The new HDB housing classification system with Standard, Plus, and Prime flats came into effect in the second half of 2024 https://www.mynicehome.gov.sg/. Here's a breakdown of the key differences between Standard and Plus units to help you decide:
Standard vs Plus HDB Flats
Feature Standard Flat Plus Flat
Location Most HDB flats Choicer locations within a region (e.g., near MRT, town center)
Subsidies Standard quantum of government subsidies More subsidies compared to Standard flats
Minimum Occupation Period (MOP) 5 years 10 years
Resale Conditions Standard eligibility criteria and restrictions Tighter restrictions due to additional subsidies
Price Generally lower due to location and subsidies Potentially higher due to location and lesser subsides
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How HDB Determines the Category
HDB classifies flats based on their locational attributes, not your income. Here's a general idea:
Standard Flats: These form the majority of HDB offerings and are spread across various towns. They come with the standard level of subsidies and restrictions.
Plus Flats: These flats are located in more attractive areas within an HDB town, typically near amenities like MRT stations or town centers. Since the location is desirable, they receive additional subsidies to keep them somewhat affordable. However, to ensure fair access to these flats and prevent excessive profiteering, Plus flats come with stricter resale conditions:
Longer MOP: You'll need to occupy the flat for at least 10 years before selling.
Subsidy clawback: When you sell your Plus flat, you might need to return a portion of the additional subsidy you received.
Your Situation:
income eligibility is just one factor for buying a new HDB flat through the Build-To-Order (BTO) system. There are other eligibility criteria to consider as well.
It's recommended to check the HDB website for the latest income ceilings and eligibility requirements for buying a new flat: https://dollarbackmortgage.com/blog/income-ceiling-hdb-bto-ec/
If the BTO route doesn't work out, you can still explore the resale market where income restrictions are generally not a factor. Just be mindful of the differences between Standard and Plus flats, especially the stricter resale conditions for Plus flats.
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