Why Are HDB 2-Room Flats So Popular Among Singles?

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The Single Singapore Citizen (SSC) scheme promotes buying a 2 room flat for singles from HDB in a non-mature state. This means that the singles are not limited to purchasing flats only from the resale market. They can actually afford to buy on their own through the attractive and affordable grants offered by the HDB. It has been over a year since the new housing policy was implemented in July 2013. There were about 2,765 units sold out of the 5,200 2 room flats offered up for sale in the non-mature markets. Applications came from the Non-Citizen Spouse Scheme, Joint Singles Scheme, and the Single Singapore Citizen Scheme.

How it works

For the singles scheme, the government has set about 30% of the 2 room flats, which includes the first time applicants, those who aged 35 and above, and who are earning of up to $5,000 per month only. The units were priced between $76,000 to over $80,000. Considering the resale price of the 2 bedroom unit in the neighborhood ranging from $230,000 to $250,000, I would gladly consider buying the 2 room HDB flat. This means getting over 50% discount from the regular resale prices.

Eligibility

Singaporeans aged 35 years and above who are unmarried, divorced but not applying with any child, and widowed but not applying with any child are encouraged to apply. The eligibility criteria are only a first time buyer, earns up to $5,000 and month, and does not own any other property or even disposed a property for the past 30 months, who could be classified as eligible single can buy a 2 room BTO flat in a non-mature state.

Singles with income less than or equal to $2,500 can apply for a grant amount up to $20,000 in the Single Singapore Scheme. Singles with income less than or equal to #3,250 can apply for a grant amount up to $10,000 in the Single Singapore Citizen Scheme under the Special CPF Housing Grant for Singles. Singles with income less than or equal to $5,000 can apply for a grant amount up to $40,000 in the Joint Singles Scheme. Singles with income less than or equal to $5,000 can apply up to $20,000 of the grant amount under the Special CPF Housing Grant for Singles through the Joint Singles Scheme.

The applicant may receive different grant amounts largely depending on their income. The Build To Order (BTO) has been offering help by allowing singles to apply for apartments in their preferred location from the list of specific sites launched. The offer is irresistible for the singles.



Source by Shirley Paul Tan

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