$8,000 ceiling for public housing will stay, despite growing calls for review.

[iamtalkinglah]

Should we discuss this since the hot topic now is on HDB affordability?
I know this was a hot issue in early Oct 2009 (but I haven't join this forum yet).

The $8000 income ceiling has been in place since 1994 or is the decision to introduce more ECs more sensible?
Then, the question is how affordable these new ECs are going to be.

 

[iamtalkinglah]

No one here seems to be interested in this topic bcos there is nobody in this forum who have a combined income of more than $8,000 and first time buyer???

 

[funnyz]

Should we discuss this since the hot topic now is on HDB affordability?
I know this was a hot issue in early Oct 2009 (but I haven't join this forum yet).

The $8000 income ceiling has been in place since 1994 or is the decision to introduce more ECs more sensible?
Then, the question is how affordable these new ECs are going to be.

Propety Analysts are expecting EC to be selling at SGD$600psf for the upcoming projects in Buangkok and Yishun. Assuming 1300sq feet x $600 = 780k?

That means it's a minimum of 156k (CPF and Cash) + 18k (Stamp Duty) for a start.

 

[downgrader]

most people this forum unemployed like me or underpaid or teenager still living with mommy and daddy

where got $8,000, so not relevant at all to most people

 

[funnyz]

most people this forum unemployed like me or underpaid or teenager still living with mommy and daddy

where got $8,000, so not relevant at all to most people

Actually i think there are also gainfully employed people living with parents like me. Hee.. Thank You PAP. Jobs for Foreigners, NS/RT for Singaporeans.

 

[Watchman]

Should we discuss this since the hot topic now is on HDB affordability?
I know this was a hot issue in early Oct 2009 (but I haven't join this forum yet).

The $8000 income ceiling has been in place since 1994 or is the decision to introduce more ECs more sensible?
Then, the question is how affordable these new ECs are going to be.

Tell everyone; your friends and neighbours about the power of information sharing . Tell them all tomorrow about Sammyboy forum

 

[singveld]

Tell everyone; your friends and neighbours about the power of information sharing . Tell them all tomorrow about Sammyboy forum

better not, wait they end up into the sammyboy forum and become sex addict like tiger woods.

 

[iamtalkinglah]

Propety Analysts are expecting EC to be selling at SGD$600psf for the upcoming projects in Buangkok and Yishun. Assuming 1300sq feet x $600 = 780k?

That means it's a minimum of 156k (CPF and Cash) + 18k (Stamp Duty) for a start.

That's the cost of a freehold condo in Tampines in Year 2008. Shingz!

 

[Cestbon]

Must change the income level
2 room max $3K
3 room max $4K
4 room max $6K
5 room max $8K
EC max $10K

 

[iamtalkinglah]

Must change the income level
2 room max $3K
3 room max $4K
4 room max $6K
5 room max $8K
EC max $10K

Other than increasing the HDB supply, it is good to change the income level cap since it have not been changed since 1994.
Bcos Singaporeans are unknowingly committing themselves to expensive HDBs.

I have a friend who recently got a queue number for BTO flat in Havelock road. A 4 room flat cost >$400k. He told me his monthly loan will be $1,700 (if he get a 4-room flat). He say it is too expensive but he has been trying for a long time to get a HDB flat and he couldn't wait anymore.

Correct me if I am wrong. Assuming his total income is $8,000, ALL his CPF-ordinary a/c monthly contribution goes to paying the home loan. OMG, no retirement funds.

I wonder how can I afford to buy a $400K HDB flat.
HDB flats will be getting more and more expensive in future.

The problem is, housings are very expensive nowadays and people may not have enough savings and thus they need to borrow a lot. If your pay is low, how will you ever have such high CPF to not pay so much cash over CPF? $400K for a HDB is crazy. NOW it is really true/getting more apparent that people are just working to pay off their HDB debt. Wah lao, $8k salary a mth how to service a >$400K HDB? Somemore my friend don't have a combined income of $8K.

 

[Internet Brigade]

Should we discuss this since the hot topic now is on HDB affordability?
I know this was a hot issue in early Oct 2009 (but I haven't join this forum yet).

The $8000 income ceiling has been in place since 1994 or is the decision to introduce more ECs more sensible?
Then, the question is how affordable these new ECs are going to be.

I think you must first recognize that naturally there will be some people who will always fall through the cracks.

