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

[Guest ben n jerry]

can someone below 35 buy a flat?

i am thinking of doing so....

any ways??

[Guest gayboy]

can someone below 35 buy a flat?

i am thinking of doing so....

any ways??

can . go get a gal and marry . dont have to reach 35. if u a gay. solution get a lesbian also need to get marry.

[Guest guest]

Hi there, I am reaching 35 years old this year and would like to buy a HDB flat. I believe that some of you have already been through this, so I would like to seek some advice on how to go about getting a flat for myself.

I have read some of the info on the HDB website but still could not figure out certain things.

1) To be eligible for the grant, one's monthly gross income must not exceed $3K, I am not eligible for this grant. But what is this grant ($11K) anyway?

Grant is only for ppl to offset the total selling price. Since you are not eligible.. ignore this.

2) Then about housing loan, can I take the loan directly from HDB instead of banks?

If u are single buying a flat and earning above 3k... you are not eligible for loan from HDB.

3) Can I use my entire CPF to pay for the flat? Do I need to fork out cash for whatever purposes?

You can use ur CPF to pay for the installments and partial downpayment.

You need cash for the following :

Cash over valuation

5% of the flat value as downpayment

Renovation costs

Any agent fees

4) I know that I cannot apply for new flats, my only option is resale flats. How do I go about choosing one of these flats? Does HDB have some kind of "catalogs" for people to choose from and deal directly with HDB; or I have to locate and deal with the owners directly or through property agents?

How to go about choosing a flat?

Know your budget

choose the size of flat and location

check out papers, website and agents for available flats for sale

go view the flats

since its going to be resale flat, you cant deal direct with HDB as they do not own the flat

My suggestion : if u totally have no idea, get a credited agent to assist u

Hope this answers your queries...

5) Do you mind describing the steps you took to get your flat?

Hope some kind souls would share their knowledge here. Thanks in advance.

[Guest idiot]

I intend to buy too,but not enough cash,so any source to loan cash?from bank or..?how the process or how they charge?thanks for ur info...

[Guest Gues]

All of the above information may not be accurate. Engage an CEHA certified agent to work for you. Negotiate the commission to 1%. Prepare to do a lot of leg work viewing, negotiation, etc etc. Also alot of research for your renovation and furnishing. Most importantly, get ready with more cash than in the past because HDB price index is at its historical high; and it does not look like it's coming down judging from the officialdom expressed opinion.

Buy within your means and make this HDB your asset, not liability.

[Guest Freddy]

below 35 cannot buy HDB flat

too bad

[Guest Guest]

Anyone bought or currently seeking a 3 Room HDB flat? Please share your experience here. Thanks.

[Guest HomeSweetHome]

Easily must have budget of $300,000 including cash of $80,000 for cash component and renovation. Thats for location close to MRT/Interchange. For tighter budget will have to settle for those at the fringe of the estate.

[Guest Guest]

Easily must have budget of $300,000 including cash of $80,000 for cash component and renovation. Thats for location close to MRT/Interchange. For tighter budget will have to settle for those at the fringe of the estate.

$300,000 INCLUDING $80,000 cash is NOT ENOUGH for good locations like Bishan, Toa Payoh, Bukit Merah, Tiong Bahru....

Some of the 3rm I visited is nearly 40years old, the valuation was around $260,000 (not much renovation) and asking for $30,000 cash. This will add up to $290,000. If you factor in another $30,000 cash for renovation, it will add up to about $320,000.f

[Guest HomeSweetHome]

I am surprised that current 3 room HDB has become so expensive and seller is demanding cash over valuation from $30 - 50 k. Even marsiling which is far away from MRT and rather old flats is asking $40 k cov. Seems our income is not able to catch up with the ever increasing prices. The only consolation is that the current renovation and electrical appliances prices have come down significantly

[Guest boyboy]

are single PR allowed to buy 3br flats as well?

[Guest SM]

For single PR, no form of 3rm HDB is allowed. Only both are citizens, above 35 are allowed under the joint singles scheme (under normal circumstances). (Refer to HDB.gov.sg)

In SG, getting a HDB flat is one of the safest bet, unless you are born with silver spoon. COV in more matured estate can starts from $60k(commonwealth, tampines, $35k for hougang, serangoon). Most houses with higher COV means lesser renovation to be done, though renovation / theme is very subjective.

