Well, your family's wealth and income does not matter in assessment of the grant, but it will certainly help in your downpayment, be it whether if you are going for EC or HDB. If your parents can afford it comfortably (and still have cash to spare), why not get them to settle the downpayment for you and pay it back as you work? Just make sure you pay them back. Paying your parents beats paying the gov a loan with double interest.
If my above assumption is wrong (that your parents can't help you with the downpayment), then I strongly encourage you within these few years to keep whacking the BTO sales launch. Really - you can have all these grand plans for you and your GF's future but nothing (not even the grant) is set in stone until you get lucky after spending enough $10 on that dammed queue number.
Having said that, all the information various peeps have provided here is quite useless until July 2019 at least - if you are talking about getting a grant based on your monthly income (and not your business) because one of the requirement is either of you have to be continuously employed for a course of 12 months. (since you mentioned you will start work in July 2018).
Which then brings me to my next point. I am not sure if it is possible to get a grant based on income from a side business. You should be more informed as per your last post in this thread, although i think it is unlikely as I assume your income from that business is not:
1. Stable
2. Not high enough
Which then means you the issue of the grant only comes into the scenario when you have started working for 12 months and have a flat booked.
But lets look at the grants eligibility again. Since you mentioned your combined income will be $7000, you will not be eligible for AHG as income cap is $5,000.
Correspondingly, for the SHG, you will only qualify if you are looking at 2 to 4 room flats in non-mature areas. Therefore you have to take into consideration when apply for the sales launches.
Honestly i think there is a good chance that you will take a few years to hit the jackpot for the queue number and by then your income might already exceed the cap for the SHG which is $8,500 lol.
Basically, if your parents can afford, get their help for the downpayment Either that your're screwed like all other middle income Singaporeans. If no parents help, don't get the EC. You are just screwing yourself more.
Thank you, I've not considered our parents paying off the downpayment because we are already close to 30 and are better off learning how to be self-independent in our family planning. Moreover, we have already used almost half a million combined in our studies at undergraduate level and we firmly believe that its not morally upright to continue leeching off them. Even though their wealth will be ours one day through intestacy laws or by way of will, now is not that day yet.
But you are right, we are not planning to apply for any EC until at least 2020 and will continue trying for the lottery system (BTO system) till then. Granted that we need to be really lucky in order to succeed in our application, time is currently on our side as we will be able to think about other alternatives (resale or EC) after 2020.
Sidenote, our grant will be assessed based on my sole-proprietorship.
Hi, have you told them you are full time student during consultation? Unless there are changes recently, don't think you can get any grant.
1. Unless u are part time student, else you'll be under full time student category. Your sole proprietorship doesn't count as work for full time student. So if u ballet now you can't get any grant. Also note that mature area doesn't qualify for SHG at all.
2. Since you have job secured immediately after you graduate and grant will only be given if you have worked for 12 months(starts from the date you graduate, your sole proprietorship during study doesn't count). So after working for 1 year, you and your future wife will have exceeded the amount, still no grant.
You can refer to this page:
http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/first-timer-applicants
You will not be considered as employed if you are a full-time student taking up part-time work
Also you refer to this thread
http://forums.hardwarezone.com.sg/h...ime-students-who-apply-bto-flats-4181734.html
1) Full time students (SIM/NUS/NTU/SMU) are not eligible for the AHG grant.
Good luck for your upcoming ballot. But maybe you want to consider not to include grant in your calculation.
You are absolutely right in the above quoted paragraph. We are not full-time students in the strictest sense of the term. We do not study at any of the 5/6 local universities and do not go to school full time per se but at the same time, our only "outside" school income is my sole-proprietorship.
At the consultation, I've made full and express disclosure and barring any failure on the part of the HDB officer whom we consulted with, my current case should be a good-to-go.
I wouldn't actually need the SHG because I'm only going for a four room flat in mature estates that should range between 400k-600k and with the full AHG grant coupled with only 5% necessary for initial downpayment, the grant will cover initial downpayment. Need only fork out the extra expenses at this stage.
TS, I have nothing against you. Perhaps my interpretation could be wrong here.
Grants are meant for families who cannot fend for themselves. Some fathers and mothers work OT, to bring in a substantial amount which lures unwanted criticism but we never know what is happening behind the scenes, such as their family's plight.
Perhaps is the way that you have word your inquiry. Not that you need to please everyone here. But it seems like what you mentioned, a young lad, with $7,000 monthly income, a stable job with 15% increment is trying to squeeze every dollar from the grants. And to add fuel to the fire, you mentioned that with your salary projection, you are considering EC at the moment.
I think this was the tipping point.
There is no wrong in getting grants for Singaporeans. Let me be bold to even say that it is our birthright. To even justify that, there isn't any wrong to take things literal.
In every society, there are good, bad, poor, rich, helpless and resourceful individuals and families. The society at large is doing every best to help people who could not help themselves. Granted, there are people who wants to game the system.
Remember the news on parents driving Mercedes to community centres to take used text books which were meant for the not so fortunate? There is nothing wrong doing that. But I am sure you know how it feels
Go through the ballot first. Hope you get it at your first try. I will do my best to advise you once you get your number.
Peace.
Dear iphone1s,
I agree with you, that grants must be for those who cannot fend for themselves. Taking a narrow interpretation on this, do I not fall within the category of those who cannot fend for themselves now?
I am, but a student with a sole-proprietorship who does not currently make sufficient income to even pay income tax. Whilst my future may be brighter than the lower-income Singaporeans, my current plight is definitely equal, if not worse than theirs. Isn't the whole point of this grants to assist people like me to start family building at an earlier stage of our lives?
If I were to wait till all my circumstances materialise, and save for the entire downpayment with my monthly take home pay of $3,500, I'll be about 35 years old by the time I can afford a BTO in a mature estate comfortably. Since the government wishes for young couples to start their families early, and provide them with such grants to own their first home, and me being their targeted audience, surely I must be able to exercise my birthright as a Singaporean to use these grants?
By the same logic that some here used to bash me on the idea of my EC, it is clear that I am unable to afford an EC based on our current financial circumstances. And this being the exact same financial circumstances that allows me to receive the government's grant, surely then, I should take them?
My family background should not play a part in assessing the morality in my taking up of the grants. My parents worked smart and hard for the achievements that they have today. I played no part in it. Being an independent person, burdened with father-mother education loans, morality ensues that I should and must be given the chance to take the grants.
To paint the picture plainly, I am going to start working as an employee in an organisation in a year's time or so. Although my prospects may be brighter than the bottom 20-30% of the population, please bear in mind that I am already 200-300k in debt by the time I start working. Moreover, as a first property, this liability will put me in a mountain heap of debt for the next 20-25 years. Granted, this could be paid off by CPF monies eventually, but are all these CPF monies not my hard earned money?
Please, enlighten me if I'm wrong.
