Hot Take: Will slashing BTO downpayments lead to more divorces and debt? Surely youths can decide for themselves
Should an eligible couple take a HDB loan with a loan-to-value limit of 80 per cent, the new move means they have to pay the remaining downpayment of 17.5 per cent of their BTO flat's price when they collect their keys. To be eligible for the reduced downpayment, couples must be full-time students or National Servicemen . Those who have completed full-time studies or National Service within the last 12 months before applying for HDB flat eligibility letter will also be eligible.
The move, several claimed, would just result in higher divorce rates as young couples rush into marriage to obtain a BTO flat, only to later realise they are not compatible. This is because they will still need to pay up the full downpayment of at least 20 per cent when they collect their keys.Say a young couple have a successful BTO application in their first year of university, and they are set to collect their keys shortly after graduation.
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Renting on open market is too expensive: Families awaiting BTO flats say $300 rental voucher inadequateBuyers awaiting their BTO units said they would continue to apply for a flat under the Parenthood Provisional Housing Scheme. After failing to secure an interim rental flat under the Parenthood Provisional Housing Scheme (PPHS), an assistant manager who wanted to be known only as Ms Peh resigned herself to renting a three-room flat in Ang Mo Kio for $2,900 a month in 2022. The 34-year-old, who works in healthcare, said she was disappointed when she learnt that rental vouchers under the PPHS for flats or bedrooms on the open market were fixed at $300 a month. The voucher scheme will run from July 2024 to June 2025, allowing eligible families waiting for their Build-To-Order (BTO) units to offset rent for a Housing Board flat or bedroom on the open market
Source: asiaonecom - 🏆 10. / 59 Read more »
Families awaiting BTO flats say rental voucher inadequateAfter failing to secure an interim rental flat under the Parenthood Provisional Housing Scheme (PPHS), an assistant manager who wanted to be known only as Ms Peh resigned herself to renting a three-room flat in Ang Mo Kio for $2,900 a month in 2022. The 34-year-old, who...
Source: thenewpaper - 🏆 7. / 63 Read more »