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Thread: HDB is up to something.

  1. #1
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    Default HDB is up to something.

    HDB speeds up flat-buying process for young couples

    http://www.straitstimes.com/politics...ok&xtor=CS1-10

    Young couples keen on buying their first flat no longer need to push back their plans because of a lack of income history.

    Among a slew of measures to help young couples get their first home more quickly, the Housing Board is allowing a group of people aged at least 21 years, including undergraduates and national servicemen, to apply for grants to buy a flat earlier. This would shave off at least a year from their home-buying journey.

    The assessment of their income for housing loans and grants will be deferred to just before they collect the keys to their homes, instead of the time of application.

    This is typically about three to four years later, by which time the couple should have enough time to build their finances, National Development Minister Lawrence Wong said during the debate on his ministry's budget yesterday.

    Currently, at least one person must fulfil a minimum period of 12 months of continuous employment to qualify for a grant.

    While new flats are already highly subsidised, eligible buyers also stand to get up to $80,000 in additional grants.


    Mr Wong said some young couples may find themselves delaying their flat application for one or two years, then waiting for another four years for the flat to be ready. "I think that is too long a wait," he said.

    The new scheme will be rolled out at the next sales exercise in May.

    The move was welcomed by Ms Stefanie Mok, who is between jobs, and her boyfriend, accounting undergraduate Gerald Sim. The 24-year-olds have been dating for three years, and started talking about marriage last year.

    Prior to Mr Wong's announcement, the couple would not have been eligible to apply for a flat as Ms Mok had been working for only about seven months.

    Ms Mok said: "Couples like us can apply for a flat earlier so that will definitely save us some time waiting for the flat to be ready."

    While the idea will speed up the home-buying process, International Property Advisor's chief executive Ku Swee Yong cautioned that it may encourage young people to take more financial risks earlier.

    "How can they be said to have 'carefully considered' buying a flat if they have not started to earn their own keep?" he said.

    Besides the deferred income assessment, the HDB is also doubling the number of flats with shorter waiting times it will offer next year.

    Mr Wong said about 2,000 flats to be offered next year will have a waiting time of two to three years, compared with the usual three to four years. About 1,100 such flats will be launched in Sembawang, Sengkang and Yishun in the second half of the year.

    The minister also told Mr Gan Thiam Poh (Ang Mo Kio GRC) that his ministry is studying how to further reduce the waiting time, but cautioned that it is not possible to do it for all flats as some sites are not ready.

    Mr Wong, in response to a question by Ms Lee Bee Wah (Nee Soon GRC), said his ministry is studying how to "further streamline processes" to make buying an HDB flat quicker and easier, on top of the introduction of the Re-offer of Balance Flats sales launch last August.

    Among other things, the ministry is checking whether the balloting process for flats can be halved from six weeks to three, and he hoped he would be able to announce "some good news before too long".

    HDB to remove three-year time-bar policy for divorcees to buy subsidised flats: Lawrence Wong

    Read more at https://www.channelnewsasia.com/news...o-buy-10017996

    The Minister for National Development said the removal of the rule will take place for all flat applications received on or after Tuesday (Mar 6).

    SINGAPORE: The Housing and Development Board (HDB) will remove its three-year time-bar policy for divorcees to buy subsidised flats, National Development Minister Lawrence Wong announced in Parliament on Tuesday (Mar 6).

    Speaking during his ministry’s Committee of Supply debate, Mr Wong noted that some MPs have asked if the Government can help divorcees make a smoother housing transition, for the benefit of their children.

    The Government is also mindful, he said, that there is a “diverse range of home-buyers”, including second-timers, singles, divorcees and single unmarried parents.

    In a joint press release giving more details of the change, the Ministry of National Development (MND) and HDB explained that currently, only one party of a divorced couple can buy or own a subsidised flat within three years from the date of their divorce.

    But with effect from Tuesday (Mar 6), both parties in the divorce would be able to buy or own a subsidised flat each upon divorce, as long as they are each able to meet the eligibility conditions for flat purchase.

    In his speech, Mr Wong outlined the various ways HDB has provided advice to families on their post-divorce housing options, to make their housing transition smoother.

    For example, the ASSIST scheme gives them priority when applying for a 2- or 3-room Build-to-Order (BTO) flat in non-mature estates. HDB also offers rental housing to those in need, including those who need help to tide over a protracted or acrimonious divorce, he said.

    But he noted that the time bar rule is one issue divorcees may face.

    “We hope that this will help divorced persons provide a more conducive living environment for their children, and go some way to help families through an already difficult period of transition,” he said.

