We attended a resale seminar today at the main office of the Housing Development Board. Initially I thought this would help make my dream of owning my own home come true quicker, but after the seminar, I realise the rules and regulations are much more stringent than before.
Firstly, in order to get a place, one must have the appropriate finances. This does not mean our Central Provident Fund, but rather cash at hand, as resale flat values fluctuate, and the Cash On Valuation can cost between S$60,000.00 to S$100,000.00. Who in the world can have that kind of cash at hand? If I have, I would not even buy a resale flat, I can go buy a landed property or a private apartment already!
Secondly, priority is given to married couples, or extended families. The age counts too, hence if a couple below the age of thirty apply for a flat, they can have a rebate of S$20,000.00 off the total purchase price. That is quite a good deal, but unfortunately, both of us do not qualify anymore. :-(
Thirdly, the amount of housing loan depends on the age and finances. So someone younger can have a longer loan tenure and someone older a shorter tenure. Hence for a couple with an average age of thirty-five, the loan tenure is twenty-five years the most, which means we have to come up with more cash on hand, and more monthly instalments, which ultimately eats into the total household income and expenses assuming our income do not increase until we retire. Which means the dream of a more spacious flat, a small car and a few kids cannot be manifested anymore!
Fourthly, the flat can only be owned by a joint name, in other words, husband and wife, father and son, mother and daughter, sister and brother. And each person can only be the owner and occupier of one flat. If we are to apply using just one name, we have to be thirty-five and above, and even then, we can only get a small flat and way low on the priority list. Our government really do not favour singles!
Fifthly, we need a maximum income, not minimum. We can only get a new flat if our incomes do not exceed S$8,000.00 combined, and an older flat from the housing board if our incomes do not exceed S$10,000.00 combined. Actually this does not really make sense, because our average incomes have increased. Assuming both are graduates, each of them are probably earning more than S$4,000.00, with the guy having more due to his stint in the army, and if combined together, may easily be above S$10,000.00. And this amount is too much for flats, yet too little for private property. What a bummer.
All in all, the resale seminar is pretty useful. I only wish there is something I can do to get my own dream home faster!
Firstly, in order to get a place, one must have the appropriate finances. This does not mean our Central Provident Fund, but rather cash at hand, as resale flat values fluctuate, and the Cash On Valuation can cost between S$60,000.00 to S$100,000.00. Who in the world can have that kind of cash at hand? If I have, I would not even buy a resale flat, I can go buy a landed property or a private apartment already!
Secondly, priority is given to married couples, or extended families. The age counts too, hence if a couple below the age of thirty apply for a flat, they can have a rebate of S$20,000.00 off the total purchase price. That is quite a good deal, but unfortunately, both of us do not qualify anymore. :-(
Thirdly, the amount of housing loan depends on the age and finances. So someone younger can have a longer loan tenure and someone older a shorter tenure. Hence for a couple with an average age of thirty-five, the loan tenure is twenty-five years the most, which means we have to come up with more cash on hand, and more monthly instalments, which ultimately eats into the total household income and expenses assuming our income do not increase until we retire. Which means the dream of a more spacious flat, a small car and a few kids cannot be manifested anymore!
Fourthly, the flat can only be owned by a joint name, in other words, husband and wife, father and son, mother and daughter, sister and brother. And each person can only be the owner and occupier of one flat. If we are to apply using just one name, we have to be thirty-five and above, and even then, we can only get a small flat and way low on the priority list. Our government really do not favour singles!
Fifthly, we need a maximum income, not minimum. We can only get a new flat if our incomes do not exceed S$8,000.00 combined, and an older flat from the housing board if our incomes do not exceed S$10,000.00 combined. Actually this does not really make sense, because our average incomes have increased. Assuming both are graduates, each of them are probably earning more than S$4,000.00, with the guy having more due to his stint in the army, and if combined together, may easily be above S$10,000.00. And this amount is too much for flats, yet too little for private property. What a bummer.
All in all, the resale seminar is pretty useful. I only wish there is something I can do to get my own dream home faster!
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