Discussion About Single & Hdb Flat Ownership + Hdb Loan (Compiled)

[Guest Meh?]

On 3/11/2021 at 10:24 PM, Guest guest said:

Remote area i agree since single can only buy non matured estate. But even it is non matured estate, it does not mean the town do not have many public facility.  Like in yishun or bukit batok, these place already have quite a few public facility since both town is not consider brand new town.

But, to get to those facilities, takes a lot of walking energy or even need short distant bus.  Day time never say, but when come to night time, so quiet you can even hear insects calling at your doorstep.  You still want meh?

[Guest Liddat Say]

20 hours ago, Guest guest said:

2 room flat demand still strong now? Heard that not easy to be ballot successfully.

I think quite popular among the elderly buying short leasing.  Because this elderly know once their lease ended in 50 years,  They would be more than 100 years old already.  As for single buying 99 years lease, either got no money and no choice, they cannot sell easily after 5 years or should I say, they can sell but profit margin very low.

[Guest guest]

1 hour ago, Guest Meh? said:

But, to get to those facilities, takes a lot of walking energy or even need short distant bus.  Day time never say, but when come to night time, so quiet you can even hear insects calling at your doorstep.  You still want meh?

You refer to which estate?

[Guest guest]

1 hour ago, Guest Liddat Say said:

I think quite popular among the elderly buying short leasing.  Because this elderly know once their lease ended in 50 years,  They would be more than 100 years old already.  As for single buying 99 years lease, either got no money and no choice, they cannot sell easily after 5 years or should I say, they can sell but profit margin very low.

I don't know how many 2 room flat easily sold after 5 years and who are the buyers for these flat? But the average selling price for 2 room flat is about $200k plus for non mature estate, and the price bought for the first owner should be below $150k, this already means profit at least should have $50k to $100k which is consider not bad for a 2 room flat?

[Guest Guest]

On 1/18/2021 at 3:42 PM, Chubbyman said:

I m a 48 yrs old man. Anyone can advise me how or am I eligible to get a HDB flat? 

 

You can read these:

 

https://www.dbs.com.sg/personal/articles/nav/my-home/the-single-guide-to-buying-a-HDB-flat-in-singapore

 

https://www.propertyguru.com.sg/property-guides/pgf-single-over-35-hdb-bto-vs-resale-flat-40692

 

 

 

 

 

 

[Guest Guest]

You can also call up HDB or CPF to check your eligibility, affordability etc

[lonelyglobe]

On 3/14/2021 at 12:00 AM, Guest guest said:

I don't know how many 2 room flat easily sold after 5 years and who are the buyers for these flat? But the average selling price for 2 room flat is about $200k plus for non mature estate, and the price bought for the first owner should be below $150k, this already means profit at least should have $50k to $100k which is consider not bad for a 2 room flat?

Not worth to buy a 2 room resale at 200k, u can easily get a 3 room at mature area for 300k.

 

Rent out a room and in less than 15 years, your rental would have cover the differences and even if u sold, u still can fetch a higher price. 

[Guest Guest]

14 minutes ago, lonelyglobe said:

Not worth to buy a 2 room resale at 200k, u can easily get a 3 room at mature area for 300k.

 

Rent out a room and in less than 15 years, your rental would have cover the differences and even if u sold, u still can fetch a higher price. 

That is provided you can afford the 300k.

 

Btw, there are different "grants" you can apply from HDB, like Singles grant, Close to parents grants etc....that will help to lower the cost of your flat.

[keyboard]

Want to seek advice.

 

Relative have a 3rm 1975 (46yo) flat with the additional utility room built during the upgrade in mature estate. Age is already close to 70yo. No children.

 

Is it better to BTO a 25y lease 2rm to get whatever cash from the 3rm. Not into rental.

 

It does seem like the 3rm resale price is getting lower and lower every year after a certain age (can anyone confirm?) 240k in sep 2020

 

The BTO 2rm with 99y lease should be around 110k, not sure shorten lease will cost how much.

