Housing Dilemma

[justforipad]

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...

you've hit the nail on the point. My question really is, whether or not HDB will award the grant based on my self-employment.

As per the EC, we are thinking that by the time we take the keys, we will be having a take home of 9k - 11k projected. So might as well apply for EC, assuming it takes two years to build.

 

[justforipad]

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.

Not currently considering private property because we want to make full use of all the benefits that our benevolent government gives to first-timers.

 

[justforipad]

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

You are right!

We are not PhD grads, but surely that is irrelevant to the discussion here? Unless HDB cares about our education qualifications? I'm sure banks will take that into consideration when awarding the loans though.

 

[justforipad]

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.

[above emphasis mine]

that's exactly what we want to do too. any good recommendations for this particular strategy?

It's also precisely why we want to go for an EC, as we heard that EC appreciates the most in value on average after 10 years?

 

[kingkongikiss]

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[creamyhil]

Yeah money talks everywhere. Especially in Singapore

bank only care your income, even if u are a psle

 

[Chong1111]

bank only care your income, even if u are a psle
ts still in dream land, without phd asking 3.5k starting paid.. ts still dont know how bad is the market now..

TS already said they signed contract. Hahha. Should be secured $7 combined.

But frankly, ec isn't quite possible unless u got a deep pocket. I've been working 3 years. Combined income 9k. Bank loan can give me 600k, Plus 3 years worth of cpf, and I still have issues with the downpayment of 20%. The stamp duty and legal fees all add up quite a lot.

For hdb bto grand, you mentioned that you have an income. Is it income taxable? Do u have notice of assessment? Else what r u going to show hdb?

 

[SecretAgent]

... so how much are you loaded with really? got 200k to slam?

a 4rm BTO ~ 400~500k in better location liao if you are not inform of...

you can project so much... end of the day, they don't give you any grant or little grant(because they also project you to be a 10k combined household) you also lan lan..

... See other threads here regarding grants? so many kenna reject and even appeal also no use.. HDB not that stupid and easy to con them of the grant you know... They really go check this and that... if you not fulfill their requirement.. then NO. It is their requirements.. their rules... not yours.

So talk about loan... from the banks i pressume... projected 10k household income? Dunno if they give you up to 300k or not? say if 200k? can you afford the rest without the grant amt?

 

[SecretAgent]

... just to talk about grant since you looking at the upcoming may BTO application.

you mention your cpf self-employed contribution starts late last year.

The grant application is strictly at that point of time of your application. So it doesn't fulfill their requirement(12 or 15 mths cpf contribution?) and straight out of the window.
Go beg mp, appeal letters also not much use for your case imho! Since your case you are self-employed and don't have employers to back you up even should HDB wanna be lenient and give chance.

Furthermore, you straight out saying here you wanna "make use of HDB grant" already.
FYI, HDB deals with all kinds of sgreans for over decades even before you are born, so don't think your "tricks" will work for them(only PAP, HDB, CPF pwns you.. you don't go pwnzing them).

And if you thinking you going to them(grants, applications, loans or banks whadevers) telling them you've projected... Pls don't! I am trying to save you from embarrassment here.

 

[Chong1111]

Anyways, i know the question here is about grant. But to TS, if u r gg for a small flat and have some savings n support from parents, then just go for it. BTO is harder to get than you think, especially if you are looking at mature estate. I've first started applying for mine since may 2015. Now turning to ec.

And they take long to build as well. Take the recent clementi bto, estimated date of collection of keys is 2023. Will that still fit within your timeline, if you are only willing to stay with parents for a year?

 

[xun567]

Anyways, i know the question here is about grant. But to TS, if u r gg for a small flat and have some savings n support from parents, then just go for it. BTO is harder to get than you think, especially if you are looking at mature estate. I've first started applying for mine since may 2015. Now turning to ec.

And they take long to build as well. Take the recent clementi bto, estimated date of collection of keys is 2023. Will that still fit within your timeline, if you are only willing to stay with parents for a year?

I agree. It took me 2 years of unsuccessful tries at BTO before turning to EC. BTO is not something you want you definitely can get. I have failed even for non-matured estate application.

 

[Tormented Soul]

You are right!

We are not PhD grads, but surely that is irrelevant to the discussion here? Unless HDB cares about our education qualifications? I'm sure banks will take that into consideration when awarding the loans though.

Cause you mentioned EC as your first flat which is frankly quite far fetched.

If you want grants then one of you have to work 1 year first. If both work together your income can only qualify for non-mature estate grants IIRC.

 

[Gixxerfied]

Very simple one..

Are you able to afford the downpayment + stamp duties for the flat be it thru your CPF or cold hard cash without taking any grants into consideration? If yes then go ahead and apply for a BTO..

If no then do you wana risk it? If yes then go ahead, if no then wait till one of you has work for 1 year before flat application.

Anyway, $7k combined wont be eligible for AHG..Still eligible for SHG but 4rm and below in non mature estates.

EC wise?? Drop that idea unless u wana go bedok reservoir.. The corporate world aint that rosy btw whether you're headhunted or not.

Good luck..

 

[haihaiahjie]

I agree. It took me 2 years of unsuccessful tries at BTO before turning to EC. BTO is not something you want you definitely can get. I have failed even for non-matured estate application.

Same here! I also failed 2 years liao. Sianz.

Anw, TS dun need to think about EC. Banks access loan amount at the point of your purchase for EC, not when u collect keys wan hor... Pls dun fantasise about EC too much, unless u have maybe about 50K cash + 150K CPF now.

 

[kyteo79]

$7k combined starting and projected 10k by 2021??? Skip the EC idea..

There is a reason why HDB raise the income ceiling to 12k for HDB and 15k for EC..

Sorry i still cant buy EC ..

 

[kyteo79]

I am currently considering getting a 3bedroom EC as well that costs about 800k. I have worked about 6 years and my combined income is exceeding hdb ceiling but the 20% inital deposit will still wipe up a substantial amount of our cpf and savings. Thus, as a student and potential combined income of 7k, I am a bit worried you may have difficulty with the upfront 20% unless you have external support eg. Parents. Other than monthly instalments, do also consider the initial upfront payment too.

stamp duty ?
reno
furnitures and wares
GF big shoe wardrobe (if any)

 

[kyteo79]

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.

Great and congrats...

go and buy the house ...

u are rich so take a stone and throw ... see where it hits buy where BTO ...

 

[Sinkie]

I think after your studies and working for 1 year, you both can try to apply for sales of balance flat.

That way with 1 year of work, you are eligible for housing grants being a first timer and you don't have to wait so long for housing as compared to bto.


The downside are these sbf are leftover flats from the bto selection. Hopefully there are still good units available.
The flats are also a bit more expensive than bto (as they are nearer to completion date) but at least you are able to settle down sooner.

Actually if property market is expected to continue trending up, balance of flat will actually be more expensive right?? Since it will be priced on the day of application psf

 

[kyteo79]

you've hit the nail on the point. My question really is, whether or not HDB will award the grant based on my self-employment.

As per the EC, we are thinking that by the time we take the keys, we will be having a take home of 9k - 11k projected. So might as well apply for EC, assuming it takes two years to build.

If no grant then you got no money then why take the chance ?

No big head dun wear big hat...

U wana look nice and eat plain rice with soya sauce as all seniors hinting you or you si beh eh sai ... ?

sounds wind blow you drop dead cos no grant you cannot liao ...

it is good to aim high ... but can you afford the fall ? GF might be young and want this and that ...as a man it is your duty to make sure she got LV handbag every year and new iphone and eat atas place ... so with a ec you can make it or not ?