Written answer by Ministry of National Development on eligibility of buyers below age 35 for subsidy and HDB loan for BTO and resale flats
Nov 30, 2022
Mr Leong Mun Wai: To ask the Minister for National Development for buyers of BTO and resale flats who are below the age of 35 and earning an income at the bottom quintile and the median for their age group respectively, what is the
(a) average subsidy they will receive;
(b) maximum HDB loan quantum eligible to them;
(c) average remaining amount of cash payment required; and
(d) average monthly HDB loan repayment amounts by way of cash and CPF respectively.
Answer:
The (a) average amount of grants received, (b) maximum HDB loan quantum eligible, (c) median remaining amount of cash payment required and (d) median monthly HDB loan repayment amounts by cash and CPF, for buyers of BTO and resale flats who are below the age of 35, and earning an income at the bottom quintile and the median are tabulated in Table 1 below.
Table 1: Summary statistics for buyers of BTO and resale flats who are below the age of 35, and earning an income at the bottom quintile and the median
|
Household income
|
BTO Flats
|
Resale
|
|
Bottom quintile
|
Median**
|
Bottom quintile
|
Median**
|
|
a. Average grant amount received*
|
$48,700
|
$36,200
|
$100,300
|
$74,500
|
|
b. Maximum eligible HDB loan amount
|
$513,600
|
$558,700
|
$468,000
|
$538,200
|
|
c. Median remaining amount of cash payment required#
|
$0
|
$0
|
$5,000
|
$5,000
|
|
d. Median monthly HDB loan repayment amount#
|
Cash
|
CPF
|
Cash
|
CPF
|
Cash
|
CPF
|
Cash
|
CPF
|
|
$0
|
$800
|
$0
|
$1,200
|
$0
|
$1,100
|
$0
|
$1,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes below the table:
@Data based on FT families who took an HDB housing loan (and may request for CPF housing grants) to complete their flat purchase in 2022. FT families comprise FT/FT and first-timer/second-timer (FT/ST) households for BTO flats, and FT/FT, FT/ST, first-timer/non-resident (FT/NR) households for resale flats.
*Average grant amount received includes Enhanced CPF Housing Grants (EHG) for both BTO and Resale Flats, and Family Grants (FG) and Proximity Housing Grants (PHG) for Resale Flats. The maximum grant amount received was about $80,000 and $160,000 for those in the bottom quintile who purchased BTO flats and Resale Flats, respectively.
**Median applicants include those from the 45th to 55th percentile by income to ensure sufficient sample size to generate average, median and maximum values.
&Figures rounded off to nearest hundreds (’00).
#Median figures are used for (c) and (d). Due to the skew in the distribution, average figures would be less representative.
Issued by: Ministry of National Development
Date : 30 Nov 2022