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View Full Version : Buying a 2 room flat on a monthly salary of $850!



mhhouse
9th March 2012, 04:00 PM
Saw this interesting article on the papers today about how an odd-job worker earning $850 a month can buy a two-room flat in Punggol. For those of you who haven't heard about this, here's a summary:

Purchase price: $99,200
Monthly income: $850
Total household CPF: $40,000
CPF Housing Grant: $40,000
Loan ($99,200 - $40,000): $59,220
Estimated monthly instalment: $83 for 30 years
Deduction from CPF: $83
Cash outlay: $0

I think the Singapore government is doing a great job here. What do you think?

happylalapo
12th March 2012, 09:18 PM
Wow, I didn't know there is 2-room HDB like this.

Just check as long as income ceiling is not more than 2k can apply.

mhhouse
15th March 2012, 12:27 AM
Is it that the monthly household income cannot be more than 2k?

hoclara
15th March 2012, 11:12 AM
Yup! To purchase a 2-room HDB flat, your average gross monthly household income must not exceed S$2,000.

Curry Chicken
17th March 2012, 12:02 AM
Not bad PAP!