View Full Version : S$1000 can Buy HDB Flat? 72-Year-Old Aunty’s Deposit Gets Taken Away Instead!
http://www.channelnewsasia.com/news/singapore/the-last-ubinites-a-short/2199032.html
RONALD LEE: On 16th January this year, current Minister in the Prime Minister’s Office Chan Chun Sing said that “Singaporean families earning S$1,000 a month can indeed afford their own flats because of various housing grants. As a result, the lowest 20th percentile of households have an average net home equity of S$200,000. That is an achievement no other nation in the world can boast of.”
It appears that Mr Chan’s boast, which was aimed at attacking an article Dr Chee Soon Juan wrote for the Huffington Post, is bordering on empty talk.
Just yesterday, TODAY newspaper published a story called “The last Ubinites: A short hop, and a world away”.
The newspaper interviewed a Pulau Ubin resident, Mdm Ong Siew Fong, who said that due to the HDB not screening her flat application process appropriately, she winded up losing her hard-earned savings of S$1000.
“Last year, Mdm Ong tried to apply for a HDB flat, but she was unsuccessful as their monthly family income of S$1,300 was too low. The family had to forfeit the deposit of S$1,000.
‘It’s all our hard-earned savings, gone down the drain,’ said Ms Wong.”
DPM Tharman made a similar boast back in 2012, which is the statement I believe Maj-Gen Chan was simply parroting.
Speaking in parliament, DPM Tharman said “a family with a monthly income of as low as S$1,000 can now purchase a small flat”.
We’ve a real-life example of someone who’s household income is S$300 more than Maj-Gen Chan believes is enough to afford a HDB flat, as reported by state media.
So what’s the real deal?
All this idealistic talk, coupled with the HDB’s poor procedures, has just made a poor 72-year-old S$1000 poorer – which to her is a lot of money.
The government can of course step in now and help Mdm Ong with her application process, waive off whatever was taken from her, and put a nice publicity spin on this story.
But the question remains – why give people hope only for it to be dashed, and at a huge cost?
This issue needs to be addressed.
http://redwiretimes.com/cow-beh-cow-bu/s1000-can-buy-hdb-flat-72-year-old-auntys-deposit-gets-taken-away-instead/
https://www.youtube.com/watch?v=7ZKjms-wVyY
Taking about the grant, I have a friend and his future wife, just graduated and working for 6 months only (after seeking jobs for a few months) wanted to apply a grant when they applied for a 4 room BTO flat, but grant was not approved, reason being that they have been working for less than a year. Is this the valid reason? For my friend's case, since they just started to work, of course they need the grant to help to subsidize the flat, right but was turned down just because they work less than a year, is not that they don't want to work but because they just graduate, waste a few months looking for job. They need to apply earlier also because need to wait a few years before they can get a flat. By the time, they get married, they will be in their late 20's.
Taking about the grant, I have a friend and his future wife, just graduated and working for 6 months only (after seeking jobs for a few months) wanted to apply a grant when they applied for a 4 room BTO flat, but grant was not approved, reason being that they have been working for less than a year. Is this the valid reason? For my friend's case, since they just started to work, of course they need the grant to help to subsidize the flat, right but was turned down just because they work less than a year, is not that they don't want to work but because they just graduate, waste a few months looking for job. They need to apply earlier also because need to wait a few years before they can get a flat. By the time, they get married, they will be in their late 20's.
I got a relative also the same. Lack maybe a month to reach a year of work.
Can appeal. Depending on nature of job, might be allowed.
The first cut off for HDB is whether one's job is stable, and therefore the first clearance is whether one can at least hold a job for a year. This might be because it is very hard for HDB to repossess flats at a later stage if the HDB buyer claims loss of job, cannot find job. At most wait half a year in that case. I have another relative self-employed who earned a lot but it was highly variable. They made him show his savings account over a year or so before they granted him a HDB loan.
