To help young couples who are still studying or serving NS buy their first homes sooner, the Housing and Development Board (HDB) will allow them to defer their income assessment for housing grants and loan purposes.
This means that the couples can apply for their flat first, and have their income assessed for grant/loan just before key collection. While waiting for their flat to be ready, they can start working and build up their finances, said National Development Minister Lawrence Wong in a Facebook post.
They can do so under the May Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercise, which opened on yesterday, May 22.
The latest HDB exercise comprises 6,992 flats, 3,970 of which were Build-To-Order (BTO) units and 3,022 were Sale of Balance Flats (SBF) units. It is also the first exercise that will allow eligible young couples to defer their income assessment to just before key collection, according to a HDB media release.
Previously, first-time couples must show that they have been continuously employed for 12 months prior to flat application.
Applicants need to be at least 21 years old, and at least one applicant must be aged 30 years or below.