Stuck in housing limbo despite higher ceiling

[Latka]

ST Forum

Stuck in housing limbo despite higher ceiling

 

MY WIFE and I were delighted when Prime Minister Lee Hsien Loong announced that the income ceiling would be raised to $10,000 and $12,000 for new build-to-order (BTO) flats and executive condominiums (ECs) respectively ('HDB raises income ceiling to $10,000'; Aug 15).

 

We checked the HDB website several days later but discovered that we were once again ineligible to apply for ECs even though our combined income falls below $12,000. That is because of a clause stating that an applicant cannot own any private property 30 months prior to EC application.

 

We are prepared to sell our private property to apply for an EC. However, requiring us to sell it 30 months before applying for an EC does not make sense.

 

Where will we stay for 21/2 years? In fact, if one includes the time taken for construction of the EC, we would have to spend at least five years renting a place or living with our parents.

 

We have a toddler and plan on having another child. The waiting period will surely disrupt their education and childcare.

 

Two years ago, we did not qualify because our combined income exceeded $8,000. With sellers seeking cash-over- valuations of between $60,000 and $90,000 in our preferred location - near both our parents' homes - we were forced to buy a small private condominium apartment that was selling at valuation as we did not have enough cash.

 

The inescapable irony was that we qualified for a bank loan to buy a private property but did not have enough cash to buy a subsidised public flat. Being forced to buy a private home saddled us with a whopping $600,000 loan.

 

We are toying with the idea of selling our private property as our joint income is just below the income ceiling for now, but we are uncertain if we will still be earning the same income 30 months from now.

 

All we want is to live in a home we can afford and, yet, we are caught in a predicament.

 

We think this could be our last chance to buy a Housing Board flat. We hope the Government would consider revising this rule for the sandwiched class.

 

Lim Chong Wee

 

[Latka]

Go and rent lah. This cannot dat cannot.

[Tarzan666]

Most prob disapointed cannot cash in on higher private property price & buy cheaper ec condo.

 

They aredy got property, give those 1st timer a chance.

[SimonTan]

HDB is not for speculators to flip between private and vice vesa.

These rich couple simple do not understand it. Making a fool of them selves arguing on the rules.

 

Just like walking into a LV shop, and plonked down $12,000 for a limited bag shown in the catalogue, when the store told them must wait 9months for unconfirmed stocks, subject to non refundable $100 deposit. The same couple will most likely not complain and willing to wait for it. In the mean time the wife can buy a cheaper Bonia bag to carry while waiting for the LV.

 

 

 

[Chucky2007]

Wa lau, this couple talk rubbish

[KARTer]

it cant be help...............

 

joke aside, the 30mth rule is to give priority to those who desparately really need public housing...

 

in fact, those who own car worth $200k and above should be made to join the end of the queue also

[Joseph22]

Slap them, they are only thinking of earning from a cheaper EC

[Icedbs]

this rule has been around for many years.

 

The problem is that people complain without understanding the rationale for it

 

 

[SimonTan]

Precisely. Want to cash out the profit from their privates and buy public.

Where got so easy. Many people before them was doing it earlier on, which is WHY the 30months rule came about.

This couple just simple want to argue based on they think they are rich and can afford.

Yaya papaya.

 

 

Slap them, they are only thinking of earning from a cheaper EC

 

[Hosaybo]

Singaporean are complaining about everything as long as it works against them...... as though the whole world owns them a living. this seems to be apparent in the younger generation.

[Watwheels]

I salute such opportunist. He even has the cheek to write to ST forum.

[Tom_kkh]

Wow lau. Like that also dare to write in.

 

Rent a flat lo. I think he just wan to sell his condo to earn a profit and not willing to rent a flat!

 

Some singaporean skin really thick! Cannot buy new flat than y don they settle for resell instead of a condo. I think he asked for it!

[Celicar]

Seems like for writer, it would have been better if LHL did nothing.

 

For every policy, there will be people who are caught between the gaps or "just miss".

[Latka]

Wow lau. Like that also dare to write in.

 

Rent a flat lo. I think he just wan to sell his condo to earn a profit and not willing to rent a flat!

 

Some singaporean skin really thick! Cannot buy new flat than y don they settle for resell instead of a condo. I think he asked for it!

 

Well, he did give the excuse that they don't have the cash for the COV portion. They have to change their lifestyle to start saving money.

Some more want to stay near parents. If can't afford at that location, change location lor.

[Joseph22]

Seems like for writer, it would have been better if LHL did nothing.

 

For every policy, there will be people who are caught between the gaps or "just miss".

 

 

for this couple, they are not caught between the gaps, they are trying to explioted the system.

[Mustank]

it cant be help...............

 

joke aside, the 30mth rule is to give priority to those who desparately really need public housing...

 

in fact, those who own car worth $200k and above should be made to join the end of the queue also

 

like that people like me ho sei liao!!!!!!

[Darryn]

Writer explain oreddy, and it is quite clear and straightforward.

 

1. COV was $60 - $80k - they did not have this much cash to buy resale (which is understandable)

2. Must dispose of house 30 month before APPLICATION then got waiting time of two years or more for construction - so total renting for FIVE years or more

3. Want a second child - so sounds like the condo they have is too small (and at $60k it will be tiny)

 

Of course, sell condo now they should have enough cash to afford the COV on a five roomer, perhaps in a slightly less desirable area. They are possibly hamstringing themselves by "insisting" on staying in a good area.

 

Other than that, their complaint it pretty fair

 

WHAT they should do though is go and talk to HDB - they CAN appeal the 30 month thing, and given the circcumstance they might be successful.

Edited September 7, 2011 by Darryn

[Mustank]

yalor, earn 12k, no cash? zhun bo? i think this guy super duper