Taking about the grant, I have a friend and his future wife, just graduated and working for 6 months only (after seeking jobs for a few months) wanted to apply a grant when they applied for a 4 room BTO flat, but grant was not approved, reason being that they have been working for less than a year. Is this the valid reason? For my friend's case, since they just started to work, of course they need the grant to help to subsidize the flat, right but was turned down just because they work less than a year, is not that they don't want to work but because they just graduate, waste a few months looking for job. They need to apply earlier also because need to wait a few years before they can get a flat. By the time, they get married, they will be in their late 20's.
could it be new flat? remember last time my friend bought a resale flat shortly after working and not much CPF. The grant was credited to their CPF and they use it to pay the downpayment.
I think is possible. The $1000 income flat is applicable to ppl with monthly income and with CPF contribution. with all grant given by govt to pay for downpayment, they can own the flat by just using their CPF + employer CPF to service the loan
The problem here is the applicant is 72 years old. Even with $1000 income she is unlikely to service and complete the loan repayments over 25 years, the contexts for which the ministers were talking about.
Taking about the grant, I have a friend and his future wife, just graduated and working for 6 months only (after seeking jobs for a few months) wanted to apply a grant when they applied for a 4 room BTO flat, but grant was not approved, reason being that they have been working for less than a year. Is this the valid reason? For my friend's case, since they just started to work, of course they need the grant to help to subsidize the flat, right but was turned down just because they work less than a year, is not that they don't want to work but because they just graduate, waste a few months looking for job. They need to apply earlier also because need to wait a few years before they can get a flat. By the time, they get married, they will be in their late 20's.
wat is another 6 mth wait to apply. ? most people get married in the late 20s away. actually most guys avg age is 30
This is also because the person is 72 yrs old. how long a loan can the person take? 25yrs? will the person still be alive? or will the person end up have debt burden?
This is also because the person is 72 yrs old. how long a loan can the person take? 25yrs? will the person still be alive? or will the person end up have debt burden?
Not true, this is because the person buying at the wrong time.
I brought a resale 3 room HDB for my in-law in 1996, father-in-law odd job, no CPF, mother-in-law housewife. Loan 25 years.
3 room HDB at that time is 95,000, with 30,000 grant they loan 65,000 after they stay for 20 + years now valuation 290,000.
In-law initially refuse to buy until I tell them I put SGD 65,000 into their Bank account but they take Loan for 25 years.
I got a relative also the same. Lack maybe a month to reach a year of work.
Can appeal. Depending on nature of job, might be allowed.
The first cut off for HDB is whether one's job is stable, and therefore the first clearance is whether one can at least hold a job for a year. This might be because it is very hard for HDB to repossess flats at a later stage if the HDB buyer claims loss of job, cannot find job. At most wait half a year in that case. I have another relative self-employed who earned a lot but it was highly variable. They made him show his savings account over a year or so before they granted him a HDB loan.
My friend 1st job was a financial consultant in a local bank and his wife is also holding quite a high post in another company. Both work less than a year after wasting few months seeking for jobs but his wife has been workimg as a part time tutor for many years while still schooling and they tried to appeal using this reason but was turned down.
Actually to repossess the flat at a later stage if one lost the job and cannot pay up the loan has nothing to do with the grant right? If that is the case, how about those low income earners, isn't HDB not afraid that these people might lost their jobs in future and also cannot afford to pay later on?
I thought grant is supposed to help those with downpayment problem, even without the grant, buyers will still source somewhere for the fund for their downpayment and HDB not afraid that these buyers might lost the job one of this days and have problem in paying up the loan also?
could it be new flat? remember last time my friend bought a resale flat shortly after working and not much CPF. The grant was credited to their CPF and they use it to pay the downpayment.
It is a new flat.
I think is possible. The $1000 income flat is applicable to ppl with monthly income and with CPF contribution. with all grant given by govt to pay for downpayment, they can own the flat by just using their CPF + employer CPF to service the loan
Ya lor, grant is to help people with downpayment problem, so why the rule set in such a way that the buyer must work for at least 1 year in order to be eligible for the grant?????
wat is another 6 mth wait to apply. ? most people get married in the late 20s away. actually most guys avg age is 30
They didn't know the rule until they got the chance to select their flat, if they give up this chance, is considered as 1 time, so it will take longer to get a 2nd chance. Like another of my friend, he was given a chance to select the flat, but he gave up because he wanted to choose another location. In the end, he tried and tried, wasting so much money, at last after don't know how many months, then he got his flat and only left with low floor, he had no choice, still grab it because if he rejected it again, he got to wait for even longer time. He is already 30+.
