house & mil. how?

[missymelody]

Moderators help removed thread ty

-Ty all mummies for the advice regarding house & mil. After all these advices, i know that most mummies goes through what i've gone thru, and some are even worse, thank you mummies!

 

[apollo]

how abt going to HDB and apply for the balance BTO? my fren recently applied a balance BTO at my area. i have gotten the keys alrdy and she said she can get her key within 6mths aft she signed the lease. though the price is slightly ex than applying the BTO which have to wait for 3-4 yrs but at least you dont nd to fork out cash for the COV. =)

 

[missymelody]

how abt going to HDB and apply for the balance BTO? my fren recently applied a balance BTO at my area. i have gotten the keys alrdy and she said she can get her key within 6mths aft she signed the lease. though the price is slightly ex than applying the BTO which have to wait for 3-4 yrs but at least you dont nd to fork out cash for the COV. =)

how to? i thought must wait for the announcement for sales of balance flat?

 

[apollo]

u can check HDB website or make a trip down to ask them. =)

 

[Ting]

if u dont have a Q number, u cant select the flats immediately. u need to wait for all those with Q number to select finish, then if there are any flats left, then u can ballot and see if u can get it.
is your husband working? if he is, and not earning a lot, u both can try to rent a one room or 2 room flat from HDB, i think its less than $100 a month. need to check with HDB abt the costs and eligibility. u can also try to get your MP to help u in getting the rented flat from HDB. this way, u can hv your own hse, and meanwhile let your CPF and cash savings build up for a few yrs b4 getting a flat of your own.

 

[MsKoh1973]

If u thinking of renting flat, u can consider going to MP for help, election coming, sure they can come up with something.

Recently government also annouced alot of new subsidies for those low income earners. You can chx HDB website for more info on the housing grant.

HDB InfoWEB: CPF Housing Grant : Buying A New Flat

 

[missymelody]

earning abt 3k - 5k a mth after cpf leh.. cant apply for rental flat le.. hais kinda headache..

 

[xicloudix]

3-5K then can buy flat liao ma...

buy a 3Room... say cov $290k? Cash $20-$50k (confirm enough, unless u require high high... like fully renovated etc)
then govt grant $30K and additional housing grant 5-15K?
ur Hubby CPF should have 10-20K ba... then can pay the downpayment of 20% le ma... then bal 80 % loan from HDB...


renovation can slowly do.. most impt have room to stay and slp... and place call HOME...

 

[stonston]

3-5k after CPF can buy flat. I assume is sales job so income not fixed?

Assuming based on 3k take home per month, CPF Ordinary Acct should have ard $750 per month. Means you can work out something such that your monthly installment is less than $700 then you can pay installment by CPF and no need to fork out extra cash.

If you work backwards,
Monthly installment for 30 years = $700 (after adding interest based on HDB's prevailing rates)
For the above installment, you loan around $170k.
Assuming pay is $3k, you will get housing grant of $20k.

This means that you need have around $25k in you & your hubby's CPF ORDINARY ACCOUNT NOW.
& you can buy a 3rm flat with max price of ard $210k.

I'm not sure if you buy resale and near where your parents or his parents are staying can get more grant (I think can cos the grant is $40k for near parents).
This means you can choose something a little more exp.

However, when buying resale, need to consider COV.

I'm quite sure if you buy 3rm or small/low floor 4rm should be ok.
Cash expenses for house are things like utilities, internet, conservancy, etc.
For small household & if you use sparingly, around $200/mth is enough.

Do try out the different calculators at HDB InfoWEB : Homepage to try out.
No harm looking around to see what's the pricing like now, calculate if can afford and if can, just go ahead with it

 

[xicloudix]

3-5k after CPF can buy flat. I assume is sales job so income not fixed?

Assuming based on 3k take home per month, CPF Ordinary Acct should have ard $750 per month. Means you can work out something such that your monthly installment is less than $700 then you can pay installment by CPF and no need to fork out extra cash.

If you work backwards,
Monthly installment for 30 years = $700 (after adding interest based on HDB's prevailing rates)
For the above installment, you loan around $170k.
Assuming pay is $3k, you will get housing grant of $20k.

This means that you need have around $25k in you & your hubby's CPF ORDINARY ACCOUNT NOW.
& you can buy a 3rm flat with max price of ard $210k.

I'm not sure if you buy resale and near where your parents or his parents are staying can get more grant (I think can cos the grant is $40k for near parents).
This means you can choose something a little more exp.

However, when buying resale, need to consider COV.

I'm quite sure if you buy 3rm or small/low floor 4rm should be ok.
Cash expenses for house are things like utilities, internet, conservancy, etc.
For small household & if you use sparingly, around $200/mth is enough.

Do try out the different calculators at HDB InfoWEB : Homepage to try out.
No harm looking around to see what's the pricing like now, calculate if can afford and if can, just go ahead with it

even if nv near parents, ur grant is 30K (salary below 8K) coz if near parents, then both parties cannot move to other estate within 5yrs... but this grant only applys for resale flat only.. balance flat, bto etc not eligible

and + ur Additional housing grant ($20K mentioned by stonson, for 3K salary... or $5K for 5K salary...as u mentioned 3-5K salary)

so ur housing grant is 35K - 50K... + the loan estimated to be grant to u.. 170K then u can count from there...

I believe u still have spare cash for the housing loan also...

ur current location is at tampines, now a 3 room flat in tampines around 300K including COV.... other location may be cheaper... u can go search search see see then plan ur budget...

to check flat prices now u can go HDB website look for the "recent resale prices"...

juz for ur reference I bought my flat 1.5 yrs ago, at tampines, 3 room, for 265K (this is valuation price, no COV, tat time i lucky, now all need COV)

 

[stonston]

Actually, another method you can try: Approach MP and ask them to help you secure a chance to choose from leftover flats. Cos I know of ppl who desperately needed a place and also like you, sandwiched - can't rent HDB cos income too high but can't afford to rent private or buy resale, they managed to get returned/leftover flats from HDB under special consideration.

If your area is heavily contested... I'm sure the MP won't sit around... Keep bugging your MP for solution...

GOOD LUCK!!!

 

[MsKoh1973]

ya, election is coming soon, so make full use of the opportunity, go find your MP, they will help u one. My work permit SIL tat time also can't get MOM approval to marry my brother, also can't get PR, we approached our MP many times, appealed and appealed. Not only MOM approve, she oso got her PR.

 

[PerfectMum]

how to? i thought must wait for the announcement for sales of balance flat?

now no more balance of flat.. only bto.. usually bal of flat is in August only...i agree.. if your situation like this must appeal to your MP.. otherwise need to be thick face and ask forgiveness to stepdad..

 

[missymelody]

Thanks all mummies for advice... I have moved back to my mum place

 

[Ting]

thats good to hear, good luck!

 

[meowonline]

under what kind of special considerations, we can get to choose a flat? any to share? do we really need MP's help in this?