Formulae for Calculating Sales Proceeds

Income Guidelines for Credit Assessment

Employed Persons

Proof of income (excluding overtime and shift allowances and transport claims/reimbursements/expenses) For applicants:- - Latest 3 months payslips OR - Recent letter from employer certifying job designation, commencement date and income for the last 3 months. AND - Past 15 months' CPF contribution history NOTE: Bonuses will not form part of the assessment and will need to be excluded.

Commission-Based Persons e.g. Sales personnel, insurance agent

Proof of income (excluding overtime and shift allowances and transport claims/reimbursements/expenses) For applicants:- - Latest 12 months commission statements/payslips OR - Recent letter from employer certifying job designation, commencement date and commissions/salaries for the last 12 months. AND - Past 15 months' CPF contribution history NOTE: Monthly fixed income components (if any) may be included as part of the assessment.

Income / Allowance NOT considered for credit assessment
e.g.
- Alimony allowance (divorced cases)
- Bonuses
- Dividend
- Director fees
- Interest from deposit/savings account
- National Service
- Overtime
- Rental income

Amount and Disbursement of CPF Housing Grant

Amount of CPF Housing Grant

For Purchase of Resale Flats Family Grant
$30,000

# For Purchase of Resale Flats near Parents/Married Child Family Grant
$40,000

# To qualify, you have to meet one of these proximity conditions:
(i) You are buying a flat in the same town as your parents'/married child's flat.
(ii) You are buying a flat within 2 km of your parents'/married child's flat, if they are in different towns.
(iii) You are buying a flat in the same town of a private residential property that is owned and occupied by your parents/married child.
(iv) You are buying a flat within 2 km of a private residential property that is owned and occupied by your parents/married child.
(v) You are buying a flat with your parents/married child included as the joint applicants or permitted occupiers.


Disbursement of Grant

The CPF Housing Grant is given only to a Singapore Citizen who is not an undischarged bankrupt.

Application for CPF Housing Grant
* Joint Applicants (husband & wife) who are both Singapore Citizens

Disbursement of Grant Amount
* Half of the full grant each

The Half-Housing Grant is only disbursed to the applicant (1st-timer) and not to the spouse who has previously enjoyed a housing subsidy.

Once the applicant has bought a flat with the CPF Housing Grant given to him, he is considered to have enjoyed a housing subsidy and is not allowed to return the grant to the Government on his own accord.

Eligibility Conditions of CPF Housing Grant for Family

Singapore citizen households can qualify for the CPF housing grant for family if they are:

* Married couples where both are Singapore Citizens; or a Singapore Citizen who marries a Singapore Permanent Resident; or

Fiance-fiancee couples about to get married and are able to produce their marriage certificate, latest by the date of resale completion; or

Widowed or divorced persons with children under their legal custody

* 21 years old and above

* First-timer households: one where all members of the family have not enjoyed a housing subsidy before

A 1st-timer citizen (with a spouse who is a 2nd-timer, ie. has enjoyed a housing subsidy), can apply for half of the grant amount (Half-Housing Grant), if the family meets the eligibility conditions of the CPF Housing Grant Scheme for Family.

* Having a gross monthly household income of $8,000 and below. For extended families, the income ceiling is $12,000. If the average monthly household income over the last 2 years is $4,000 and below, they can apply for Additional CPF Housing Grant (AHG) as well, ie. on top of Family Grant.

* Not owning any private residential property (including HUDC flat and/or Executive Condominium), house, building or land (whether local or overseas) or have disposed of such properties within 30 months before the resale flat application.

* Not buying a 1-room flat or a resale flat (of any flat type) that has been announced for redevelopment under the Selective Enbloc Redevelopment Scheme (SERS). Pls click here for the list of SERS sites

* Not undischarged bankrupt

Why HDB loan is Better than BANK loan?

1) To qualify for a HDB loan, your household income must be less than $8k

2) HDB interest rates are pegged at 0.1% above CPF OA’s interest rates (currently 2.6% as of March 2009).