Once you can except that you cannot please everybody, you have to move on and figure out how to make housing affordable to the majority.

The median income for a singaporean has remained under $3000 in 2009. So a household comprising of 2 working adults would equal to less than $6000. So the income ceiling of $8000 is in fact still valid. Why i use median is because public housing (at least the direct purchases from HDB) should be reserved for the lower to lower-middle income households.

 

[Internet Brigade]

Correct me if I am wrong. Assuming his total income is $8,000, ALL his CPF-ordinary a/c monthly contribution goes to paying the home loan. OMG, no retirement funds.

Not true. Do not forget that only the OA can be used for paying the house and the SA remains untouched and generating interest.

CPF OA contributions due to bonuses are also added to the OA.

 

[Internet Brigade]

Sometimes i cannot help but wonder why people are so fixated about housing prices. If you cannot afford a HDB unit in a mature estate then there are other options.

You dont hear the people who are trying to sell their units above valuation complaining.

Wondering, would everyone prefer that sellers cannot ask for anything above valuation? I.e. if you want to sell your flat, a hdb valuer will determine the price for you.

 

[shOUTloud]

Have you bought a flat recently? People are getting into 30-year debts. This is very scary cos the possibility of retrenchment (more than once) within this time frame is 100%. Both spouses have to work so if one party loses a job, shit hits the fan.

I just bought an unit and lan lan have to pay cos I really need a place to stay. However, I would put my two hands together and applaud if property prices drop 20% over the next 10 years. It means nothing to me if my flat is worth 1 million 10 years. If I sell it, I have to buy another unit to stay. It is for the good of everyone that property prices do not spiral out of control.

Mah Bow Tan screwed all of us.

 

[potato29]

most people this forum unemployed like me or underpaid or teenager still living with mommy and daddy

where got $8,000, so not relevant at all to most people

who say not relevant. if limit is removed more pple with more $$$$ will qualify and prices will shoot sky high.

 

[iamtalkinglah]

The median income for a singaporean has remained under $3000 in 2009. So a household comprising of 2 working adults would equal to less than $6000. So the income ceiling of $8000 is in fact still valid. Why i use median is because public housing (at least the direct purchases from HDB) should be reserved for the lower to lower-middle income households.

Then it means Singaporeans are not earning enough which bring back to the topic I had with you at another thread. http://www.sammyboy.com/showthread.php?t=50511. Costs are increasing and yet salary is still low.
From 1994, how many times have the price of the chicken rice cost increased?
From 1994, how many times have the price of a HDB increased?
So why didn’t the income cap increase?
Why do I propose increasing the cap? The middle income people are suffering too, they can’t buy a first hand HDB and they can’t afford a private property. And also, it serve as a check to ensure that people are not over committing themselves to expensive HDBs. Singaporeans are unknowingly committing themselves to expensive HDBs.
Only slightly more than 11,000 new flats were built between the years 2006 – 2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008.
What is the real cost of overprice HDB flats? Supply less than Demand.

 

[Ramseth]

Very funny, at HDB office.

Buyer: I want to buy this flat.

Officer: Oh too big your income can't qualify for loan.

Buyer: OK, I buy that smaller flat.

Officer: Also cannot, sorry, your income too high.

Buyer: Then how?

Officer: I also don't know. Ask your MP.

 

[iamtalkinglah]

Sometimes i cannot help but wonder why people are so fixated about housing prices. If you cannot afford a HDB unit in a mature estate then there are other options.

You dont hear the people who are trying to sell their units above valuation complaining.

Wondering, would everyone prefer that sellers cannot ask for anything above valuation? I.e. if you want to sell your flat, a hdb valuer will determine the price for you.

People who are trying to sell their units above valuation are not complaining because there are loop holes in the system. Either they are rich and have a separate private property or as per below posting it answers you.

Have you bought a flat recently? People are getting into 30-year debts. This is very scary cos the possibility of retrenchment (more than once) within this time frame is 100%. Both spouses have to work so if one party loses a job, shit hits the fan.

I just bought an unit and lan lan have to pay cos I really need a place to stay. However, I would put my two hands together and applaud if property prices drop 20% over the next 10 years. It means nothing to me if my flat is worth 1 million 10 years. If I sell it, I have to buy another unit to stay. It is for the good of everyone that property prices do not spiral out of control.

Mah Bow Tan screwed all of us.