Anonymous

10 Mar 2022

∙

Calculation of declared income tax for hdb bank loan

Hello all,

I need some advice, hope I can get some help.
I'm an entrepreneur, and I'm planning to get a resales hdb with my fiance.

But I would like to do decoupling so that I can purchase a Condo myself.

If the resales hdb is only under his name, may I know how should we calculate the minimum amount he should declare for his income tax so that we can maximise hdb bank loan? Assuming that the 4 room flat is around 600K. (He is also an entrepreneur and contribute to his cpf as w self employed income.)

We are both Singaporeans.

Please let me know if you need more information. Hope I can get some guidance, thank you so much!

3

Discussion (3)

What are your thoughts?

Learn how to style your text

Nik

24 Mar 2022

Hi! I am a realtor and happy to set up some time to go through the financial calculations with both of you and identify which is the most ideal option. Feel free to contact me on WhatsApp at wa.me/6586858778

Speak soon!

Nik C.

Reply

Save

Ohmyhome

16 Mar 2022

Hey anon, you can get more info from Ohmyhome on home loans here: https://ohmyhome.com/en-sg/blog/how-to-pick-the...

We also talk about decoupling here: https://ohmyhome.com/en-sg/blog/how-can-decoupl...

Reply

Save

Ace

15 Mar 2022

Income declared should be as per earned (as per reported to IRAS/CPF) i.e. not declared/adjusted for...

Write your thoughts

Related Posts

If applying for BTO & taking a HDB loan (1st-timers), how will a self employed person's annual income be assessed for EHG and HDB loan? Will the full amount of the declared annual income be assessed?

For Singaporean citizen non-resident (SC-NR) couple, will bank loan or HDB loan will be based on the combined income or only the Singaporean’s income?

When assessing how much hdb loan to disburse, does hdb use 2.6% or 3.5% (stress test, like banks) to calculate?

How is buying a condo as a second property and renting it out profitable when you have to pay ABSD, extra property and income taxes, bank loan interest and etc?

How do I calculate the XIRR of the sale of a BTO HDB flat after MOP? I deduct the Downpayment + other costs and the monthly bank loan payments then add the sale price after 5 years, is that correct?

Related Posts

If applying for BTO & taking a HDB loan (1st-timers), how will a self employed person's annual income be assessed for EHG and HDB loan? Will the full amount of the declared annual income be assessed?

For Singaporean citizen non-resident (SC-NR) couple, will bank loan or HDB loan will be based on the combined income or only the Singaporean’s income?

When assessing how much hdb loan to disburse, does hdb use 2.6% or 3.5% (stress test, like banks) to calculate?

How is buying a condo as a second property and renting it out profitable when you have to pay ABSD, extra property and income taxes, bank loan interest and etc?

How do I calculate the XIRR of the sale of a BTO HDB flat after MOP? I deduct the Downpayment + other costs and the monthly bank loan payments then add the sale price after 5 years, is that correct?