[dexter9898]

On 3/14/2021 at 12:00 AM, Guest guest said:

I don't know how many 2 room flat easily sold after 5 years and who are the buyers for these flat? But the average selling price for 2 room flat is about $200k plus for non mature estate, and the price bought for the first owner should be below $150k, this already means profit at least should have $50k to $100k which is consider not bad for a 2 room flat?

There are interest accurated from the housing loan and money used for the renovation work that needs to be deducted off the "profit". Nobody will pay for a 2 room flat for 300k unless it is damn near to a MRT station.

 

For 300k, you can get a 3-room flat at older estate and you can rent out a room for passive income.

[dexter9898]

52 minutes ago, keyboard said:

Want to seek advice.

 

Relative have a 3rm 1975 (46yo) flat with the additional utility room built during the upgrade in mature estate. Age is already close to 70yo. No children.

 

Is it better to BTO a 25y lease 2rm to get whatever cash from the 3rm. Not into rental.

 

It does seem like the 3rm resale price is getting lower and lower every year after a certain age (can anyone confirm?) 240k in sep 2020

 

The BTO 2rm with 99y lease should be around 110k, not sure shorten lease will cost how much.

Suggest you look at HDB buy-back scheme. HDB flats older than 45yo, not many people are interested unless it is near some prestige schools. Old HDB flat prices are dropping after the government confirmed that old HDB blocks will not be offered SERS (Selective En bloc Redevelopment Scheme) and their lease will not be renewed after 99 years.

[Guest guest]

8 hours ago, lonelyglobe said:

Not worth to buy a 2 room resale at 200k, u can easily get a 3 room at mature area for 300k.

 

Rent out a room and in less than 15 years, your rental would have cover the differences and even if u sold, u still can fetch a higher price. 

If you buy in the 3 room flat at $300k, high chance you might not able to fetch a good price when you sell it. Maybe might even drop less than the purchase price. I notice if a 3 room flat can sell at $300k, this flat should be either in area far from MRT, from town or old flat.

[Guest guest]

4 hours ago, dexter9898 said:

Suggest you look at HDB buy-back scheme. HDB flats older than 45yo, not many people are interested unless it is near some prestige schools. Old HDB flat prices are dropping after the government confirmed that old HDB blocks will not be offered SERS (Selective En bloc Redevelopment Scheme) and their lease will not be renewed after 99 years.

Old hdb above 45 year old must near to town then people are interested. Actually those old flats still have people interested to buy, but the price of the flat would not sell high, usually should be $300k and bellow, esp if the area is not near to MRT. Even near MRT also would not fetch high due to flat too old.

[Guest Guest]

6 hours ago, Guest guest said:

If you buy in the 3 room flat at $300k, high chance you might not able to fetch a good price when you sell it. Maybe might even drop less than the purchase price. I notice if a 3 room flat can sell at $300k, this flat should be either in area far from MRT, from town or old flat.

A few factors will determine price in addition to the location: level (high or low floor), lift landing or not, corner unit, 1 or 2 toilets, Reno.

 

I think you may get depressed in 2 ways when you look for a 3 room flat in mature estates:

 

- Those TOP Ard year 2010+- will easily cost you 500 - 680k.  More than half a million!!!!!  Will/should you pay for it?

 

- Those TOP Ard 1967 - 1984, you can better afford (270k - 400k+).  But, they are either OLD OLD OLD (flat interior, the corridor, the whole block and surrounding), or Nice Interior Design but that's where it ends.

 

Sigh.....

 

 

 

 

[Guest guest]

8 hours ago, Guest Guest said:

A few factors will determine price in addition to the location: level (high or low floor), lift landing or not, corner unit, 1 or 2 toilets, Reno.

