27-03-2025
More options: HDB eases income assessment rules for young couples; Leong Mun Wai re-elected as PSP chief ahead of GE2025: Singapore live news
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The Housing & Development Board (HDB) is easing the income assessment process for young couples who are buying a Build-To-Order (BTO) flat.
From the next BTO exercise in July, couples can choose to delay their income assessment for a housing loan until just before they collect the keys to their flat, as long as one party is a full-time student or national serviceman.
This move was announced by National Development Minister Desmond Lee on Wednesday (26 March), who said that it'll help couples settle down earlier and a buy a four- or five-room flat if they plan to have children.
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The Housing & Development Board (HDB) is easing the income assessment process for young couples who are buying a Build-To-Order (BTO) flat.
From the next BTO exercise in July, couples can choose to delay their income assessment for a housing loan until just before they collect the keys to their flat, as long as one party is a full-time student or national serviceman.
This means it's easier for those who are still studying or just started working to buy their preferred units. Couples will be able to qualify for higher loan amount as they would have been working for some time by then.
This move was announced by National Development Minister Desmond Lee on Wednesday (26 March) during an public housing engagement session at the National University of Singapore.
According to The Straits Times, Lee said the relaxed criteria will help couples settle down earlier and buy a four- or five-room flat if they plan to have children.
Prior to the change, in order to qualify for the income deferment assessment, both parties would have to be either full-time students or national servicemen, or have completed their studies or national service in the 12 months before they applied for an HDB flat eligibility letter.
At least one of them must be aged 30 and below.
To show how the income deferment helps couples buy a bigger flat in the future, Lee raised an example of a couple where one is still studying while the other is working full-time. The monthly household income was assumed to be $3,500.
Before the change, the couple can only buy a three-room BTO flat in Yishun. However, it might not be big enough if they plan to have kids.
Under the new criteria, the couple can apply for a BTO flat first, and their HDB housing loan and assessment for the Enhanced Central Provident Fund Housing Grant will be deferred for about three years, nearer to the key collection.
"At that point, both parties would have started working. With a combined income of, say, $7,500, they will qualify for a sufficient loan to buy a four- or five-room BTO flat," said Lee.
The Housing & Development Board (HDB) is easing the income assessment process for young couples who are buying a Build-To-Order (BTO) flat.
From the next BTO exercise in July, couples can choose to delay their income assessment for a housing loan until just before they collect the keys to their flat, as long as one party is a full-time student or national serviceman.
This means it's easier for those who are still studying or just started working to buy their preferred units. Couples will be able to qualify for higher loan amount as they would have been working for some time by then.
This move was announced by National Development Minister Desmond Lee on Wednesday (26 March) during an public housing engagement session at the National University of Singapore.
According to The Straits Times, Lee said the relaxed criteria will help couples settle down earlier and buy a four- or five-room flat if they plan to have children.
Prior to the change, in order to qualify for the income deferment assessment, both parties would have to be either full-time students or national servicemen, or have completed their studies or national service in the 12 months before they applied for an HDB flat eligibility letter.
At least one of them must be aged 30 and below.
To show how the income deferment helps couples buy a bigger flat in the future, Lee raised an example of a couple where one is still studying while the other is working full-time. The monthly household income was assumed to be $3,500.
Before the change, the couple can only buy a three-room BTO flat in Yishun. However, it might not be big enough if they plan to have kids.
Under the new criteria, the couple can apply for a BTO flat first, and their HDB housing loan and assessment for the Enhanced Central Provident Fund Housing Grant will be deferred for about three years, nearer to the key collection.
"At that point, both parties would have started working. With a combined income of, say, $7,500, they will qualify for a sufficient loan to buy a four- or five-room BTO flat," said Lee.
