We are Singaporeans, 400k BTO (HDB loan + ready in 2 years). $3.7k household income (no kids). Will HDB recalculate our loan eligibility and income might be insufficient? - Seedly
Seedly logo
Seedly logo
 

Anonymous

Asked 2w ago

We are Singaporeans, 400k BTO (HDB loan + ready in 2 years). $3.7k household income (no kids). Will HDB recalculate our loan eligibility and income might be insufficient?

We are not spendthrift and total expenses adds up to approx $1k/mth.

Current total cash savings: $50k.

Are we able to survive and live on a household income of $3.7k?

Will we be able to service the BTO flat? We managed to get a 30k housing grant. So after grants, the balance for the flat is $370k

0 comments

1 answer

Answer Now

Answers (1)

Sort by

    Have you considered your CPF? Can use that to offset the instalment.

    Even without CPF, it's still possible to pay your instalments with cash, especially if you take the max loan tenure.

    1

    Question Poster

    2w ago

    Our combined CPF OA at the moment is only about 50k. So even if we “wipe out” our CPF on the balance of 370k, we still need to be able to have a HDB loan approved for 320k. With our combined income of $3.7k, i’m not sure if they will allocate that amount of loan to us. Also, we are worried that we may not be able to afford household expenditures that are about to come along with the flat as well (eg electric bills, property tax, etc.).
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post