Singles' Policy

[Barc 0]

But do you think that is the right way to tackle the family issue for Singaporeans?

I think its because of this reason that we have an increase of divorce cases, coming from couples who got married just to get a flat. Somewhere in this forum we already have someone asking if he can buy a flat at 27, earning $2.3k but still single, because his parents' flat cannot accommodate him already.

If he is desperate to move out, he might just get married to his girlfriend to get a flat - otherwise what can he do?? He doesn't earn enough to rent a place, he have to move out, and his CPF is just lying around for nothing. Of course I am not saying they will definitely divorce in the end lah, touch wood, but that's just the wrong reason to be married lor.

ah.. you've got me.

that's me... dealing with housing problem right now.

I see no point of getting married just to get a flat, nor seeing somebody just because of my own benefits.

My reason for not considering about renting is as what some had highlighted. Some restrictions on bringing friends over for socializing.. etc

It's not like I haven't been working hard enough. My basic pay is $1.2k, and I have to work OT with only 2 days of rest a month just to get the additional 1.1k as my income.

Been through a lot in a broken family, having to struggle hard and now, my parents are giving me hints that it's time for me to move out, and I'm not eligible for any HDB flats.

[Maeryn 0]

FYI, HDB do allow Singles below 35 to buy resale flat only if you are an orphan with no other siblings for the joint application, no grants tho. That's the category I fall under. I must say I am thankful for this concession, otherwise the sole option left is get a pte apt. I just placed a deposit for a flat in Simei last night, better buy before HDB change their prevailing policy.

Edited March 3, 2007 by Maeryn

[estamun 0]

ah.. you've got me.

that's me... dealing with housing problem right now.

I see no point of getting married just to get a flat, nor seeing somebody just because of my own benefits.

My reason for not considering about renting is as what some had highlighted. Some restrictions on bringing friends over for socializing.. etc

It's not like I haven't been working hard enough. My basic pay is $1.2k, and I have to work OT with only 2 days of rest a month just to get the additional 1.1k as my income.

Been through a lot in a broken family, having to struggle hard and now, my parents are giving me hints that it's time for me to move out, and I'm not eligible for any HDB flats.

Hi Barc,

Not every landlord does not allow inviting friends for socializing, it depends. Try to find those younger sociable landlords. If you're decent person with decent friends, they may even enjoy having your friends' visits.

All my previous landlords happened to know me beforehand, so I did not have any issue on inviting guests over. Try asking around your friends, you may be surprised by their offers to help you out. Don't be shy to share about the family issues you're facing, that's how I 1st started to rent a place. After a series of family issues, I was surprised when my friend offered to rent me her parents' home, so that I could at least get good night's rest daily

Edited March 4, 2007 by estamun

[Barc 0]

hmm.. thanks for the advice.

but sadly, my friends are coming over usually for an overnight chit chatting, movie marathon, gaming... etc.

I doubt I want to interrupt my landlords in a goodnight's sleep.

but then, thanks again

[estamun 0]

but sadly, my friends are coming over usually for an overnight chit chatting, movie marathon, gaming... etc.

Ha ha ha If you're lucky, you may get young landlord couple who are into "overnight chit chatting, movie marathon, gaming". One of my previous landlord couple is like that... and they would have loved a tenant who enjoy gaming with them (which I wasn't). Try your luck, ask around your friends with similar interests

[applefreak 1]

actually there are quite a few options for singles who want to buy flats

like someone mentioned earlier, the orphan scheme or like me, buying with my parents as essential occupiers.

another thing that not many may realise is that if you buy under the singles scheme, you can't get a hdb loan if you income is more than $3k a month (including bonus etc). thank goodness my parents are willing to become my essential occupiers, if not how to afford bank loan??? how many of us will have $200k in cpf when we turn 35...

[ARCHer 0]

actually there are quite a few options for singles who want to buy flats

like someone mentioned earlier, the orphan scheme or like me, buying with my parents as essential occupiers.

another thing that not many may realise is that if you buy under the singles scheme, you can't get a hdb loan if you income is more than $3k a month (including bonus etc). thank goodness my parents are willing to become my essential occupiers, if not how to afford bank loan??? how many of us will have $200k in cpf when we turn 35...

Errr... buying with parents is similar to staying with your parents. If you want your own place, and your parents already own a flat, you can't buy your own flat if you are single.

If you can't get a hdb loan, you can get a bank loan. No need to have $200k in cpf to pay for the flat fully. But still, bank loan is not as attractive as HDB loan. Also, if I am not mistaken, there are other restrictions placed on one's income e.g. you are not entitled to a grant if your income is above $8k p.m.

