View Full Version : Q: let say a couple ..1 is working..another is unemployed..can bid for BTO?
Q: let say a couple ..1 is working..another is unemployed..can bid for BTO?
eg. if i am working as freelancer, i don't need to report tax ,right?
Q: let say a couple ..1 is working..another is unemployed..can bid for BTO?
eg. if i am working as freelancer, i don't need to report tax ,right?
You won't be able to take bank loan as well because no income
can what... government say earn $1k also can buy ma
can what... government say earn $1k also can buy ma
lol..
:doh:
You won't be able to take bank loan as well because no income
ok. thanks for the info.
:cheers4:
property_finder
03-02-13, 12:52
Q: let say a couple ..1 is working..another is unemployed..can bid for BTO?
eg. if i am working as freelancer, i don't need to report tax ,right?
A Freelancer must report income tax similar to a self-employed person.
lol..
:doh:
ok. thanks for the info.
:cheers4:
Jokes apart. I believe applying BTO is ok for you.. The problem will come only when you start to apply for loan.... As you will need a proof of your income.. If not the LTV will be affected....
Why cannot?
I don't think both applicants must be gainfully employed.
A child can apply with a retired parent
buttercarp
03-02-13, 16:37
Q: let say a couple ..1 is working..another is unemployed..can bid for BTO?
eg. if i am working as freelancer, i don't need to report tax ,right?
Why cannot?
If husband is working and wife is not working (which is not uncommon) , if cannot apply then where they going to stay?
Just that with the new rule for HDB mortgage that MAS will cap the mortagage service ratio for housing loans granted by financial instituitions at 30% of a borrower's monthly income, HDB loan is at 35%.
Erm.... freelance must report income. Don't get into trouble with the tax man.
Why cannot?
If husband is working and wife is not working (which is not uncommon) , if cannot apply then where they going to stay?
Just that with the new rule for HDB mortgage that MAS will cap the mortagage service ratio for housing loans granted by financial instituitions at 30% of a borrower's monthly income, HDB loan is at 35%.
Erm.... freelance must report income. Don't get into trouble with the tax man.
There are many titution teachers that does not do that. So I am not sure if this is required.
I know of teachers who use the part time tution fee to pay for the condos.
buttercarp
03-02-13, 21:02
There are many titution teachers that does not do that. So I am not sure if this is required.
I know of teachers who use the part time tution fee to pay for the condos.
It is risky lah.
This was told to me by a friend...........
If ever the taxman comes after you ...they already have a big file on you and your family members(spouse), cannot hide anything...they have on file all your fixed deposits, they know all your cars and previous cars, they know all your properties and previous properties...they will ask you...and your answers should match what is on their file...and be prepared to explain any money that does not seem congruous with your income...
There are many titution teachers that does not do that. So I am not sure if this is required.
I know of teachers who use the part time tution fee to pay for the condos.
Of course it is required... whether they do or not is another matter.
Same for the hawkers.
In Singapore, it is difficult to hide from IRAS. They have ways and means to find people whose assets do not match their reported income.
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatIncomeGuideline?OpenDocument
Long Long time ago Income was not needed to declare to take HDB loan.
I brought a 3 room HDB resale with 30K grant for my in-laws. No need to declare income,max loan 25 yrs.
Recently, a colleague want to buy 5 room BTO was rejected because his pay don't allow him to buy the 5 room BTO.(pay too low to buy)
You must not be too rich or too poor to buy.
HDB Housing Loan
Buyers must firstly fulfill all the eligibility conditions to obtain a housing loan from HDB.
It is mandatory for all potential flat buyers obtaining an HDB loan to have a valid HLE before exercising the Option to Purchase, i.e. before the signing of the Sales Agreement.
This is to ensure that flat buyers are able to pay for their home and service the loan without overstretching their finances. The HLE letter provides buyers with information on:
Eligibility for an HDB loan
Maximum Loan Amount Eligible
Maximum Loan Repayment Period
Monthly Loan Instalment (to service the HDB loan)
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/HLHDBWhat?OpenDocument
(c) monthly instalments; and
This is capped at 35% of the gross monthly income.
......
I brought a 3 room HDB resale with 30K grant for my in-laws. No need to declare income,max loan 25 yrs.
