Applying for BTO flat? Here's what you should know first!
Romantic marriage proposals are so yesterday. The trendy way to propose in Singapore now is to ask this: "Will you get a BTO with me?"
Hold up before you even pop the question, are you aware of these facts about BTO in Singapore?
First things first, you've got to be above 21 before you're even eligible to apply under the Fiance/Fiancee scheme.
More importantly, if you're looking at a 4-room flat, your combined income with cannot be more than $12,000 per month.
Besides that, at least of of the applicants have to be Singaporean since BTO is a subsidised scheme for the locals. If your partner happens to be a PR, you'll have to pay additional $10,000 for your flat.
Finally, you die-die must marry the love of your life when you collect your keys as you'll need to produce the marriage certificate for HDB.
If you thought you'll receive extra grant when you apply for a flat that's next to your parents' place, you're going to be disappointed.
This Proximity Housing Grant only applies for those getting a resale flat.
When you're applying for a flat near your parents, you'll only stand a higher chance of getting a ballot number.
The size of HDB flats has been shrinking.. A 4-room flat used to be around 105 sqm in the 1980s. Now, an average size of a 4-room flat is about 94 sqm with only 90 sqm usable space.
Don't expect to have your deposit back if you were to cancel on the flat. On top of that, if you were to use the grant given to pay your downpayment, be prepared to return the full sum with interest when you cancel your application.
Now that you've brushed up on your BTO facts, good luck in your BTO application!
(Image Credit/s: propertyguru, bridetomum, behance, nextsingapo)
Singapore Marriage Relationship HDB housing
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