Housing Dilemma

[Raffles88]

It will be a rocky route for next 2 years job market. Don't be too optimistic.

 

[leungchunghong]

EC? How do you know you have secured a stable job? You are making yourself & future wife in debt, especially in times of bad economy. And TV advertisement also said that technology is going to replace jobs as Singapore is going into SMART nation, many may be jobless unless they upgrade. So Play safe.

 

[haihaiahjie]

I have an income, just that its not substantial, does it still mean no grant?

I am guessing TS are both PHD students...

If I am not wrong, even though u have an income now, still considered as student under eyes of bank/ HDB. Don't think u can get any loan/grant...

U start working first then think again bah.

 

[Tormented Soul]

The way TS say until like money very easy lol. Projected is project, nothing is guaranteed in life.

Even for BTO 4-room, you will need good financial planning to afford it comfortably in your case, grant or not grants.

 

[grix17]

Best solution: stay with parents until one of you cannot take it.

 

[JJJJJJ]

Information regarding the grants all available on hdb website. There is a sticky on this forum as well. Pls read. After the recent COS debate, the grants are considerably high for first timers.

I believe the condition is that one of you have to be working at least for a year. No min income (I think). U will have to check with hdb if they consider your photography job as working.

Information all available on hdb website..

Your projected income 7k, u thinking of EC? nowadays young ppl really damn daring...

 

[Chong1111]

Information regarding the grants all available on hdb website. There is a sticky on this forum as well. Pls read. After the recent COS debate, the grants are considerably high for first timers.

I believe the condition is that one of you have to be working at least for a year. No min income (I think). U will have to check with hdb if they consider your photography job as working.

Information all available on hdb website..

Your projected income 7k, u thinking of EC? nowadays young ppl really damn daring...

Maybe TS thinking of 1 bdr ec leh? Affordable with 7k income la.

 

[haihaiahjie]

Information regarding the grants all available on hdb website. There is a sticky on this forum as well. Pls read. After the recent COS debate, the grants are considerably high for first timers.

I believe the condition is that one of you have to be working at least for a year. No min income (I think). U will have to check with hdb if they consider your photography job as working.

Information all available on hdb website..

Your projected income 7k, u thinking of EC? nowadays young ppl really damn daring...

People never work before, still have dreams de....

Not like us, worked a few years damn disillusioned already.

 

[meshpenstand]

The way TS say until like money very easy lol. Projected is project, nothing is guaranteed in life.

Even for BTO 4-room, you will need good financial planning to afford it comfortably in your case, grant or not grants.

I believe they already secured job with 7K monthly salary.

Good to have plans, dreams.

1BR EC is definitely possible, especially with projected income of 10K.

However, a projection is just a projection. TS, you decide what is best in life.
Why not consider private property? It is even more straight forward.
10 K income can afford 1BR PP.

 

[meshpenstand]

People never work before, still have dreams de....

Not like us, worked a few years damn disillusioned already.

They could be scholars.

Many of my friends who are scholars went on to earn 10 K monthly each after 7-8 years of working.

 

[nemo88]

They could be scholars.

Many of my friends who are scholars went on to earn 10 K monthly each after 7-8 years of working.

Then I'd expect them to be smarter than having to ask this kind of thing on HWZ!

Honestly there are so many strategies with going for govt housing. Some newly weds go for 3R BTO first, because they figure while young this is not like their forever home. Just go for something they have more chance to ballot for, get it quickly and faster to reach 5y MOP then sell and upgrade.

 

[lordlad0]

TS and wife still studying full time at age 28 means they most probably are on their PhD.

Unlike US, PhD in SG can earn earn quite abit of monthly income even if TS only wants to be a researcher.....so i am sure his planning consist of his projected potential income.

 

[AshSim]

Hi, first, thank you in advance for the helpful comments/suggestions that you may provide.

About us


I am 28 years old, and she's 27 years old. We are aiming to get married before she turns 30. In other words, within the next 3 years or so. We are open to staying at one of our parents' place for a year to a year and a half after marriage at most.

Issue 1 - How are we assessed for grants?

We are currently both full time students, save to say, we have no real income nor any savings in our CPF accounts. Any purchase will be largely dependent on grants, if we are eligible in the first place. However, we are not that sure whether we are even eligible for the grants, AHG, SHG and whatnots.

We have never had full time employment, but I've been running a photography sideline but I've never earned more than a few hundred bucks a month. I've been running this sideline through a sole proprietorship that I registered only late last year despite having engaged in the business for a couple of years.

In such circumstances, will we be eligible for any grants say for the upcoming BTO window in may/june? If not, when, if ever, will we be eligible for the grants?

Issue 2 - BTO or EC?

