Buying a 2 room flat on a monthly salary of $850!

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?

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.

Is it that the monthly household income cannot be more than 2k?

Yup! To purchase a 2-room HDB flat, your average gross monthly household income must not exceed S$2,000.

Not bad PAP!