Cpf Housing Grant

[aegis0129 2]

My fiancee was recently made redundant and

my income is less than 8k. That makes us eligible for the CPF grant right? Do they look at how long one is unemployed before giving the grant if we go ahead and buy a resale flat?

[therat 18]

if you buy direct HDB, there are no CPF grant.

[aegis0129 2]

if you buy direct HDB, there are no CPF grant.

No we're thinking of resale actually. The wait for BTO is too long for us.

[adam72 0]

My fiancee was recently made redundant and

my income is less than 8k. That makes us eligible for the CPF grant right? Do they look at how long one is unemployed before giving the grant if we go ahead and buy a resale flat?

hi

are you saying the $30-40k 1st-timer grant for resale flat? or the additional housing grant (AHG) for household income <$5k?

the former grant is eligible if you are 1st-timer ($30k) and if your/fiancee's parents stay near you or with you at the new resale flat.

the latter AHG is applicable if you earn <$5k, with different AHG amount with different income stages.

for me, my wife & i took $70k grant ($40k MIL staying with us + AHG $30k). if we sell our flat in 5 yrs' time, we just pay HDB back $30k.

Edited October 17, 2010 by adam72

[aegis0129 2]

hi

are you saying the $30-40k 1st-timer grant for resale flat? or the additional housing grant (AHG) for household income <$5k?

the former grant is eligible if you are 1st-timer ($30k) and if your/fiancee's parents stay near you or with you at the new resale flat.

the latter AHG is applicable if you earn <$5k, with different AHG amount with different income stages.

Hi, we're first timers but prob not staying near parents. I read the hdb website and it looks like I should be eligible for the 30k cpf top up if I'm not wrong. Not eligible for the AHG though. The money will come in handy as we have a little shortfall for the 15% and stamp duty. Initially we had to top up the shortfall in cash but due to the unforseen circumstances (we wouldn't quit to get the money) we thought we might as well go for it. Especially with the blanket 5 year MOP new rule.

[adam72 0]

if you and yr fiancee are 1st-timers shd b eligible for $30k grant. but HDB will clear almost yrs & yr fiancee's CPF to lessen the mortage loan. this CPF clearing includes all payments such as stamp duty, conveyance fees (if using HDB solicitors) and other fees.

[aegis0129 2]

if you and yr fiancee are 1st-timers shd b eligible for $30k grant. but HDB will clear almost yrs & yr fiancee's CPF to lessen the mortage loan. this CPF clearing includes all payments such as stamp duty, conveyance fees (if using HDB solicitors) and other fees.

Thanks for clarifying. The other thing on our mind is how long of a buffer we need before she tries for another job? If say she gets another job by the 1st appt, will it reduce the chances of getting the grant?

[marshmallow 0]

Thanks for clarifying. The other thing on our mind is how long of a buffer we need before she tries for another job? If say she gets another job by the 1st appt, will it reduce the chances of getting the grant?

if i remember correctly, eligibility for grant is assessed during your 1st appointment. if your wife gets a job before 1st appointment, then no grant if combined income >8k... doesn't matter if she gets the job one month or two months before 1st appointment.

you can call HDB hotline and ask them directly. i got similar question last time and they could give me an answer immediately...

if the amount exceeded 8k is small, you can still try to appeal but do take note that appeal process can drag for quite long..

[sugardaddy 0]

do take note also that when you are applying for the hdb loan, you will be getting a lesser amount since it is only declared that you are the sole breadwinner.

[Warrior88 0]

hi

are you saying the $30-40k 1st-timer grant for resale flat? or the additional housing grant (AHG) for household income <$5k?

the former grant is eligible if you are 1st-timer ($30k) and if your/fiancee's parents stay near you or with you at the new resale flat.

the latter AHG is applicable if you earn <$5k, with different AHG amount with different income stages.

for me, my wife & i took $70k grant ($40k MIL staying with us + AHG $30k). if we sell our flat in 5 yrs' time, we just pay HDB back $30k.

Refund of CPF Money (70K)

When you sell the flat bought with CPF Housing Grant, all the CPF money you spent (including the housing grant) will be returned to your CPF account according to the CPF Board’s rules and regulations.

INCLUDING ACCRUED INTEREST

[aegis0129 2]

if i remember correctly, eligibility for grant is assessed during your 1st appointment. if your wife gets a job before 1st appointment, then no grant if combined income >8k... doesn't matter if she gets the job one month or two months before 1st appointment.

you can call HDB hotline and ask them directly. i got similar question last time and they could give me an answer immediately...

if the amount exceeded 8k is small, you can still try to appeal but do take note that appeal process can drag for quite long..

ok thanks, think she won't mind doing her tai tai life for a while more before first appointment. Once she gets another job we will definitely cross the 8k mark so appeal is out of the question for us.

do take note also that when you are applying for the hdb loan, you will be getting a lesser amount since it is only declared that you are the sole breadwinner.

i'm most probably going for a bank loan instead of hdb, they are unlikely to give me a large enough loan for an EM which we're hoping to get.

Refund of CPF Money (70K)

When you sell the flat bought with CPF Housing Grant, all the CPF money you spent (including the housing grant) will be returned to your CPF account according to the CPF Board’s rules and regulations.

INCLUDING ACCRUED INTEREST

Yup, I'm aware of that, the issue is we haven't been working that long so still have a little shortfall in the cpf and while we already planned to plug the shortfall with cash. We though since now we have a chance to get the grant we might as well do so and free up the cash. Beside, MOP now is 5 yrs regardless of whether it is subsidised or not.

[Warrior88 0]

IMO, if you are unable to fork out the 15%. Think you debt ratio is on the high side.

Especially, HDB resale is at its peak now.

[aegis0129 2]

IMO, if you are unable to fork out the 15%. Think you debt ratio is on the high side.

Especially, HDB resale is at its peak now.

I do not disagree with that, I might be sitting on the fence for a while more before deciding to rent or buy. Wedding is next year June so still have a little time to play around. The good thing is the job market is not looking too bad for both of us so hopefully she can find another job quickly. We just want to take advantage of everything we can get hold of now. Anyways, I have budgeted such that the monthly payments is less than 1/3 of one of our take home incomes so it should be pretty comfortable.

[therat 18]

FYI, today HDB just come out new rule.

7 cooling days for seller + seller need to give a financial plan on their plan on the profit they make and the next housing plan, etc.

Normally, end yr, less ppl want to sell flat.

Chinese need a house to 过年.

Next yr CNY, 1st wk of Feb

[aegis0129 2]

What sort of impact do you think this new rule will entain? Sales will most likely be down in Q4 whether there is this rule or not. What I'm more interested in is whether the cooling measures have helped in stabilising (I don't think prices will come down) the mkt. If not, with GE coming up I'm not surprised that more measures will come in at the end of Q1 2011.