Tharman : 1K income can buy HDB??
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Daddy
I know the grants are for any first time buyer of HDB flat qualifies...
Actually more for 2-room hdbs.. from hdb infoweb... with Additional CPF Housing Grant (AHG) of $40,000 and Special CPF Housing Grant (SHG) of $20,000... That's $60K... very impressive.
The Non-Constituency MP was talking about younger Singaporeans from low-income households...
(he's also confused lah... is he saying younger SG with low-income parents, will also be low-income? Is he trying to speak for the poor younger SG? Or the younger SG's poor parents? :? )
How many of this group is eligible for 2-room hdb, with average gross monthly household income not exceed $2,000?
If it's younger SG, earn less than $2K... ask them buy 2-room hdb for what? Have more kids? Or stay with parents? Or both?
No-logic question with no-logic answer...
They just smoking one another in the debate?
:siam:
sorry, catch no ball. From what I understand (do correct me if I'm wrong),if household income is less than $2K , you still can buy a 3rm new HDB (though it's a stretch on finances), but to buy a 2 rm , household income cannot be more than $2K. -
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatEligibilitytobuynewHDBflat?OpenDocument
\"Buying a 3-room (non-mature towns/estates)
Your average gross monthly household income must not exceed $5,000.\"
\"Buying a 2-room\t
Your average gross monthly household income must not exceed $2,000.\"
You dare to buy 3-room hdb with $2K income? I don't...
My point is... Yes, on theory $1K can buy 2-room hdb... But what's next?
治标不治本... -
Daddy
You dare to buy 3-room hdb with $2K income? I don't...
My point is... Yes, on theory $1K can buy 2-room hdb... But what's next?
治标不治本...
Well, like mentioned, it's a stretch on finances, I for one, definitely won't. That's why I agree we should live within our means... it's the same logic for a couple earning say, $8K buying a million dollar condo ...imagine the strain on the finances when one is out of job... But a lot of younger couples are doing that. Prudence is the word. -
Originally Posted by : Buying HDB flat on $1K pay possible, says Josephine Teo Posted: 03 March 2012 1624 hrs
SINGAPORE: As for Deputy Prime Minister Tharman Shanmugaratnam’s comment that Singaporeans earning S$1,000 could also own a home, Minister of State Mrs Josephine Teo said she was not surprised at the mixed reactions from netizens.
"They don’t necessarily know that there are grants available from the HDB that will make the actual size of the loan for purchasing these houses not very big. With the grants, the loan amount is about S$40,000 and if you stretch it out over 20 or 30 years, the monthly instalment is in the range of S$100 to S$200," she said.
"The facts do show that with grant support and with regular jobs and CPF contributions, over time that goal can be reached even for those on the lower end of our income spectrum. So that’s a strength of our society and we should make an effort to reach out to these individuals so that they too know they can fulfil their dreams of owning (a home)," she said -
Lilac66:
Well, it's ok for these couples to do that because if all goes well, it is their effort and reward but if something goes wrong (eg. If income of $8k not sustainable), can always find convenient target to blame.....
Well, like mentioned, it's a stretch on finances, I for one, definitely won't. That's why I agree we should live within our means... it's the same logic for a couple earning say, $8K buying a million dollar condo ...imagine the strain on the finances when one is out of job... But a lot of younger couples are doing that. Prudence is the word.
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:hi5:
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On the prudence note, so if the family has an income of $1k, isn’t it ‘un-prudence’ to buy the flat???
So does that mean they can afford it but it’s ‘unprudent’ to do so?
wondering aloud -
vicki:
based on the quoted scenario, it is more \"affordable\" to buy in terms of cash flow because installment payments can use CPF while rental cannot use CPF, and worse, after paying all the rentals, the flat still belongs to the gov't; while if it is purchased, there is always upside for capital appreciationOn the prudence note, so if the family has an income of $1k, isn't it 'un-prudence' to buy the flat???
So does that mean they can afford it but it's 'unprudent' to do so?
*wondering aloud* -
Actually, a rule of thumb is to spend not more than 30% of one’s income on housing. So, if a family spend about $200 (CPF, not cash needed) with an income of $1000, it is not that bad. Moreover, think about it, government subsidy of $60,000 - that is 60% for a $100k flat.
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verykiasu2010:
based on the quoted scenario, it is more \"affordable\" to buy in terms of cash flow because installment payments can use CPF while rental cannot use CPF, and worse, after paying all the rentals, the flat still belongs to the gov't; while if it is purchased, there is always upside for capital appreciationvicki:
On the prudence note, so if the family has an income of $1k, isn't it 'un-prudence' to buy the flat???
So does that mean they can afford it but it's 'unprudent' to do so?
*wondering aloud*
Agree. And from past records, a flat bought direct from HDB (not DBSS) almost always sells at a premium over it's cost. So it's a way for the government to help you \"make\" money. That's why only 2 bites of this cherry is allowed.
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