  2. #2
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    What if they anyhow get married and anyhow divorce?

    2 HDBs off the market!

    HDB no enough!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  3. #3
    teddybear's Avatar
    teddybear is offline Global recession is coming....
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    They never learn the lessons from those in UK and China?!

    In UK, the following ploys are common:
    1) Freelancing but reported to be unemployed, so can collect welfare benefits!
    2) Marriage mothers declare themselves as "single mother" (just don't do ROM), so more welfare benefits!

    In China, couple are divorcing so that they can buy 2nd properties without restriction!

    So this news:

    "HDB to remove three-year time-bar policy for divorcees to buy subsidised flats: Lawrence Wong

    Read more at https://www.channelnewsasia.com/news...o-buy-10017996
    "

    They don't forsee will be subjected to abuse in future?!
    Just "divorce" (on paper only) and can buy 2nd subsidized HDB flat and partner can then rent out their old HDB flat with high rental yield?!


    Quote Originally Posted by Arcachon View Post
    HDB speeds up flat-buying process for young couples

    http://www.straitstimes.com/politics...ok&xtor=CS1-10

    Young couples keen on buying their first flat no longer need to push back their plans because of a lack of income history.

    Among a slew of measures to help young couples get their first home more quickly, the Housing Board is allowing a group of people aged at least 21 years, including undergraduates and national servicemen, to apply for grants to buy a flat earlier. This would shave off at least a year from their home-buying journey.

    The assessment of their income for housing loans and grants will be deferred to just before they collect the keys to their homes, instead of the time of application.

    This is typically about three to four years later, by which time the couple should have enough time to build their finances, National Development Minister Lawrence Wong said during the debate on his ministry's budget yesterday.

    Currently, at least one person must fulfil a minimum period of 12 months of continuous employment to qualify for a grant.

    While new flats are already highly subsidised, eligible buyers also stand to get up to $80,000 in additional grants.


    Mr Wong said some young couples may find themselves delaying their flat application for one or two years, then waiting for another four years for the flat to be ready. "I think that is too long a wait," he said.

    The new scheme will be rolled out at the next sales exercise in May.

    The move was welcomed by Ms Stefanie Mok, who is between jobs, and her boyfriend, accounting undergraduate Gerald Sim. The 24-year-olds have been dating for three years, and started talking about marriage last year.

    Prior to Mr Wong's announcement, the couple would not have been eligible to apply for a flat as Ms Mok had been working for only about seven months.

    Ms Mok said: "Couples like us can apply for a flat earlier so that will definitely save us some time waiting for the flat to be ready."

    While the idea will speed up the home-buying process, International Property Advisor's chief executive Ku Swee Yong cautioned that it may encourage young people to take more financial risks earlier.

    "How can they be said to have 'carefully considered' buying a flat if they have not started to earn their own keep?" he said.

    Besides the deferred income assessment, the HDB is also doubling the number of flats with shorter waiting times it will offer next year.

    Mr Wong said about 2,000 flats to be offered next year will have a waiting time of two to three years, compared with the usual three to four years. About 1,100 such flats will be launched in Sembawang, Sengkang and Yishun in the second half of the year.

    The minister also told Mr Gan Thiam Poh (Ang Mo Kio GRC) that his ministry is studying how to further reduce the waiting time, but cautioned that it is not possible to do it for all flats as some sites are not ready.

    Mr Wong, in response to a question by Ms Lee Bee Wah (Nee Soon GRC), said his ministry is studying how to "further streamline processes" to make buying an HDB flat quicker and easier, on top of the introduction of the Re-offer of Balance Flats sales launch last August.

    Among other things, the ministry is checking whether the balloting process for flats can be halved from six weeks to three, and he hoped he would be able to announce "some good news before too long".

    HDB to remove three-year time-bar policy for divorcees to buy subsidised flats: Lawrence Wong

    Read more at https://www.channelnewsasia.com/news...o-buy-10017996

    The Minister for National Development said the removal of the rule will take place for all flat applications received on or after Tuesday (Mar 6).

    SINGAPORE: The Housing and Development Board (HDB) will remove its three-year time-bar policy for divorcees to buy subsidised flats, National Development Minister Lawrence Wong announced in Parliament on Tuesday (Mar 6).

    Speaking during his ministry’s Committee of Supply debate, Mr Wong noted that some MPs have asked if the Government can help divorcees make a smoother housing transition, for the benefit of their children.

