is a better option financially.

Or maybe seek social service help in getting a cheap rental flat.
At this stage with both seemingly not in full time employment, it will be tough to get into bigger debts.

good luck

-vinz

 

[jerichoo]

Suggest u make a trip down to HDB and asks properly.


Good luck

 

[Sakagamii]

if ur husband has the CPF cons for the one year of working, u will have no issues at all

 

[Jessrin]

His salary is between $2800-$3200 monthly. Is the chances still slim if we choose to pay the repayment by cash?

Currently we are staying in a rental flat at $230/month. Which is very expensive for a low income family and HDB encouraged to apply for a 2 room Flexi/3 room flat BTO prior to staying in the rental flat for atleast 2 years and apply under Tenants Priority Scheme.

1. No CPF contribution (12months) prior to application for the BTO, slim chance for any grant.

AHG and SHG (both grant for low income) required 12 months continuous employment prior to application of BTO. Unless he can proof he is in full employment (company letters, payslip etc) , if not chance of this grant being approve is slim

2. Separate matter from grant is the HDB LOAN (HLE). Need at least 3 months employment prior to flat selection. Most clear cut proof is payslip and CPF contribution. HLE can be applied online and valid for 6 months.

Even if its a low amount, this a must for flat selection.

Few years later before key collection, you guys can redo the HLE again with the updated (hopefully much higher) salary.

If HLE + grant + CPF + cash saving is not enough for price of flat, HDB will not allow you to own the unit at that stage.

From what I see, a 2 room flat is a better option financially.

Or maybe seek social service help in getting a cheap rental flat.
At this stage with both seemingly not in full time employment, it will be tough to get into bigger debts.

good luck

-vinz

 

[The Poor One]

His salary is between $2800-$3200 monthly. Is the chances still slim if we choose to pay the repayment by cash?

Currently we are staying in a rental flat at $230/month. Which is very expensive for a low income family and HDB encouraged to apply for a 2 room Flexi/3 room flat BTO prior to staying in the rental flat for atleast 2 years and apply under Tenants Priority Scheme.

Is it possible for his employer to issue Letter certifying his last 12 month salary?

quoted from hdb web:

" Odd job worker:

Latest NOA from IRAS
or

Letter from employer certifying salaries for the latest 12 months (month of application and preceding 11 months); the letter must contain the:
Company stamp/ letterhead
Certifying officer’s name, signature, and designation
Assessment is based on the average gross monthly income for the past 12 months "

 

[Jessrin]

Yes. It is possible.

Is it possible for his employer to issue Letter certifying his last 12 month salary?

quoted from hdb web:

" Odd job worker:

Latest NOA from IRAS
or

Letter from employer certifying salaries for the latest 12 months (month of application and preceding 11 months); the letter must contain the:
Company stamp/ letterhead
Certifying officer’s name, signature, and designation
Assessment is based on the average gross monthly income for the past 12 months "

 

[The Poor One]

Yes. It is possible.

In that case , I think you have chance to get it approved. But like the rest mentioned, the best is to call HDB or go down HDB to clarify these doubt.

 

[GeraldineT]

If neither has proof of employment for the last 12 months it will affect the subsidy available won't it?

if no proof of employment cannot even apply bto

 

[windwaver]

Hi. I would like to know more if I am eligible to apply for a BTO 3 room flat with my current finance(low income family). I'm a stay home mom looking after my 2 year old son and I have $0 in my CPF. It's only my husband who is working. He have been working as a part timer without CPF contribution for over 12 months. What are the chances for my family applying a 3 room bto flat is a non mature estate? Is it possible to take HDB loan and pay the monthly installment by cash? If yes, roughly how much would that be per month?

Currently he earn $700-$800 per week. That's about $2800-$3200/month.

If it's $2.8K per month, it's possible to apply for a 3rm in a non mature estate (with proof of income).

I am assuming you are still young and is able to take up the full 25 year loan from HDB.

Payment for HDB loan can be either through cash or CPF. In fact, payment by cash is preferred if you want to preserve your CPF for interest.

 

[Franzz]

Be mindful of the 30% Mortgage Serving Ratio. Your monthly instalment cannot be more than 30% if your monthly income.

Assuming your husband earns $2800 after CPF, your monthly instalment cannot be more than $840. This is a regulation by MAS.

Taking the latest BTO cheapest 3-room flat at non-mature estate @ $140k, your husband pay still qualify. But also remember, you need cash/CPF for 10% downpayment eventually.

Good luck on your application for grant/HDB loan.