We will be graduating in about june/july 2018. We have secured jobs and our estimated combined income starting in October 2018 will be about $7000 take home pay. Reviewing the pay schemes of our industry, we are projected to secure a combined take home pay of $10,000 by 2021, if not earlier.

In such circumstances, should we go for a BTO, which will take a good 3-4 years to complete at the minimum, or should we go for an EC, where we have to save diligently to afford the DP sometime in 2019/2020?

Issue 3 - Financial payments

How do we secure a HDB/Bank loan, will they assess our income at the point of booking our flat, exercising the OTP or when collecting the keys? Also, when do we need to pay the remainder of the downpayment in cash, where not already offset by any grants that we might receive?

Bearing in mind, of course, that there's other miscellaneous fees that have to be paid in cash such as stamp duty, etc.

Thank you all again, for going through this rather lengthy post. Will appreciate any comments or answers that you might have

Hi I would suggest for you and your significant one to stay with parents and give yourself perhaps 2 years to save up.

1. I do not think you will be eligible for grant at the moment as per mentioned by other guys here.
2. If you can afford EC then get EC when your combined salary exceeds the BTO ceiling at 12K... Otherwise BTO will be another option if you do not want any resale.
3. I'm not sure about private / EC. But for BTO, if you decide to apply for HDB loan, you will need to apple for HLE - basically to assess your financial status and how deep your CPF pocket is before they decide if you are eligible to apply for HDB loan and how much to loan you.

If I were you, and I do not have much savings now and yet, have to marry my gf in 3 years time, I will opt to stay with parents first.

 

[Gixxerfied]

Most research base jobs in SG depends on funding/projects and usually on contract unless he can get into DSO/ARTEC/DSTA which is more stable etc etc..

My institute all PhD..

 

[Tormented Soul]

I believe they already secured job with 7K monthly salary.

Good to have plans, dreams.

1BR EC is definitely possible, especially with projected income of 10K.

However, a projection is just a projection. TS, you decide what is best in life.
Why not consider private property? It is even more straight forward.
10 K income can afford 1BR PP.

I see what you did there

But honestly TS, if I were you I would go for BTO. Don't forget still need to honeymoon, marriage and a lot of misc expenditure. Don't just think of 7k constant salary. Need time to save up.

Go for a 4 room slowly save up, sell after 5 years and then you can aim for your EC and stuffs which will be easier to manage.

 

[meshpenstand]

Most research base jobs in SG depends on funding/projects and usually on contract unless he can get into DSO/ARTEC/DSTA which is more stable etc etc..

My institute all PhD..

My friend in DSTA. PhD, pays peanuts.

 

[meshpenstand]

Then I'd expect them to be smarter than having to ask this kind of thing on HWZ!

Honestly there are so many strategies with going for govt housing. Some newly weds go for 3R BTO first, because they figure while young this is not like their forever home. Just go for something they have more chance to ballot for, get it quickly and faster to reach 5y MOP then sell and upgrade.

Most I know are mighty and powerful.

1st property is either 5 room (last time when EC is not trending) or PP

 

[Chong1111]

My friend in DSTA. PhD, pays peanuts.

Why everyone assuming TS is phd student? 2 phd grads come out only 7k combined is sadder than 2 fresh grads

 

[Gixxerfied]

My friend in DSTA. PhD, pays peanuts.

DSTA not exactly that rosy also..

Why everyone assuming TS is phd student? 2 phd grads come out only 7k combined is sadder than 2 fresh grads

Actually true..A PhD in research is actually 3.5-4k onwards(Depending on the institute/coy he joins)...Some with higher funding can afford to pay better..A institute near where i'm pays $4.5k for new hire..Another one hitting $5k..

But anyway, once doing research, dont expect it to pay that well for the number of years one spend from bachelor to phd..

 

[justforipad]

The way TS say until like money very easy lol. Projected is project, nothing is guaranteed in life.

Even for BTO 4-room, you will need good financial planning to afford it comfortably in your case, grant or not grants.

It will be a rocky route for next 2 years job market. Don't be too optimistic.

EC? How do you know you have secured a stable job? You are making yourself & future wife in debt, especially in times of bad economy. And TV advertisement also said that technology is going to replace jobs as Singapore is going into SMART nation, many may be jobless unless they upgrade. So Play safe.

We have both put our names on the contract having been headhunted already, so we are not too worried about our future income and jobs. Right now, let's focus on the bto part, thing is, we really want to book the flat asap. We figured from our current low income, the 10% downpayment can be set off by the grant if we get them all, ie. 40K AHG.

We do not really expect a 4 room bto to cost much more than that tbh, unless we are talking about duxton location.