    The Government is also mindful, he said, that there is a “diverse range of home-buyers”, including second-timers, singles, divorcees and single unmarried parents.

    In a joint press release giving more details of the change, the Ministry of National Development (MND) and HDB explained that currently, only one party of a divorced couple can buy or own a subsidised flat within three years from the date of their divorce.

    But with effect from Tuesday (Mar 6), both parties in the divorce would be able to buy or own a subsidised flat each upon divorce, as long as they are each able to meet the eligibility conditions for flat purchase.

    In his speech, Mr Wong outlined the various ways HDB has provided advice to families on their post-divorce housing options, to make their housing transition smoother.

    For example, the ASSIST scheme gives them priority when applying for a 2- or 3-room Build-to-Order (BTO) flat in non-mature estates. HDB also offers rental housing to those in need, including those who need help to tide over a protracted or acrimonious divorce, he said.

    But he noted that the time bar rule is one issue divorcees may face.

    “We hope that this will help divorced persons provide a more conducive living environment for their children, and go some way to help families through an already difficult period of transition,” he said.

  4. #4
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    Quote Originally Posted by teddybear View Post
    They never learn the lessons from those in UK and China?!

    In UK, the following ploys are common:
    1) Freelancing but reported to be unemployed, so can collect welfare benefits!
    2) Marriage mothers declare themselves as "single mother" (just don't do ROM), so more welfare benefits!

    In China, couple are divorcing so that they can buy 2nd properties without restriction!

    So this news:

    "HDB to remove three-year time-bar policy for divorcees to buy subsidised flats: Lawrence Wong

    Read more at https://www.channelnewsasia.com/news...o-buy-10017996
    "

    They don't forsee will be subjected to abuse in future?!
    Just "divorce" (on paper only) and can buy 2nd subsidized HDB flat and partner can then rent out their old HDB flat with high rental yield?!
    HDB not stupid, they know.

    Being an agent also let me know what is going on in the market instead of hearsay.

    There are just too many HDB and private is getting less after the en bloc.

    Be prepare for the next policy change such as PR can buy HDB resale and private can also buy HDB resale.

  5. #5
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    Default Look very serious oversupply.

    Criteria for second timer families living in public rental flats eased
    Read more at https://www.channelnewsasia.com/news...flats-10018198

    SINGAPORE: Families with young children living in public rental flats can own a Housing and Development Board (HDB) flat a second time more easily with changes to the Fresh Start scheme.

    These families need to have stayed in public rental flats for a year to qualify, down from the current two years. The scheme assists such families in owning a 2-room Flexi flat.

    Making the announcement on Tuesday (Mar 6) during his ministry’s Committee of Supply debate, Minister of State for National Development Koh Poh Koon said: “This means that eligible families may even be emplaced in the Fresh Start Programme before their first rental tenancy renewal.”

    Giving an update on the scheme, which Prime Minister Lee Hsien Loong announced at the 2015 National Day Rally, Dr Koh said that more than 130 families have applied for the scheme. Out of these, 61 applications have been approved and 31 of them have booked a flat, he said.

    Dr Koh gave the example of the Chng family, who booked a flat in Yishun last year. With the Fresh Start grant of S$20,000 and his CPF savings, Mr Chng bought the flat without a loan.

    After collecting their keys, the family of four can receive up to S$15,000 in grants over the next five years, which will grow their CPF savings, Dr Koh said.

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    “Fresh Start is still a new scheme, and we will continue to consider further enhancements with the Advisory Committee,” he said.

    RENTAL FAMILIES ENCOURAGED TO DISCUSS HOME OWNERSHIP HOPES WITH HDB

    On average, 800 households move from rental homes into homes they own each year, Dr Koh said. Most of these households are first-timers, helped by affordable flat prices and “generous housing grants”, he added.

    Rental families also get priority in allocation under the Tenant’s Priority Scheme. After the scheme was expanded to second-timer families in 2016, 150 more families have benefitted, Dr Koh said.

    He also responded to MPs who asked about help for Singaporeans who do not meet the public rental eligibility criteria, and for larger families with children.

    “This is why HDB’s needs-based approach is important, ” Dr Koh said.

    Families above the S$1,500 gross household income ceiling may be accorded flexibility, he said.

    “In the last three years, we let more than 470 families with income above the ceiling enter public rental,” he said, adding that higher expenses incurred by larger families are taken into account when assessing their housing options.


    Read more at https://www.channelnewsasia.com/news...flats-10018198

  6. #6
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    Waiting for Private property owner can buy resale HDB soon.

  7. #7
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