facebookI’m currently 25 years old and married but i’m serving NS with another year to go. Is it possible for me to apply for a BTO flat? - Seedly

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Anonymous

13 Feb 2020

Property

I’m currently 25 years old and married but i’m serving NS with another year to go. Is it possible for me to apply for a BTO flat?

I got married a year before i got a letter from NS. Now i have another year to serve. Currently been living at her parent’s house that is vacant(long story) and we’ve been wanting to buy our own house. Since BTO will take 3-4 years to be ready, we thought of applying a 4/5 room flat now so by the time it’s ready, we’re financially stable.

Currently our joint income is $3300. So i was thinking whether it is possible and also whether it’s advisable. Thank you in advance!

Discussion (5)

What are your thoughts?

It’s possible. But here are a few factors to consider before deciding whether or not it is advisable.

  1. What is the intention of the house purchase? Is it to be a permanent place of domicile?

  2. After considering the first question carefully, you might than ask whether or not you actually want to get a BTO due to the process as opposed to resale. The time cost of 3-4 year might not be worth it in some cases for some couples, especially given your budget and flexibility, the BTOs you can get might not be in a convenient location.

  3. While the cost of the option to buy is low, you might want to take into consideration resale as the process saves you time, which is also an important asset you need to take into account, not just the dollars.

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Pang Zhe Liang

Pang Zhe Liang

13 Feb 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

You may be able to apply for a BTO, subject to eligibility criteria. However, my main concern will be the mortgage that both your partner and you are going to bear.

Without a stable income, you may face stringent limitations in obtaining a loan (regardless of whether it is from the bank or HDB).

With this in mind, I will suggest for your partner and you to sit down together and have a detailed discussion on how both of you will want to plan for the future. In general, go back to the basics by understanding your cashflow and plan with the future in mind.

When both of you are ready, then apply for a BTO. This will be the responsible way to do so to ensure long-term affordability.

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View 2 replies

Gabriel Tham

Gabriel Tham

13 Feb 2020

Tag Team Member at Kenichi Tag Team

It is possible and with the low joint income, you both are likely to get the maximum grants availabl...

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