Apply HDB New Flat Income > $8,000, Can Appeal?

[qms]

mrswongtuition:

Now, the same units under Balloting (leftover units) are going for 300+++k!

:!:

My cousin also booked a 4-rm HDB flat in Punggol in 2007/8. The price was about $290k at that time.

[smurf]

deleted post.

[titank]

Yes agree that now the flats is getting rocket pricing.

Demand & supply?? Don't think it really works!

Wish can be like our parents time where a flat cost just like SG$9,000 to SG$12,000.

[smurf]

I dun mind paying current rate if the flat is worth its price. after all, inflation is going up too.


but valuation is already overvalued, and owners are still asking for high COV?? I understand that it is normal for owners to ask for COV, as nobody wants too sell too low, especially the market trend is high. so, if one asks for high COV, then others also follows. but, it must also follow inflation and one's salary.

I watched from somewhere that new flats in tanjong pagar cost as much as 700k. can I know, how can someone with a pay of <$8k afford to pay?? and mind u, it's new flats, NOT resale. if resale, salary >8k can buy. but it's not.



:roll:

[titank]

smurf:

I dun mind paying current rate if the flat is worth its price. after all, inflation is going up too.


but valuation is already overvalued, and owners are still asking for high COV?? I understand that it is normal for owners to ask for COV, as nobody wants too sell too low, especially the market trend is high. so, if one asks for high COV, then others also follows. but, it must also follow inflation and one's salary.

I watched from somewhere that new flats in tanjong pagar cost as much as 700k. can I know, how can someone with a pay of <$8k afford to pay?? and mind u, it's new flats, NOT resale. if resale, salary >8k can buy. but it's not.

it's a problem that the govt must solve, else, the bubble will be formed very soon and many people will go bankrupt.

:roll:

$700K for Tanjong Pagar new flat? Combine income max $8,000 wonder how can they pay? Anyone study economics care to share?

[smurf]

I think can bah. provided if one dun have kids, no parents to feed, no entertainment,etc. basically NO life! haha. just work and eat bread and water. I believe can barely survive. but once kid comes along, it's very very hard.


I think 700k are those very high floor one with super good view lah. and I believe there will be someone who doesn't want to have kid and no parents to take care of one or no need to take care (maybe parents super rich). these people can afford lor.

The most a person with 8k salary can afford is a 630k house.

[titank]

Ha.ha imagine SG$700,000 bring to Malaysia what kind of house we had?

Maybe those Foreign Workers (Bengala, India) said can build Palace, Castlt or Empire in thier country.

[smurf]

one thing which I totally hate is that HDB tries to build new flats in those good location like Tanjong Pagar, Queenstown but prices them a little slightly lower than resale around these areas (maybe 20-50k lower only). I mean, if you buy resale, your salary can be > 8k and still live comfortably. but if your salary is <8k and want to apply for these flats, you will be struggling to pay off the loan. and your salary MUST be <8k in order to apply.



sickening .

[titank]

Totaly agreed with you in this issue.

[qms]

titank:

$700K for Tanjong Pagar new flat? Combine income max $8,000 wonder how can they pay?

OK! Let's make some assumptions.

Assumptions:

1. Couple's total income = $8k
2. Price of flat = $700k
3. Couple's grant eligibility = $40k
4. Couple's CPF Ordinary Account (total) = $60k
5. Tenure of loan = 30 years
6. HDB Loan Rate of 2.6% will not change for the next 30 years

According to the financial calculator found in HDB website, the monthly instalment will be $2,471.00

Total CPF contribution per month (including employers' contribution) = $2,760.00.

The amount of cash payment/top-up per month will be dependent on the age group of the couple.