A netizen shared a story where he can’t find a home of his choice and seeks advice on buying a flat and taking bank loans.

Here is the story:

Today’s housing market is ridiculous.

Don’t get me wrong, the HDB scheme is amazing and through this scheme the housing authorities really do take care of those who are within that income band with various support measures for those who are struggling to make ends meet as well.

However, there is a group of people that have fallen through the cracks. With this economy in place, wages have been rising and our government has not been keeping up be evolving their income limits together with the growth in wages. What group is that? They are the ones who are early in their careers, hence having a low amount of capital, but holding a well-paying job that puts them just above the income ceiling for affordable housing.

I fall into this category, and even though my girlfriend and I are ready to take the next step to look to live together, we can’t find anything that we are able to afford. We don’t come from affluent families who are able to help us with the downpayment, but our combined income doesn’t allow us to apply for HDBs or ECs. The next level that is available to us would be resale HDB flats or condos.

But looking at the housing market today, Punggol resale flats going for 1 mil, new launch 2 BR condominiums going for 1.8 mil. Floating mortgage rates expected to hit 2+% by the end of 2022, how are we going to afford housing in this market? In addition to that, some basic renovations will at least cost 50-100k. This housing market right now is unattainable. Our governments policies of attracting the rich and wealthy from overseas are backfiring on their own people, with entire clans of mainland chinese moving to Singapore and keeping the bubble growing.

Just frustrated with the inability to move our lives forward, subsidies don’t work for us, affordable housing is not available for us and the next level of housing is getting more and more unattainable.

Financial advice for loans and housing by netizens:

There are plenty of houses suitable for u. Just looking in the wrong direction.

I think, if the market is not going to change for you, then maybe you should change your lifestyle like reducing the amount of cafe hoping, lesser overseas trip and impulsive purchase etc. make every penny count.If you have a “well-paying job” but “Low amount of capital”, that doesn’t sound like a government problem right?

Hdb only checks past 3 months salary when applying for loan etc.One of you go be funemployed and do masters etc. Solved.

Wonder where u got the facts. 1M for HDB? Unless u looking for EMs or EAs or prime location dont think u will hit 1M. 50-100k Reno is NOT basic, is extensive. Basic is within 20k, including floor and basic carpentry.U need to do more research, and judging from both of ur income exceeds EC ceiling, i bet u can do better research than this instead of only complaining and waiting for people to help u plan out everything.A couple with more than 16k monthly cannot save up captial? Dunno how u guys spend. Be more frugal, save and u can achieve ur downpayment.

Eh, most 5 room at punggol resale at 600k+. What 1M are you talking about.I just shows you are the type of person who fabricate truth, or spin tales to suit your agenda. Sensationalize.

Dude, no pun intended. HDB schemes are meant for majority. And clearly with your income, you dun fall into that. Income levels above IS MEANT TO FALL THROUGH THE CRACKS. Duh… Have you consider the feelings of others who are still waiting for BTOs before you post?And resale HDB at Punggol going at $1mil? Which agency u go to? They shld not be practising real estate. Last check, it is closer to $600k manz….

Go sit down with a proper property consultant and work out the exact sums. Definitely there’s a solution for profiles like yours. It’s only when you don’t do a professional thorough calculation that your life planning get postponed indefinitely. A combined income of more than $14K can do a lot of things eh! You’re already luckier than many.

A quick search on propertyguru will just prove that your statement dont hold water. Punggol HDB resale $1m?