 

I think you may get depressed in 2 ways when you look for a 3 room flat in mature estates:

 

- Those TOP Ard year 2010+- will easily cost you 500 - 680k.  More than half a million!!!!!  Will/should you pay for it?

 

- Those TOP Ard 1967 - 1984, you can better afford (270k - 400k+).  But, they are either OLD OLD OLD (flat interior, the corridor, the whole block and surrounding), or Nice Interior Design but that's where it ends.

 

Sigh.....

 

 

 

 

True, the price of 3 room flats in mature estate often is either cheap and old, or new and expensive. Difficult to find something in between. Flats cannot buy those more than 40 years old even the location is good, cause by the time you completed the 5 years MOP, the flat already near 50 year old or older, price would be very low when you want to sell it. Old flat only can buy if you plan to stay there until die.

[Guest 僵尸奶妈]

4 hours ago, Guest guest said:

True, the price of 3 room flats in mature estate often is either cheap and old, or new and expensive. Difficult to find something in between. Flats cannot buy those more than 40 years old even the location is good, cause by the time you completed the 5 years MOP, the flat already near 50 year old or older, price would be very low when you want to sell it. Old flat only can buy if you plan to stay there until die.

Yes, you must bear in mind:

 

If you buy an old flat in mature estate, it is for staying, not "investment".  This is literally your tomb. You are 古墓派掌门人

[Guest Practicality]

4 hours ago, Guest guest said:

True, the price of 3 room flats in mature estate often is either cheap and old, or new and expensive. Difficult to find something in between. Flats cannot buy those more than 40 years old even the location is good, cause by the time you completed the 5 years MOP, the flat already near 50 year old or older, price would be very low when you want to sell it. Old flat only can buy if you plan to stay there until die.

Buy to stay. If the older flat meet your requirements and vibes and most importantly it can outlive your life to provide you various conveneiences, It is already a good deal.  No point buying a new flat and you don't even know how long you can live...you get what  I meant. Right?

[Guest Guest]

Read the HDB website. If still in doubt pay them a visit and speak to the officer there. Make sure you are eligible to buy new/resale and your finances are in order. 

 

The first step is the hardest. 

[Guest 僵尸奶妈]

3 hours ago, Guest Guest said:

Read the HDB website. If still in doubt pay them a visit and speak to the officer there. Make sure you are eligible to buy new/resale and your finances are in order. 

 

The first step is the hardest. 

Do you feel depressed?  Being single, you are not fairly treated.

 

[Guest guest]

4 hours ago, Guest Practicality said:

Buy to stay. If the older flat meet your requirements and vibes and most importantly it can outlive your life to provide you various conveneiences, It is already a good deal.  No point buying a new flat and you don't even know how long you can live...you get what  I meant. Right?

Really good deal only if doesn't plan to move house again, or hope to earn a profit when sell the house.

[Guest 僵尸奶妈]

28 minutes ago, Guest guest said:

Really good deal only if doesn't plan to move house again, or hope to earn a profit when sell the house.

Earn profit - mission impossible

[Guest guest]

Just now, Guest 僵尸奶妈 said:

Earn profit - mission impossible

Think even those people who buy those 3 room which is only 5 year old in prime area which is at $600-$700k, i also do not think they can make a profit when they sell it. Only the first owner would be able to make a profit. 

[thickhead79]

15 hours ago, Guest guest said:

Think even those people who buy those 3 room which is only 5 year old in prime area which is at $600-$700k, i also do not think they can make a profit when they sell it. Only the first owner would be able to make a profit. 

profit can

u sell and sleep garden by the bay lo

[Guest 僵尸奶妈]

16 hours ago, Guest guest said:

Think even those people who buy those 3 room which is only 5 year old in prime area which is at $600-$700k, i also do not think they can make a profit when they sell it. Only the first owner would be able to make a profit. 

Yes you are right.

 

I saw many new units in the open market, 3 room flat selling from 600k to 800k. 4 to 5 rooms selling 1 million and above.

