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Thread: Housing grants, higher income ceiling for flat buyers expected to be covered.

  1. #1
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    Default Housing grants, higher income ceiling for flat buyers expected to be covered.

    Already, the Government has released a series of videos online and on television, highlighting its commitment to keep HDB flats affordable.

    Market watchers told Channel NewsAsia a higher income ceiling for buyers of new flats and executive condominiums is expected to be announced to allow more Singaporeans to qualify for public housing. National Development Minister Khaw Boon Wan had said in a radio interview in June that changes are likely to be made known in August.

    Currently, households earning a gross income of more than S$10,000 cannot apply for new HDB flats, while those earning more than S$12,000 cannot buy ECs.

    Member of Parliament for Nee Soon GRC Lee Bee Wah said: "I think many of them want to buy flats near their parents. Now that the resale market has softened, buying from the open market could be another option. So, perhaps more grants can be given to them so that they can buy flats near to their parents."

    PropNex Realty CEO Ismail Gafoor said: “The sandwiched class - people who are earning above S$3,000 and even up to S$6,000 to S$7,000 - are finding it difficult to tide themselves over to buy a resale flat or to upgrade." He said measures could be unveiled to ease the burden of this group by increasing housing grants.

    First-timer applicants with a household income not exceeding S$10,000 can receive grants of up to S$30,000 when they purchase a resale flat. If the flat is located near their parents' home, applicants get an additional S$10,000.

    National Development Minister Khaw Boon Wan had said in June that his ministry is studying more ways to help families live closer together, including helping those who wish to buy resale flats near their parents.

    Some market-watchers also said it may be timely to focus on the second-timer applicants, now that housing demand from first-timers has been largely met. More than 100,000 new BTO flats have been launched since 2011. Currently, up to 85 per cent are reserved for first-time applicants.

    Said Mr Ismail: "The key priority of the Government is always to give people the opportunity to own flats. But, it will not stop the Government to expand the number of quotas to be allotted to the second-timers, now knowing that the demand by the first-timers has dwindled. Today, when you look at the subscription for every BTO, it is less than two, or two to 2.5 in some of the estates.”

    Ms Lee said: "I also realised that quite a number of my younger residents bought their flats in another town when they got married. Now that they have children, they have to shuttle (between their parents' homes and theirs) to bring their children to their parents' homes and after work every day.

    “They come to their parents' place to bring their children home. Some of them, because of their aged parents whom they have to care for, they realise that it's much more convenient to stay near their parents. So, I hope MND can help them there.”

    "If they can be given more grants, it will always be good. But, I think many of them are looking at shifting back before the minimum 5-year occupation period," she added.

    Another area that could be brought up during the Rally is to have more interim rental housing for families and young couples who are waiting for their new flats to be completed, analysts said, as the HDB has ramped up its BTO exercises in the last few years.

    http://www.channelnewsasia.com/news/....html?cid=fbsg

  2. #2
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    Jun 2006, a 2 Bedroom PC cost SGD 535,000, a 5 room HDB cost SGD 390,000. Toyota Wish cost SGD 60,000.

    Aug 2015, 9 years later Housing grants, higher income ceiling for flat buyers ??????

    If you keep your money SGD 108,000 in the Bank how much will you get after 9 years.

    http://www4.bmo.com/cgi-bin/termInve...ars=9&x=18&y=3

    At 3%, you get SGD 29,160.00
    Last edited by Arcachon; 22-08-15 at 07:35.

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  4. #4
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    Based on the recent income movements, my guess is 15k for EC and 12k for HDB.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  5. #5
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    There should be no income ceiling.

    All Singaporean should be able to get a HDB, present policy have already in place for a long time.

    The rich who can buy PC chose to buy a HDB must be out of their mind.

    Only the so call "rich" buy HDB.

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