HDB Downpayment by Age Group

[richwang]

http://www.hdb.gov.sg/fi10/fi10321p....s?OpenDocument

Starting from Feb 20, 2010 (MBT's time), HDB downpayment has been increased from 10% to 20%.
With HDB selling at close to half a million, youngsters need S$100K for downpayment. This is not good for having kids early.

Maybe a better policy could be:

1) Age below 30 years old, 5% downpayment;
2) Age 30-35 years old, 10% downpayment;
3) Age 35 and above, 20% downpayment.

Thanks,
Richard

[leesg123]

http://www.hdb.gov.sg/fi10/fi10321p....s?OpenDocument

Starting from Feb 20, 2010 (MBT's time), HDB downpayment has been increased from 10% to 20%.
With HDB selling at close to half a million, youngsters need S$100K for downpayment. This is not good for having kids early.

Maybe a better policy could be:

1) Age below 30 years old, 5% downpayment;
2) Age 30-35 years old, 10% downpayment;
3) Age 35 and above, 20% downpayment.

Thanks,
Richard

It is all about priortising the various goals in life. If the youngsters are not from a rich family, just ordinary folks grad from uni and working as professional, they better know what are the wants and needs. Chances are they splurge on branded stuffs, frequent holidays, taxi instead of bus, buy car etc. then end up say no money for housing, no money start family etc etc and blame gov instead of self.

[Allthepies]

http://www.hdb.gov.sg/fi10/fi10321p....s?OpenDocument

Starting from Feb 20, 2010 (MBT's time), HDB downpayment has been increased from 10% to 20%.
With HDB selling at close to half a million, youngsters need S$100K for downpayment. This is not good for having kids early.

Maybe a better policy could be:

1) Age below 30 years old, 5% downpayment;
2) Age 30-35 years old, 10% downpayment;
3) Age 35 and above, 20% downpayment.

Thanks,
Richard

seems like a good idea...

to really encourage couple to give birth, how about grant LTV bonus to couple with children...

1 child -- +10% LTV limit
2 children -- +20% LTV
N children -- +(N x 10)% LTV cap at 100% LTV

[richwang]

This is even better. DINKs will think twice.

[price]

seems like a good idea...

to really encourage couple to give birth, how about grant LTV bonus to couple with children...

1 child -- +10% LTV limit
2 children -- +20% LTV
N children -- +(N x 10)% LTV cap at 100% LTV

that wont work unless it's for ready built flats. which couples will go for BTO when they have 2 or more kids with no place to stay?!

[irisng]

It is all about priortising the various goals in life. If the youngsters are not from a rich family, just ordinary folks grad from uni and working as professional, they better know what are the wants and needs. Chances are they splurge on branded stuffs, frequent holidays, taxi instead of bus, buy car etc. then end up say no money for housing, no money start family etc etc and blame gov instead of self.

After completing his NS and Uni education, a male grad by then will be around 25 yrs old. I presume BTO takes about 2-3 yrs to complete, so if a 25 yrs old fresh grad starts applying for BTO (if he is lucky enough to get the house with 1st balloting), by the time, he gets his house, he will be around 28 yrs old already, and with the house, he will start his own family. So imagine, a 25 yrs old fresh grad where got money to pay high downpayment when he hasn't even started to work. As for housing loan, from what I understand, the applicant must work for at least 1 yr before they are eligible to apply, which I think HDB should consider on a case by case basis especially to those fresh graduate applicants. They need the housing loan to help them to start off with their 1st house.

[price]

After completing his NS and Uni education, a male grad by then will be around 25 yrs old. I presume BTO takes about 2-3 yrs to complete, so if a 25 yrs old fresh grad starts applying for BTO (if he is lucky enough to get the house with 1st balloting), by the time, he gets his house, he will be around 28 yrs old already, and with the house, he will start his own family. So imagine, a 25 yrs old fresh grad where got money to pay high downpayment when he hasn't even started to work. As for housing loan, from what I understand, the applicant must work for at least 1 yr before they are eligible to apply, which I think HDB should consider on a case by case basis especially to those fresh graduate applicants. They need the housing loan to help them to start off with their 1st house.

Provided he know his girl during uni days? otherwise he may be way older than 25 when his r/s is stable and being able to talk about marriage. I disagree with the housing loan part. HDB do not owe u a loan. In the past, if u never had a job will u apply for HDB? The present is different only because such singles have parents to pay the down payment on their behalf. Furthermore, if a fresh graduate is unable to fork out the down payment where is he getting money for other marriage bills?

[irisng]

Provided he know his girl during uni days? otherwise he may be way older than 25 when his r/s is stable and being able to talk about marriage. I disagree with the housing loan part. HDB do not owe u a loan. In the past, if u never had a job will u apply for HDB? The present is different only because such singles have parents to pay the down payment on their behalf. Furthermore, if a fresh graduate is unable to fork out the down payment where is he getting money for other marriage bills?

Not every singles are so lucky to have their parents to pay the downpayment for them. After fork out their downpayment, they need some money for renovation and then follow by marriage expenses , wow, is really tough for them man, so the best is wait until old old then get married, by then will have enough saving already. I have a friend, 56 yrs old already, he has 3 children, 19 yrs, 17 yrs and the youngest one is only 9 yrs old, and my friend is now suffering from nose cancer.

[price]

Not every singles are so lucky to have their parents to pay the downpayment for them. After fork out their downpayment, they need some money for renovation and then follow by marriage expenses , wow, is really tough for them man, so the best is wait until old old then get married, by then will have enough saving already. I have a friend, 56 yrs old already, he has 3 children, 19 yrs, 17 yrs and the youngest one is only 9 yrs old, and my friend is now suffering from nose cancer.

I feel sorry for your friend. I too dislike the current system. I feel HDB should build the flats first then sell to buyers. Anyway right now, BTO is just a name. the truth is that the flats will still be built even if not fully sold / booked. The difference is the wait. 3 to some even 5 years for the flat to be completed is too long for young couple with marriage plans. The thought of a 25 year old having to wait till 28-30 before having their own home is too long!

[irisng]

I feel sorry for your friend. I too dislike the current system. I feel HDB should build the flats first then sell to buyers. Anyway right now, BTO is just a name. the truth is that the flats will still be built even if not fully sold / booked. The difference is the wait. 3 to some even 5 years for the flat to be completed is too long for young couple with marriage plans. The thought of a 25 year old having to wait till 28-30 before having their own home is too long!

Strongly agree. Those who cannot wait will go for resale flat, maybe that's one of the reasons why the resale prices are getting higher and higher, some of the prices are really ridiculous, with that type of prices, you can buy a pc in certain locations.