 

God, Mother Mary, 佛祖，观音妈，Allah etc all must bless the buyers to finance the house and make profit.

[Guest Guest]

Singles and PLU will really have a problem in the long run.  

 

I have not given this issue much thought as I am staying in my parents house.  But as I plan to have a place of my own, I realise that it is very difficult for Singles and PLU.  Those who intend to get married can buy from HDB directly: the flat is new, the location can be in prime areas and the price is so much lower.  This group can profit from the flats after 5 years. 

 

Singles are severely disadvantaged.  They either pay a hefty sum for old flats, or a small new flat in a remote area (after they reach 35years old). And they are unlikely to profit from selling these flats later.

 

Singles pay the same tax, fulfil the same obligations, yet disadvantaged.

 

[Guest Single]

1 hour ago, Guest Guest said:

 

Singles pay the same tax, fulfil the same obligations, yet disadvantaged.

 

Migrate to other country like Japan can get cheaper house.  Otherwise Bali also not bad. 

[lonelyglobe]

On 3/28/2021 at 2:03 PM, Guest 僵尸奶妈 said:

Yes you are right.

 

I saw many new units in the open market, 3 room flat selling from 600k to 800k. 4 to 5 rooms selling 1 million and above.

 

God, Mother Mary, 佛祖，观音妈，Allah etc all must bless the buyers to finance the house and make profit.

Do not buy from these greedy sellers,  1 million for a 90 year lease hdb flat is simply crazy and out of this world deal.

 

[lonelyglobe]

3 hours ago, Guest Single said:

Migrate to other country like Japan can get cheaper house.  Otherwise Bali also not bad. 

Really,  japan? 

[Guest Guest]

5 hours ago, lonelyglobe said:

Do not buy from these greedy sellers,  1 million for a 90 year lease hdb flat is simply crazy and out of this world deal.

 

I agree....should boycott!  This is insane.

 

These pple are trying to make profit, then buy condo, the buyer is stuck with the same flat with a shorter lease, and cannot sell at higher price. Alamak.

[Guest Guest]

Some 1970 3room selling 400k+- 

 

😂

[Guest HUNG]

 

>>> Singles pay the same tax, fulfil the same obligations, yet disadvantaged.

Btw for those not in the know, singles buying the 2 room flexi flat in non-matures estates have to pay $15K more / on top of the flat price paid by couples / family, even though the flat is EXACTLY the same ie we essentially pay more for the SAME "product"? What is the rationale? Seems we singles are really disadvantaged here in Singapore (which is pro family)?

[Guest Guest]

5 hours ago, Guest HUNG said:

 

>>> Singles pay the same tax, fulfil the same obligations, yet disadvantaged.

Btw for those not in the know, singles buying the 2 room flexi flat in non-matures estates have to pay $15K more / on top of the flat price paid by couples / family, even though the flat is EXACTLY the same ie we essentially pay more for the SAME "product"? What is the rationale? Seems we singles are really disadvantaged here in Singapore (which is pro family)?

I didn't know single needs to pay more for a 2 room flat as compared the rest. Looks like govt really discourage people from being single and encourage family life.

[Guest ChoyWunFatt]

Is 600k 4room flat high floor expensive?

[thickhead79]

13 hours ago, Guest ChoyWunFatt said:

Is 600k 4room flat high floor expensive?

yes, but depend location 

 

[Healing Therapy]

Depend on location and remaining lease period,  can range anything from 400k to 800k.

[Guest BTO]

22 hours ago, Guest ChoyWunFatt said:

Is 600k 4room flat high floor expensive?

VERY

[IntoBJonly]

On 4/5/2021 at 9:35 PM, Guest Guest said:

I didn't know single needs to pay more for a 2 room flat as compared the rest. Looks like govt really discourage people from being single and encourage family life.

When you ballot for BTO....you can only go for 2 room max, and must be non-mature estate. Also, only 5% are for Singles.

