Both 23 BTO 4R HDB for upcoming August 2021 listing. I'm finishing NS+starting Uni on August. My fiancée is working Full time ~$2.5k/mth. What are the grants available? Any overlooked financial risk?

I'm currently finishing NS and starting a 3yrs University Course , both on August. ($0 steady income)

My fiancée is just started working Full-time $2.5k/mth.

We are targeting to get upcoming August 2021 (Tampines) BTO listing, 4room . We both like the location and roughly cost ~$380-420k excluding grants,etc.

Both of our liquid net worth are about ~$35-40k each , from Savings/Investments as of (May2021)

Probably go for HDB loan and refinance into bank loan in future.

May i know what grants are available for my situation? Especially, I'm starting Uni soon while my partner is working.

Would like to ask for advice/guidance/tips from the experienced.

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Discussion (3)

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Chris

29 May 2021

Owner and Writer at Tortoisemoney.com

As far as I know, I think it would be quite difficult to qualify for the grants. I applied for a BTO when I was in uni too (link here) and unless one of the two applicants has had 1 year of continuous employment, you will be placed under deferred income assessment. This means that you will only be assessed for the grant around 3 months from receiving your flat (i.e., with both your working incomes by then since this should be about 5-6ish years from now).

That said, both of you should be able to qualify for the lowered downpayment (can't remember what it's called) where you only have to pay 5% down in the second appointment (which would be about 3-6 months after the flat selection). So using your price estimates this would be about 19-21k. Do note that there are admin charges, stamp duty etc, which would also add up to about 5-6k probably. So your total would be around 24-28k. For reference, I paid about 26k for a flat that was priced ¬400k. But seeing as your liquid net worths total around 70-80k, y'all should be good to go!