Plan well for the future, start planning for your own HDB. Prices will only escalate, not down.

[Guest Guest]

$300,000 INCLUDING $80,000 cash is NOT ENOUGH for good locations like Bishan, Toa Payoh, Bukit Merah, Tiong Bahru....

Some of the 3rm I visited is nearly 40years old, the valuation was around $260,000 (not much renovation) and asking for $30,000 cash. This will add up to $290,000. If you factor in another $30,000 cash for renovation, it will add up to about $320,000.f

If you just turn 35, its not advisable to buy flats that are nearly 40 years old as there is a possibility that you out live the 99 year lease of the flats.

[Guest Hike-ing]

The only consolation is that the current renovation and electrical appliances prices have come down significantly

I doubt your consolation will sustain when GST goes up after the next election.

[Guest lessee]

It is absurd to think that so much money is required for a roof over our head and the irony is that we don’t actually own the flats - we're merely lessees. The same principle applies to cars.

By the way, don't buy flats that are too old. You'll yourself spending big bucks to replace electrical wiring, water pipes, and a host of many other things.

[Guest Guest]

3 room too expensive then must go for 2 room.

[vicsg]

Anyone bought or currently seeking a 3 Room HDB flat? Please share your experience here. Thanks.

Just for curiosity, why buy a 3rm flat now? 3rm flats are very short in demand.

Anyway, single scheme allows you to buy any sized flats (so long resale) that you can afford. Flats these days are so small that you tend to 'knock' into something as you walk.

Do consider possible larger flats and if you can afford it, a shorter loan (10-15yrs).

Just sharing my opinion. I'm not a housing agent.

[thorzguy]

A few reasons to why people choose to buy 3rm HDB flats.

First, easy maintenance. 2 persons (eg my bro and sis in law) no intention to have kids, so less space to clean. (they convert the other room to a walk in wardrobe)

Imagine staying alone; unless get a part time helper, if not all cleaning to be done by himself.

Second, pay less conservancy charges.

Third, enjoy more rebate from Ah Gong (whenever applicable).

Of course if one loves huge space, then a minimum of 4rm HDB is then considered bigger..

My 2cents comment.

[Guest alien]

I think if 1-2 person staying, 4rm a bit too big liao! 3rm is just enough lor. But buying a 3rm needs to have at least 80,000 cash on hand!!! Like tht seems like i no need to buy flat at all liao! Cos where to find 80,000 cash!!!

[Eragon]

Ever consider sharing condo w bf instead?

[Guest guest]

For single PR, no form of 3rm HDB is allowed. Only both are citizens, above 35 are allowed under the joint singles scheme (under normal circumstances). (Refer to HDB.gov.sg)

In SG, getting a HDB flat is one of the safest bet, unless you are born with silver spoon. COV in more matured estate can starts from $60k(commonwealth, tampines, $35k for hougang, serangoon). Most houses with higher COV means lesser renovation to be done, though renovation / theme is very subjective.

Plan well for the future, start planning for your own HDB. Prices will only escalate, not down.

You mean must join name with another single then can buy a flat for Singaporean? Can we buy on our own? All these never came to my mind until I read these posts, thanks for the info! Need to plan for my future!

[Guest Guest]

Single scheme or Joint single scheme are allow to purchase resale HDB of any size.

[like wind]

consider buying house in JB? heard there will be a train system linking jb to singapore in 2018. I have already bought an apartment in Nusajaya, JB.

[pinoysg]

I have realized that priced of flats will not be coming down, thus there is no point in waiting. Initially, I was also considering buying a 4R flat. I was thinking I can rent out one bedroom and keep the third bedroom as a guestroom. Unfortunately, prices of 4R flats were beyond my means especially I wanted to stay as close to the city as possible. Finally gave up and decided to focus on 3R flats.