 

Now you see how disadvantaged you are.

[Guest So what?]

On 6/28/2021 at 12:03 AM, Guest ChoyWunFatt said:

Is 600k 4room flat high floor expensive?

Depends on location.  If no centralised and non-matured estate.  It is way way too expensive. Not worth buying.

[Guest guest]

2 hours ago, Guest So what? said:

Depends on location.  If no centralised and non-matured estate.  It is way way too expensive. Not worth buying.

Reminds me of million dollar HDB at Clementi central.

[keyboard]

More cooling measures announced yesterday. Am planning to get the Feb 2022 BTO in Kallang/Wampoa that would be like 700k.

 

Can't seem to figure out if I am eligible for Home Loan. Don't quite understand how the calculators do the calculation as if it's supposed to be a max of 55% of your income, the max property is value varies a lot if my income changes.

 

Edit: Ah, just found it, so it's just 30% i can use for loan repayment. limits quite a lot of properties in that way.

• If you are purchasing a HDB flat, banks also have to calculate your Mortgage Servicing Ratio (MSR). MSR is capped at 30% of all borrowers' gross monthly income. Calculation of MSR is based on loan amount and combined monthly gross income.

Edited December 17, 2021 by keyboard

[Guest Apple]

On 12/17/2021 at 2:40 PM, keyboard said:

More cooling measures announced yesterday. Am planning to get the Feb 2022 BTO in Kallang/Wampoa that would be like 700k.

 

Can't seem to figure out if I am eligible for Home Loan. Don't quite understand how the calculators do the calculation as if it's supposed to be a max of 55% of your income, the max property is value varies a lot if my income changes.

 

Edit: Ah, just found it, so it's just 30% i can use for loan repayment. limits quite a lot of properties in that way.

• If you are purchasing a HDB flat, banks also have to calculate your Mortgage Servicing Ratio (MSR). MSR is capped at 30% of all borrowers' gross monthly income. Calculation of MSR is based on loan amount and combined monthly gross income.

 

"55% of your income" is referring to Total Debt Servicing Ratio (TDSR - maximum amount one can borrow for repaying all debt obligations, i.e. new HDB Loan + existing loans & credit cards)

 

Hence, 55% TDSR or 30% MSR whichever is lower.

[Guest Apple]

On 12/17/2021 at 3:55 PM, Guest Apple said:

 

"55% of your income" is referring to Total Debt Servicing Ratio (TDSR - maximum amount one can borrow for repaying all debt obligations, i.e. new HDB Loan + existing loans & credit cards)

 

Hence, 55% TDSR or 30% MSR whichever is lower.

 

Correction, the loan amount is calculated based on either 55% TDSR or 30% MSR

[Guest guest]

On 12/17/2021 at 2:40 PM, keyboard said:

More cooling measures announced yesterday. Am planning to get the Feb 2022 BTO in Kallang/Wampoa that would be like 700k.

 

Can't seem to figure out if I am eligible for Home Loan. Don't quite understand how the calculators do the calculation as if it's supposed to be a max of 55% of your income, the max property is value varies a lot if my income changes.

 

Edit: Ah, just found it, so it's just 30% i can use for loan repayment. limits quite a lot of properties in that way.

• If you are purchasing a HDB flat, banks also have to calculate your Mortgage Servicing Ratio (MSR). MSR is capped at 30% of all borrowers' gross monthly income. Calculation of MSR is based on loan amount and combined monthly gross income.

You must be cash rich or have a lot of money in your CPF, then this new cooling measure does not affect you much. But if you depend on high loan to buy expensive housing, then might have problem now.

 

Anyway, you can apply for BTO in Kallang area? You applying as a family nucleus?

[keyboard]

On 12/17/2021 at 4:01 PM, Guest Apple said:

 

Correction, the loan amount is calculated based on either 55% TDSR or 30% MSR

Thanks Guest Apple. Was pondering why so many people can afford the BTO price when the loan value is so low.