[applefreak 1]

erm, you can't get a hdb flat, new or resale if your income is above $8k p.m. if i'm not wrong...

true true, for me it's more of a space constraint problem.

bank loans interst rate is really high!!!

to me the only advantage of getting a hdb flat is the loan

if not the price is almost similar to a private apartment

guess it's kinda catch 22 situation there...

[estamun 0]

erm, you can't get a hdb flat, new or resale if your income is above $8k p.m. if i'm not wrong...

No income limit to buy resale lah! I know people whose income more than $10k a month also buy HDB resale.

Single Singapore Citizen Scheme (SSC)

There is no income ceiling (unless applying for CPF Housing Grant).

[estamun 0]

how many of us will have $200k in cpf when we turn 35...

Actually don't need $200k lah. 3 room flat have huge range, depends on location, age of unit, upgrading, etc... last I checked (when my fren was house-hunting) the range is $150+ to $240+ in resale market.

E.g. I settled for an old resale flat (as old as me) bcos of my budget and the flat's location. Happy hunting!

[Maeryn 0]

Also, if I am not mistaken, there are other restrictions placed on one's income e.g. you are not entitled to a grant if your income is above $8k p.m.

For singles, the income ceiling cap to be eligible for the HDB grant or HDB concessionary loan is a mere $3K p.m. I wonder how many singles who earn less than $3k dares to commit to a HDB resale flat.

[estamun 0]

For singles, the income ceiling cap to be eligible for the HDB grant or HDB concessionary loan is a mere $3K p.m. I wonder how many singles who earn less than $3k dares to commit to a HDB resale flat.

Think the "dare to commit" part depends on an individual's risk appetite.

Just did a quick calculation. If monthly income is consistently $3k/mth (x,12 mth/yr) from age 25 to 35, then CPF Ordinary Account (if left idle, OA at 22% of income, with interest 2.5% p.a.) would be around $100K at age 35. Based on HDB transaction site, 2 room cost around $120k, so can be fully paid-up if one has some savings. For 3 room, range is much bigger from $150k to $240k... so depends on what one is looking for, so one can be below-1/2-paid or 2/3-paid. For 4 room and bigger units, well... back to risk appetite.

That said, personally I wished that the income limit to qualify for HDB preferrential loan rates would be higher, e.g. to match the median household income since HDB is supposed to be public housing for the masses.

Edited March 9, 2007 by estamun

[Maeryn 0]

That said, personally I wished that the income limit to qualify for HDB preferrential loan rates would be higher, e.g. to match the median household income since HDB is supposed to be public housing for the masses.

Same sentiments here. I have to take out a bank loan at much higher interest rates and fork out 5% of the valuation price + above valuation price all in cash. *Heart Pain*

[icer 0]

No. Dun agree that it is pro-family and not anti-singles.

If it's pro-family, they can offer more grants for family to buy flats but they should also allow singles to buy. By not allowing singles who are also tax payers to buy flats, it's anti-singles for sure.

Well, I have said my piece as a single. I even attended a formal Feedback Unit session where I aired my views on the housing policy. I was told that the policies are not 'anti-singles' but 'pro-family'. Yeah, right. If they are not 'anti-singles', why aren't the unsold HDB flats not made available to singles?

Yes. And also why $8,000 combined income ceiling for married couple and $3,000 for singles? What kind of maths is that?

And shouldn't singles be having a higher income ceiling for HDB loan since married couples can share so many things together like household expenses, electrical appliances, furniture etc?

And how many people earn below $3,000 after 35 yo?

actually there are quite a few options for singles who want to buy flats

like someone mentioned earlier, the orphan scheme or like me, buying with my parents as essential occupiers.

another thing that not many may realise is that if you buy under the singles scheme, you can't get a hdb loan if you income is more than $3k a month (including bonus etc). thank goodness my parents are willing to become my essential occupiers, if not how to afford bank loan??? how many of us will have $200k in cpf when we turn 35...

[pencil 1]

Yes. And also why $8,000 combined income ceiling for married couple and $3,000 for singles? What kind of maths is that?

Here is my theory-craft.

If you look at data from the department of statistics, you'll realized that the 2006 average household income is about $6k. Divide that by 2 and you get $3k.

Interestingly, there is a very high chance that a grad will get more than $3k after 5 years and pretty likely for combined income to exceed $8k in the same period. What does this mean? I guess the policy 'encourages' people to get married early to enjoy the 'benefits' of the policy. With the current trend of later marriages and the economy picking up, quite a few people will be affected (close to 10% assuming household with >$10k don't need HDB).

That said, I don't think there is much room for improvement. For example, making the income ceiling flexible by pegging it to the economic performance will probably create more work and unhappiness than the problem it solve.

Unfortunately, public policies will not be able to keep everyone happy. Further analysis is left as an exercise for the reader

Edited May 8, 2007 by pencil