During my time, isn't it better using queue number, it is fairer, 1st come 1st serve, don't need money to get a queue number also. Balloting depends on luck, some people tried so many times still cannot get it, while some people, one time only, already got the flat. I Know of someone, one time only, he got the flat, he said he only wanted to try his luck, never expect to be so lucky but he and his wife still prefer their old house, isn't they are depriving people who really need the house? I have another friend, already 30+, prepared to get married and had been applying for the flat for many times, in the end, he gave up, buy a resale flat even faster.
Ya lor, grant is to help people with downpayment problem, so why the rule set in such a way that the buyer must work for at least 1 year in order to be eligible for the grant?????
so wats stopping people from takeing up a low paying job for 2 mths just to apply for grant then resign?
They didn't know the rule until they got the chance to select their flat, if they give up this chance, is considered as 1 time, so it will take longer to get a 2nd chance. Like another of my friend, he was given a chance to select the flat, but he gave up because he wanted to choose another location. In the end, he tried and tried, wasting so much money, at last after don't know how many months, then he got his flat and only left with low floor, he had no choice, still grab it because if he rejected it again, he got to wait for even longer time. He is already 30+.
During my time, isn't it better using queue number, it is fairer, 1st come 1st serve, don't need money to get a queue number also. Balloting depends on luck, some people tried so many times still cannot get it, while some people, one time only, already got the flat. I Know of someone, one time only, he got the flat, he said he only wanted to try his luck, never expect to be so lucky but he and his wife still prefer their old house, isn't they are depriving people who really need the house? I have another friend, already 30+, prepared to get married and had been applying for the flat for many times, in the end, he gave up, buy a resale flat even faster.
so wats 6mths wait?
What is the definition of giving grant? Isn't it is to help those who is in need that have problem with the downpayment, so why need to work for 1 year to get the grant. Whether working or not, longer or shorter, if they buy the flat, in the end, they still need to pay the loan, only they pay lesser (with the grant) or more (without the grant), so I don't understand the 1 year's rule. If they sell their flat after certain years, they still need to return back the grant, isn't it?
Especially the 1st timer, they need grant more than the 2nd timer. 2nd timer after selling their existing flat, definitely more or less make some profit, so should have no problem in paying the downpayment unless grant is given to them to encourage them to stay near their parents, then that's another story but for 1st timer, that's their first step in owning a flat, they might not have enough cash especially when they just started working.
Not true, this is because the person buying at the wrong time.
I brought a resale 3 room HDB for my in-law in 1996, father-in-law odd job, no CPF, mother-in-law housewife. Loan 25 years.
3 room HDB at that time is 95,000, with 30,000 grant they loan 65,000 after they stay for 20 + years now valuation 290,000.
In-law initially refuse to buy until I tell them I put SGD 65,000 into their Bank account but they take Loan for 25 years.
In today context u need to have a stable job not odd job. U cannot compare things 20 plus years ago and now.
There is no free lunch in this world. No job or unstable job who going to loan you money? $1000 is apply if u have a stable job and maybe your age is not too old like 60 or 70yrs old.
If u don't help yourself nobody can help you.
What is the definition of giving grant? Isn't it is to help those who is in need that have problem with the downpayment, so why need to work for 1 year to get the grant. Whether working or not, longer or shorter, if they buy the flat, in the end, they still need to pay the loan, only they pay lesser (with the grant) or more (without the grant), so I don't understand the 1 year's rule. If they sell their flat after certain years, they still need to return back the grant, isn't it?
so give grant abt the person just have enough grant to pay for initial downpayment then in less than few yrs goes into default because they cannot service a loan? there have to be some due diligence to prevent people from over extent. And also prevent abuse. the aunty in this case is 72 yrs old! which in all context cannot take on new debt. she should have bought something or seek out help to buy something ages ago. not now. now she is better off renting.
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