New HDB Flat
From Financial Literacy Wiki
New HDB flat are sold by the government of Singapore to Singapore citizens on a 99-year lease. The prices of these flats are kept low through government subsidies. Applicants for new HDB flats must come from low or middle income populations groups with household income not be exceeding $8000 per month (please refer below for a detail income restriction). Besides the income restriction, HDB also require the buyer to be a Singapore citizen above 21 years old and he or she is forming a family nucleus with his or her proposed occupier. Family nucleus means a family unit comprising of the spouse or children; parents or siblings or fiancee.
Owners of private properties can also apply for new HDB flats provided they have disposed of their private properties at least 2.5 years prior to their application. However, the HDB may consider granting exemption for exceptional cases based on the merits of each case. Those who may be considered for exemption must not be owning the whole property.
If you wish to apply for exemption, you have to take the following steps:
- Obtain a property questionnaire form from the Reception Counter, 1st Storey, Atrium, HDB Hub at Toa Payoh. You can also download a copy of the questionnaire from HDB website.
- Complete the form and submit it together with the supporting documents if any.
You will know the outcome of your request for exemption about two months after you submit the property questionnaire.
Income Restrictions (As of 23 September 2007)
- Buying a 4-room or bigger flat
- Your gross monthly household income must not be more than $8,000.
- If you are buying a flat with your extended family, your gross monthly household income must not be more than $12,000. Please click here for the illustration on the computation of the higher income ceiling.
- Buying a 3-room
- Your gross monthly household income must not be more than $3,000.
- Buying a 2-room
- Your gross monthly household income must not be more than $2,000.
