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Hi

There is no income restrictions for purchase of resale flat. However income restrictions as above does apply if you are applying for CPF grant. The income restrictions are strictly based on $14 for families and $21k for extended family. There is no such thing as $28k restrictions even if 2 of your extended family members are working adults. For extended family income ceiling, there is another restriction in terms of family composition which is not convenient for me to explain here. In case your household income exceeded the income ceiling, you may still purchased a resale flat without grants with the exception of PHG grant. As for the 30% haircut rule, this is strictly being used for the purpose of calculating your loan quantum eligibility and not for calculating grant eligibility purposes. Income ceiling for self employed is still based on average monthly income. I do provide free and non obligatory discussions in regards to property transactions in Singapore. Do contact me at 93375051  for a discussion on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More

Hi,

There is no income restriction for HDB resale flat purchase. As long as you meet all the eligibility conditions, you will be able to purchase a HDB resale flat.

The income ceiling only comes into play should you wish to apply for the CPF Housing Grant.

When applying for loan, income will be assessed. For self-employed persons, there will be a haircut on the income. For further details on loan matters, please do check with a Banker for a more definite answer.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More