One time, I drove into Potong Pasir and immediately fell in love with the estate. So I started seeking 3R flats in the estate. It wasn't easy as quota for "Other Races" was filled up. Luckily, I had a good agent who managed to offer me a flat that was not even advertized. I viewed the unit and immediately felt this is the flat that I want. The flat was previously renovated but still needed some work to make it suit my taste and style. One attraction of the flat was that I wouldn't need to do any major renovations. The block is just 5 min walk to the MRT station and is on the top floor with unblocked views. Expectedly, all these plus points would come at a price. The valuation was just above $300K and the owner was asking for $30K COV.

And so starts the long process of purchasing the flat. It took about 3 months to complete the sale. After I got the keys, I had the flat renovated and that took about 3 weeks to complete. Fortunately, I had a simple taste when it comes to interior design. I didn't want my flat to look like a showflat that usually graced the renovation contractor's brochures. I managed to keep the renovation cost to less than $15K including the new appliances.

If you have the means to buy a flat, then go for it. I saved on the rent that I used to pay. Now the CPF is paying for the monthly ammortization to the bank. That freed up some cash for savings and paying for other expenses.

[Guest HDBresident]

I have realized that priced of flats will not be coming down, thus there is no point in waiting. Initially, I was also considering buying a 4R flat. I was thinking I can rent out one bedroom and keep the third bedroom as a guestroom. Unfortunately, prices of 4R flats were beyond my means especially I wanted to stay as close to the city as possible. Finally gave up and decided to focus on 3R flats.

One time, I drove into Potong Pasir and immediately fell in love with the estate. So I started seeking 3R flats in the estate. It wasn't easy as quota for "Other Races" was filled up. Luckily, I had a good agent who managed to offer me a flat that was not even advertized. I viewed the unit and immediately felt this is the flat that I want. The flat was previously renovated but still needed some work to make it suit my taste and style. One attraction of the flat was that I wouldn't need to do any major renovations. The block is just 5 min walk to the MRT station and is on the top floor with unblocked views. Expectedly, all these plus points would come at a price. The valuation was just above $300K and the owner was asking for $30K COV.

And so starts the long process of purchasing the flat. It took about 3 months to complete the sale. After I got the keys, I had the flat renovated and that took about 3 weeks to complete. Fortunately, I had a simple taste when it comes to interior design. I didn't want my flat to look like a showflat that usually graced the renovation contractor's brochures. I managed to keep the renovation cost to less than $15K including the new appliances.

If you have the means to buy a flat, then go for it. I saved on the rent that I used to pay. Now the CPF is paying for the monthly ammortization to the bank. That freed up some cash for savings and paying for other expenses.

You have done well to be able to afford your own $345k bachelor pad. Today's prices are very challenging for single income earner.

[thorzguy]

I must say congrats to pinoysg for purchasing his ideal flat, given the price, renovation cost, location etc.

Yes, getting (even) a HDB flat is not that easy as it seems. Prices of HDB flats will only creep up; unlikely to fall. In the event of dipping prices, there will be a threshold limit to that.

Read the papers, understand the direction of the govt, supply and demand of flats/ residents in SG, do your maths... one will have the answers right in front of you.

Nevertheless, HDB flat is one of the safest bet around, unless one has nothing but lots of money, then it's a different case altogether.

[Guest alien]

$345k and COV $30K!!! How to buy?!

[Guest HDBresident]

$345k and COV $30K!!! How to buy?!

No choice but to consider smaller HDB.

[Guest Guest]

HDB prices are at record high. Who is still seeking for his ideal bachelor pad ?

Anyone giving up hope already ?

[paul42864]

You have done well to be able to afford your own $345k bachelor pad. Today's prices are very challenging for single income earner.

That is so true. Single earner has to bear the entire cost of everything

[paul42864]

I must say congrats to pinoysg for purchasing his ideal flat, given the price, renovation cost, location etc.

Yes, getting (even) a HDB flat is not that easy as it seems. Prices of HDB flats will only creep up; unlikely to fall. In the event of dipping prices, there will be a threshold limit to that.

Read the papers, understand the direction of the govt, supply and demand of flats/ residents in SG, do your maths... one will have the answers right in front of you.

Nevertheless, HDB flat is one of the safest bet around, unless one has nothing but lots of money, then it's a different case altogether.

