New 3-year waiting period for permanent residents to buy resale flats

New 3-year waiting period for permanent residents to buy resale flats
Property prices are at historic highs and sales have been muted since the Government introduced several rounds of curbs to cool the market. Some property analysts will say that buying at these levels present little or no “upside” or capital gain.

SINGAPORE - Newly-minted Singapore permanent residents will now have to wait three years before buying a resale public flat, instead of straightaway after they become PRs.

New HDB cooling measures target mortgage servicing ratio and maximum loan tenure
By Daryl Chin and Charissa Yong

Resale flat buyers who take HDB loans can now only use up to 30 per cent of their gross monthly income to repay their loans, down from 35 per cent.

More middle-income households now eligible for Special Housing Grant

The income limit will now be $6,500, a sharp increase from the previous $2,500.

HDB to encourage multi-generational living with new flat type; tweaks for priority scheme

The new flat type, which features four bedrooms and three bathrooms, will have an internal floor area of 115 sq m, slightly larger than current five-room units which can measure up to 110 sq m.

Get the full story from The Straits Times.

Here are the changes announced by MND in a press release:

Today's announcement of six measures will further improve our public housing system to make sure that every Singaporean family who is working can afford their home.

We particularly would like to highlight these four points:

First, we are extending the SHG to also benefit first-time buyers of new 4-room and smaller flats (standard or premium) in the non-mature estates, in addition to those buying 2-room and 3-room standard flats in the non-mature estates.

Second, we are extending the SHG to middle-income first-time buyers, by raising the SHG income ceiling from $2,250 to $6,500.

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