Asked by Anonymous
We want to buy a new EC and we are the first-timer and have checked all conditions for eligibility except the below query for income eligibility: (Tried to reach HDB but very hard to get through phone lines and walk-in not allowed during this pandemic time). Hope some of the gurus here have experience in a similar case before and advise us in this matter:
A.) Income Eligibility: i am a 35% shareholder in XYZ Pte Ltd company and get fixed salary of $4500 / month with cpf contribution and my wife salary is $5000/month so our total fixed salary is $9500 /month (with cpf contribution)
However, i get the major portion of my income as Director fee at the end of the year and my current NOA is $160,000 (including Director fee and fixed salary)
1) Are we eligible to buy EC given the above income details? Because, if HDB considers my NOA average income then we will cross the $16000 income ceiling. Will HDB consider my fixed salary only or NOA when they check income eligibility?
2) If they consider only Fix salaries and not director fees, then will we eligible to get a $30,000 grant? or for the grant, they will look at NOA?
3) If we proceed and HDB rejects our EC application due to income eligibility, can we get our 100% booking fee refund? or there will be some deductions?
Hope to receive replies on the above 3 points. All other eligibility conditions are met and we are first-timer. We are not considering BTO and only EC at the moment. Bank has given IPA based on my NOA and wife salary slips.
A.) Income Eligibility: i am a 35% shareholder in XYZ Pte Ltd company and get fixed salary of $4500 / month with cpf contribution and my wife salary is $5000/month so our total fixed salary is $9500 /month (with cpf contribution)
However, i get the major portion of my income as Director fee at the end of the year and my current NOA is $160,000 (including Director fee and fixed salary)
1) Are we eligible to buy EC given the above income details? Because, if HDB considers my NOA average income then we will cross the $16000 income ceiling. Will HDB consider my fixed salary only or NOA when they check income eligibility?
2) If they consider only Fix salaries and not director fees, then will we eligible to get a $30,000 grant? or for the grant, they will look at NOA?
3) If we proceed and HDB rejects our EC application due to income eligibility, can we get our 100% booking fee refund? or there will be some deductions?
Hope to receive replies on the above 3 points. All other eligibility conditions are met and we are first-timer. We are not considering BTO and only EC at the moment. Bank has given IPA based on my NOA and wife salary slips.
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