Asked by m***@hotmail.com
How does HDB assess the income ceiling requirement of $14,000?
From the HDB website(https://www.hdb.gov.sg/residential/buying-a-flat/understanding-your-eligibility-and-housing-loan-options/application-for-an-hdb-flat-eligibility-hfe-letter/income-guidelines-and-documents), it says period of income assessment is 12 months and the end of assessment period 2 months preceding the month of HFE letter application and it cites the following example below.
^ For example, if your HFE letter application is submitted in May 2023, the assessment period will be from Apr 2022 to Mar 2023.
Using the example, In the case where in the month of Mar 2023, there is a pay raise which pushes the income ceiling slightly above $14,000(+-$500), but the previous months are below the income cap, does it get averaged out?
From the HDB website(https://www.hdb.gov.sg/residential/buying-a-flat/understanding-your-eligibility-and-housing-loan-options/application-for-an-hdb-flat-eligibility-hfe-letter/income-guidelines-and-documents), it says period of income assessment is 12 months and the end of assessment period 2 months preceding the month of HFE letter application and it cites the following example below.
^ For example, if your HFE letter application is submitted in May 2023, the assessment period will be from Apr 2022 to Mar 2023.
Using the example, In the case where in the month of Mar 2023, there is a pay raise which pushes the income ceiling slightly above $14,000(+-$500), but the previous months are below the income cap, does it get averaged out?
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