When you reach the mature stage of your relationship, you will start to inch closer to your future and start laying out the deeds – many of which also involves the topic of a BTO flat. Thanks to the Singapore government, it is becoming increasingly popular and affordable for young couples to venture into the idea of getting their own flats – with a couple of tips that you should take note of before you do so.
That said, we have summarised 10 essential requirements you should know before applying for your BTO flat! For those who are still unsure, you can always contact HDB directly!
Citizenship
Since the government specifically tailored this scheme for Singaporean citizens, in order to first apply for a BTO flat, there must be 1 Singaporean Citizen applicant and another Singapore Citizen applicant or a Singapore Permanent Resident.
Age
You would have to be at least 21 years of age.
Income Ceiling
You will have to be in within these income ceilings if you are intending to purchase a unit. However, their press release during the sale launches will supplement you with more information about the specific income ceiling for each project. The ones stated below are just the estimates.
4-room flat or bigger:
$12,000
$18,000 if purchasing with extended or multi-generation family
3-room flat:
Non-mature estates: $6,000 or $12,000, depending on the project.
Mature estates: $12,000
Priority queues
You will be given priority queues if you are a first-time applicant or if the HDB. Couples comprising of a first-timer and a second-timer applicant will also be given the priority. These priorities will give you the benefit of enjoying a higher proportion of flat supply, more balloting chances, additional ballot chances for unsuccessful attempts and also be available for the Staggered Downpayment Schemes.
For more information about the other priority schemes, you can also visit
http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/priority-schemes
Documents to prepare
1. Latest 3 months’ payslips if employed full-time
2. 12 months’ of income documents for other types of employment
3. Proof of unemployment if not working
Grants
Yes, there are a couple of grants available so that it will make BTO-ing a more affordable and fuss-free process. To find out more about the grants that are being offered, you can visit:
http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/cpf-housing-grants-for-hdb-flats
Proximity Housing Grant
Contrary to popular belief, you will not gain a priority to the BTO flat if you are bidding for a unit that is located near your parents. Rather, it will only work when BOTH you and your parents are bidding for a flat together in the same precinct. Instead, a Proximity Housing Grant of S$20,000 will be given to help families who want to buy a resale flat, to live in with or near their parents/ married child
You can still get a flat if you used to / still own an HDB flat
A Singaporean Citizen can own up to 2 HDB flats or EC/ DBSS flat bought from the developer or HDB resale flat bought using a CPF Housing Grant (only applies to first-time applicants). If you already own 2 of such flats, you will not be able to apply for a unit or be listed as an occupier of the unit in the application.
Time periods you cannot apply for a flat
There are some periods where you will have to wait out before you are eligible to apply for a flat or be listed in the application. This is when
You have not met a current flat/ EC’s Minimum Occupation Period (MOP)
You are a divorcee
You have previously cancelled a flat application, or twice chose to not book a flat
Resale Levy
You will have to pay a resale levy if you have previously bought a new HDB flat, a DBSS flat or an EC from the developers, or received a CPF Housing Grant. The resale levy maintains a fair allocation of public housing subsidies between first-timers and second-timers by reducing the subsidy enjoyed for the second HDB flat or EC.
For more information about BTO, you also visit:
http://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/hdb-flat
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