Thanks thorzguy... Some tips to those who are seriously looking to buy their own flat:

1) Research on everything as much as you can. Location, procedures, etc.

2) If you have a financial adviser, consult him/her.

3) If you know a real estate agent, consult him/her too.

4) Be prepared to compromise. Learn to accept that we cannot always have what we want. Compromising doesn't always mean you will end up with unhappy.

I hope the above will help you make the right decision and put you in the right direction towards eventually having you dream home.

[Guest HDBresident]

The traditional cheapest Marsiling/Woodlands estate are no longer cheap. Valuation of 3-I model(1 toilet) in Marsiling costs over $220K with asking COV of $40k The flats are old and far from transport hub. Shocking.

[thorzguy]

I agreed with paul42864.

Do all the necessary homework before signing your autograph on the sales documents.

Till this moment, location is the still one of the crucial factor of the pricing. Ask yourself if you are prepared to pay less, but less convenient for you. (Assuming all are taking public transport, not driving). Popular places are getting more ex, while those less demanding places; prices are moving north too.

Always keep yourself updated on the market trend; strike when the time is right.

[Guest Guest]

Frustrating to those almost reaching 35 and see prices climbing up every day.

[Guest idiot]

Planning to buy a HDB flat,but not enough cash for COV,any idea where can loan money?bank?credit card?singpost ezy cash?pls advice...

[bengchin]

Hi, can a Malaysian single share with a Singaporean single to buy hdb ? Pls advice...Thanks

[Guest Guest]

Hi, can a Malaysian single share with a Singaporean single to buy hdb ? Pls advice...Thanks

nope... you can't... unless it's a marriage... a singaporean man marry a malaysian girl... can...

[Guest alien]

Frustrating to those almost reaching 35 and see prices climbing up every day.

Agreed, prices is going up n up everyday, also dun know when is the "right time"?! And dun know whether can afford to buy or not?!

[Guest Guest]

If you desired to stay independently and cannot afford today's prices, the next best thing is to share a HDB with a fellow PLU.

[Sidney]

I'm thinking about getting a flat as well, but prices are so high now that it's ridiculous, especially in Marine Parade and even Bedok.

(I'm looking for a place in the east, near my parents. I'm conscious that if they need care later on, I'd like them to move in with me, so staying in the area that they're familiar with is a plus.)

I'm hanging on, hoping that the bubble will burst (ha!) and prices will drop, otherwise I'll have to find a way to STREEEETCH my money to get a place.

[Guest think]

If you desired to stay independently and cannot afford today's prices, the next best thing is to share a HDB with a fellow PLU.

what if things sour between the 2? how to settle? think before u do something like tat.

[thorzguy]

My personal feel: prices for HDB will not fall; at least for now. Again, we put ourselves in the direction which the goverment is looking at, do one thinks the prices will fall? Unlikely. Even in the event of a bubble burst (unlikely also, market only soften, for now) will goverment allow their beloved HDB prices to crash?

I do not think too much of a "right" time to buy. Yes, one may do some studies, research, analysis, forecast when is the best, right time to buy. However, inflation, among others will set in too. (check your Jul utilitises bill guys!) One must be prepared to go in when the time is right (meaning, when one is eligible to buy HDB).

Sidney - I do not see any (cheap) HDB in the east.

Think - You are right. One must always think of the long term. Even in a marriage, when things turn sour, it can be quite a nightmare. For PLU relationship to turn sour, it can be quite a headache too.

[Guest Guest]

Based on today's sky high prices, you need to earn at least $4000/month to take care of the mortgage,CPF; renovation and electrical appliances,CASH. Rather high risk for those earning less because you have no spouse to fall back on if your income suffer an unforseen disruption. I guess many PLU will just have to accept the fact that living independently is just a distant dream.

[beef4beef]

Based on today's sky high prices, you need to earn at least $4000/month to take care of the mortgage,CPF; renovation and electrical appliances,CASH. Rather high risk for those earning less because you have no spouse to fall back on if your income suffer an unforseen disruption. I guess many PLU will just have to accept the fact that living independently is just a distant dream.

Are prices coming down yet?