.....
quite rare for a man to marry upwards.
as long as income met, can apply BTO. but like other bros say, the LTV and other consideration come into play. i have frens who quit (or their wifes quit) in order to meet the criteria. then after that go look for job (or even go back to same co) after getting the flat.
as for free lance, income, etc.. this one.. no need to teach pple how to keng lah? just be careful of your paper trail and make sure sufficient income declared to pay for car/house/etc. slight discrepancy ok, just make sure you got $100 entry record at RWS or MBS. but i not sure if winnings need to use NRIC to claim? for sure.. big 4D/toto winnings need to show NRIC.
you can run but you can't hide.
as long as income met, can apply BTO. but like other bros say, the LTV and other consideration come into play. i have frens who quit (or their wifes quit) in order to meet the criteria. then after that go look for job (or even go back to same co) after getting the flat.
as for free lance, income, etc.. this one.. no need to teach pple how to keng lah? just be careful of your paper trail and make sure sufficient income declared to pay for car/house/etc. slight discrepancy ok, just make sure you got $100 entry record at RWS or MBS. but i not sure if winnings need to use NRIC to claim? for sure.. big 4D/toto winnings need to show NRIC.
you can run but you can't hide.
in malaysia, it's a rather commonly used tactic, of buying winning tickets, to evade tax ;)
in malaysia, it's a rather commonly used tactic, of buying winning tickets, to evade tax ;)
malaysia quite easy. you just need to take a decent size loan and then redeem the loan after short while. the banker will coordinate well with you, and minimum penalty for early settlement. win win situation. and some money will change hands.
Long time ago when I was young and newly married, you don't need a loan to buy new HDB, after deducting CPF, I paid the remainder in cash. It was that affordable and it was a nice feeling collecting my keys from HDB to a fully paid up new flat. Prices for new HDB have shot up since then, I sympathize with the youngsters of today.
Long time ago when I was young and newly married, you don't need a loan to buy new HDB, after deducting CPF, I paid the remainder in cash. It was that affordable and it was a nice feeling collecting my keys from HDB to a fully paid up new flat. Prices for new HDB have shot up since then, I sympathize with the youngsters of today.
during those days, if u whack private or bungalow, now u just sit back and relax. u now can buy many many for your youngsters.
if your youngsters are the Singaporeans youngster, u really belong to politics. I cannot say anything already. me no politics person.
during those days, if u whack private or bungalow, now u just sit back and relax. u now can buy many many for your youngsters.
if your youngsters are the Singaporeans youngster, u really belong to politics. I cannot say anything already. me no politics person.
yah... my dad told me. they bot their toa payoh hdb for $8k. that time, semi det near macritchie was $80k. they din dare to whack because scared cannot afford (actually on hindsight, they said it was affordable).
so you see.. need to plan forward. to jump from the 80% to the 20%.. if based on current income.. very difficult. because your scenario will be similar to many around you. but if plan forward, and take calculated risk, then can jump into the 20%. how many pple do that?
bro roly.. see this? :)
yah... my dad told me. they bot their toa payoh hdb for $8k. that time, semi det near macritchie was $80k. they din dare to whack because scared cannot afford (actually on hindsight, they said it was affordable).
so you see.. need to plan forward. to jump from the 80% to the 20%.. if based on current income.. very difficult. because your scenario will be similar to many around you. but if plan forward, and take calculated risk, then can jump into the 20%. how many pple do that?
bro roly.. see this? :)
Based on percentages, the semi-di at $80k was 10times the price of the $8k HDB, but the quantum was only $72k difference. Those who are willing to stretch can beg borrow and steal to bridge the gap
In today's market, a $800k property vs a $8million property is a whopping $7.2mil difference.... it is almost impossible .... or even unthinkable
Those days are long gone
Based on percentages, the semi-di at $80k was 10times the price of the $8k HDB, but the quantum was only $72k difference. Those who are willing to stretch can beg borrow and steal to bridge the gap
In today's market, a $800k property vs a $8million property is a whopping $7.2mil difference.... it is almost impossible .... or even unthinkable
Those days are long gone
fast forward 60 years time, what would be the difference? time value of money.
look north, look at hong kong. look at the price now today.
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