Will I qualify for a BTO Grant in this scenario?
Hi, I'm Ryan, 22 and I'm thinking of applying for the November BTO with my gf, also 22. I'm an army regular earning a gross income of $3010 per month but will be going for my studies soon. If I take a BTO grant now using only my gf income of $3000 a month with no CPF contribution (Freelance). Once I start working (after 4 years) and apply for HLE during key collection, will HDB ask for the grants back as then our combined income will be higher than the grant amount we qualified for?
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Hi Ryan, assume you have official left your job at the point of application, and your gf has continuously worked for 12 months. You would be able to get the grant.
Grant is assessed based on point of application, highly unlikely for HDB to ask for it back.
Do note that your gf should also have contributed her own CPF (compulsory for medisave) working freelance. (I believe this is one of the supporting document she is required to provide)
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Your GF needs to contribute 8% to medisave continuously for 12 months to be considered as self-employed. The grants will be assessed then. Tax is payable as well, as she is earning above 20k a year.
If there are no supporting documents, you will not be eligible for a home loan as there is no income. But if you succeed for the grant, current standing order is that they will not ask for it back. But it might change due to regulation, although unlikely.
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