While many of us curse and swear at the bloody damn expensive monthly loans we’ve to service for our new homes, this security guard happily just moved into his new HDB flat with his family – paying just S$200 a month.
But with an average household income of S$1500, how in the world did 54-year-old Mr Zhou expect to pay it off?
With money from Ah Kong lah.
Zhou had just bought a new 2-bedroom BTO flat in Sengkang, which cost a grand total of S$108,000.
The family, putting in its first-time application for a HDB flat, was given the maximum Additional CPF Housing Grant of S$40,000 – which is aimed at helping low-income families buy homes.
As the flat wasn’t in a mature estate, Zhou’s family also received S$20,000 in the form of the Special CPF Housing Grant (which has been increased since September 2015).
With Ah Kong sponsoring S$60,000 of the HDB flat cost already, Zhou was left with S$48,000 to account for.
He used S$38,000 from his CPF to pay the deposit on the flat, and took a 4-year loan to pay off the remaining S$10,000.
So every month, the happy new owner has to fork out just S$200 to service his loan.
Not too bad at all!
Only thing is, Zhou’s whole family of FIVE moved into the spanking new 2-room Sengkang HDB flat.
Now that’s going to be one heck of a squeeze.
But any how, if you’re a new HDb flat buyer, make sure you check out the links above and see what grants you’re eligible for.
After all, Ah Kong give you free money and you don’t want to take, must be crazy!
true singaporean
April 28, 2016 at 10:27 am
Please check. It’s not “free” money, IT MUST BE PAID BACK upon sale of flat and in the lifetime of the flat (if poorly located in new estates without good transport options), you’ll pay more in terms of transport time and costs.
This option is good if you work in outskirt areas, and are in the lowest income brackets. Just their way of keeping people off the streets.