[fuzzy]

Based on today's sky high prices, you need to earn at least $4000/month to take care of the mortgage,CPF; renovation and electrical appliances,CASH. Rather high risk for those earning less because you have no spouse to fall back on if your income suffer an unforseen disruption. I guess many PLU will just have to accept the fact that living independently is just a distant dream.

I don't think it is just PLU but also people who are single. Everyday prices of HDB houses going up. If you are planning as an investment and sell it later as you go grow older, a 3-room flat will still be on demand. I am looking for a 2-room flat which I think is the best size for a single person, but don't have. It is only for low-income earners. Yes, owning a HDB flat is really a distant dream.

[vicsg]

Are prices coming down yet?

Prices of flats do not come down...probably only the COV. But it has been rather ridiculous nowadays....

I stay in the east (Pasir Ris). Just saw an advert for a 5I HDB (not that I'm looking) Evaluation at 380K asking for 430K. And it's about 10-15mins walk to the MRT. If I'm not wrong, 5I flats here probably cost about 350K-380K (with COV) about 6 months ago.

Still stick to what I said previously...3 room flats are in demand. Very hard to find. Look out for a 4 room flat, do a long term (20-25yr) loan at the beginning, do a refinance with a shorter term loan later on. With working adults, our salary will increase as we work. It will be hard in the beginning but will 'ease' over the years.

[thorzguy]

Yes, COV is the main killer now. Just like COE is the main killer for cars.

fuzzy - i love 2room flats, but you do not want to be earning those income.

vicsg - i stay in the east too. prices are really scary. my 4A Hdb flat, agents came knocking and already people are selling it off for $450k and above! Mine is like less than 10mins walk to central though more than 25 yrs old...(guess i really got do earn doubly more if i wish to get my own HDB in 3 yrs time )

Getting a 4 room flat may not be the best option, in my opinion. Do one need such a big place? If you are planning to stay alone, enjoy more privacy, then 4room may not suitable. (unless, one have the intention to rent out 2 rooms. The initial part of taking up such a huge loan is really deterring to most of us, but as vicsg said, it will "ease" or settled in over the years.

Prices of flats do not come down...probably only the COV. But it has been rather ridiculous nowadays....

I stay in the east (Pasir Ris). Just saw an advert for a 5I HDB (not that I'm looking) Evaluation at 380K asking for 430K. And it's about 10-15mins walk to the MRT. If I'm not wrong, 5I flats here probably cost about 350K-380K (with COV) about 6 months ago.

Still stick to what I said previously...3 room flats are in demand. Very hard to find. Look out for a 4 room flat, do a long term (20-25yr) loan at the beginning, do a refinance with a shorter term loan later on. With working adults, our salary will increase as we work. It will be hard in the beginning but will 'ease' over the years.

[Guest Scared]

Yes, COV is the main killer now. Just like COE is the main killer for cars.

Getting a 4 room flat may not be the best option, in my opinion. Do one need such a big place? If you are planning to stay alone, enjoy more privacy, then 4room may not suitable. (unless, one have the intention to rent out 2 rooms. The initial part of taking up such a huge loan is really deterring to most of us, but as vicsg said, it will "ease" or settled in over the years.

Dont mentioned single, my friend engaged almost 2 years still hunting their ideal flat, straight couple double income are not able to coup with the prices. So single you better do your math and tighten spending faster secure one.

Even u get bigger one and thinking to rent out rooms, if you bought HDB it wont be so easy. If I was not wrong you need to stay certain years before able to rent out and must upon approval from HDB. Shud register your tenant in order to prevent illegal immigrant and ah long credit borrower

Not factor in later they will tax u

Even private sector now is damn expensive.My friend couple just bought condo in Bishan 10 minutes walk from MRT cost $900K

Crazy and scary ....

May be should opt for overseas flats but safety is the reason and you might be ready to stay there ....

Think of it .... scary days await u .....

[Guest Guest]

All it takes is an international crisis to bring property to affordable level and also $2 COE. If you take time to do some intelligent research, you can see one is coming; how soon it will hit, nobody knows.

[Guest Guest]

Oh no, HDB resales prices hit another record high, COV jumps to $30,000.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1071080/1/.html