 

On 12/17/2021 at 8:31 PM, Guest guest said:

You must be cash rich or have a lot of money in your CPF, then this new cooling measure does not affect you much. But if you depend on high loan to buy expensive housing, then might have problem now.

 

Anyway, you can apply for BTO in Kallang area? You applying as a family nucleus?

Based on the previous BTO prices in that area. I'm guessing I have to be super cash rich or take a loan up to 65 yrs old, not much money in CPF like everyone else. I'm still trying to figure out if I can form the family nucleus as the questionnaire says i'm not eligible cos of some loan thingy - which i'm not sure if i'm answering it correctly. HDB website is one of the more confusing govt websites.

[Guest guest]

On 12/17/2021 at 8:37 PM, keyboard said:

Thanks Guest Apple. Was pondering why so many people can afford the BTO price when the loan value is so low.

 

Based on the previous BTO prices in that area. I'm guessing I have to be super cash rich or take a loan up to 65 yrs old, not much money in CPF like everyone else. I'm still trying to figure out if I can form the family nucleus as the questionnaire says i'm not eligible cos of some loan thingy - which i'm not sure if i'm answering it correctly. HDB website is one of the more confusing govt websites.

Agreed, the HDB website really quite confusing and unfriendly, i always have difficult time finding the info i want when i go to their website.

[Neh Neh]

For HDB Loan, the Loan-To-Value is changed from 90% to 85%, meaning if you buy a 4-Rm flat cost $700k, in the past you need to pay 10% ($70k) now you need to pay cash 15% ($105k).

If your income is $3000 per month, your monthly credit card expense about $500, your effective income is $2500. With TDSR 55%, you only allow to use $2500 x 55% = $1375 to pay monthly home loan. Which work out you only allow to take loan about $300k.

$700k - $105k - $300k = short $295k. You can buy the flat if your CPF OA has $295k to pay off the short fall. If not enough, you can not afford the $700k flat.

[Neh Neh]

For those just out to work, can forget about buying a HDB. Obviously they do not have a few 100k CPF in OA. Ok for those with rich parents.

[Guest guest]

On 12/17/2021 at 11:32 PM, Neh Neh said:

For those just out to work, can forget about buying a HDB. Obviously they do not have a few 100k CPF in OA. Ok for those with rich parents.

If buy hdb as a single, if just out to work also cannot buy hdb since cannot meet 35 year old yet. Even CPF OA do not have few 100k still able to buy hdb, just get a 2 room BTO. If want to buy resale, also still can but buy cheap ones.

[cityhallguy]

On 12/17/2021 at 11:32 PM, Neh Neh said:

For those just out to work, can forget about buying a HDB. Obviously they do not have a few 100k CPF in OA. Ok for those with rich parents.

I understand that you are just saying it in a direct and blunt manners towards this topic lol, but I hope these people who just out to work will not be discouraged by such opinion. Having to "own" a HDB flat is always the priority for most Singaporean as it is the basic human needs for shelter. 

 

You will no longer needs to worry that you have no place to live or have to dependence on others (parents flats) or have to continue to work and use savings to pay rental fees till the end of your life. 

 

So at this stage, I don't think the government or the market has made it super tough for Singaporean to "own" a flat. If you don't picky on the location and greed for re-sale values, "owning" a flat is possible especially 2-room BTO. 

 

All you need is to plan how to save and achieve it. 

 

FYI, I put "own" because if you read the HDB agreement properly, is 99years lease and not freehold. So after 99years have to return to the government. 

[Guest HDB Landed Terrace]

On 12/18/2021 at 6:35 AM, cityhallguy said:

 

 

FYI, I put "own" because if you read the HDB agreement properly, is 99years lease and not freehold. So after 99years have to return to the government. 

Actual contract defines HDB owner as tenant. I think becos people are paying for the lease.