Re : Govt should relook income qualifying levels
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act blur?....the 8k couple will be elligible for loans up to 500k so they are able to finance and serive up to that.Originally posted by anonymouscoward:I'm sorry but I checked out that link and I still fail to see what it has to do with $8000 income limit?
I put in 4k (age 30) each for both couples and the maximum limit is now $530k. When I put in 8k as a single person, the maximum limit is now $580k.
If I put in 4k (age 25) each for both couples, the maximum loan is... *drum roll... $580k.
This calculator is used for financial planning to determine how much loan you can take based on your income and age. What has it got to do with HDB eligibility income ceiling???
Are you saying that those who can afford a 500k loan should not be eligible for HDB? Why 500k then? It is certainly not the average price of a new HDB flat (with or without susbsidise). Where did you the information?
those who can afford this loan are elligible and should (according to the 8k income and above ceiling) not be elligible for HDB flats. this is not what i said but the rule laid down by HDB. so what if its what i said...its still a rule laid down by HDB
yes 500k is more than the average price of a new hDB flat, in fact more than that of a resale HDB flat in the open market. to revovte what i have proven as the calculator and your claims that my words are vague, where did you get your information then to write those words? where are your claims then? -
these are not my problem...stick to the 8k duet scenerio...your friends got problem start another thread on those problem..trying to going around in cirlce again> great..now going around in many new circles...for me to reply to this specify post is very easy...because after i read the first few sentences i am able to make a reply already. your friend's prob are not the point here in this discussion this thread.Originally posted by anonymouscoward:My friend works for Citibank as a credit card salesperson. He has only 4 passes at O level and is making more than 5k every month.
There are tons of people out there who earns more than 4k. Can all of them afford to buy private? let alone landed? I'll bet that most of them can't even squeeze out that 20% down payment.
Taking Pip's calculation;
Assuming a couple earning 4k a month can take up to max 500k loan. Which private estate today cost 500k and less? So far, the only 500k housing I know of are ECs and resales. Unless you are looking at a studio apartment, most private homes are going at $600k above.
At this rate, that poor couple can't even afford to buy a 5 room HDB resale in Bedok. Throw in parents as dependents, living expenses...
Now I'm beginning to see why they have problems.
Maybe they did stretch themselves further than they should, may not. We don't know. If they did, I am sure there's a valid reason for it. For example, why pay over $500k for a 99 year, 5 year old HDB.
But regardless of whether they buy a private or a resale. It really does leave them with not much savings. And if they are thinking of having kids. I can see why they are feeling the crunch.
I say the govt should relook this issue and remove or increase the 8k ceiling. They can also pin a age limit (like below 28 ) to avoid abuse.
I mean, here is a couple who wants to have children and genuinely has difficulties. Why not help them out. After all, the govt does want people to have more children.
Btw, just out of curiosity. Anyone knows how long that ceiling has remained at 8k? -
yes i agree...i got a friend who is caught in a 6k dilemma too..so my 4k and 2k guys are happy but not those with 6k income...the gahmen are trying to set and enforce a rulin..its not like an everyday auction.Originally posted by elindra:Seriously getting caught in the 8k bracket really sucks
You're neither rich nor poor and the HDB rules sure don't help you. -
back in the mid 90s many people in sg were making tons of profit buying and selling flats and private property, and those who invested in property (both overseas and loca) thrived too! If you ask around you will know. i guess good times don't last. now i just hope the policy will benefit those low income level group who are truely in need of a clean break to own a flat they can afford to service.Originally posted by ShutterBug:Basically this just shows, just how much thought our gov put into the policies they implement.
And they'll make sure we don't profit without them profitting first!
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I think it kinda forces you to get married earlier too.
Alot of my friends bought a HDB flat and got married earlier before their combined income hits 8k.
Coz if you don't get married early and once your pay hits 8k, as a couple who just started working for not long, you really don't have that much savings and it is not necessary to buy private property or a condo. Not like condo facilities are so great and you pay more maintanence each month too and then you get caught in that debt trap.
I think it is the gov conspiracy to 'force' working executives who are dating and have intentions to get married earlier especially if they have wedding plans all along -
You're right! This is NOT your problem. Nobody say it is and nobody say you need to comment.Originally posted by pipipopo:these are not my problem...stick to the 8k duet scenerio...your friends got problem start another thread on those problem..trying to going around in cirlce again> great..now going around in many new circles...for me to reply to this specify post is very easy...because after i read the first few sentences i am able to make a reply already. your friend's prob are not the point here in this discussion this thread.
This is NOT your thread and this is NOT your forum so who cares if we are talking about the 8k couple or not? This is a forum. If your not happy and don't want to reply, please don't. Everyone is welcome to post whatever they wish here.
We are talking about whether the couple said makes sense or not (in case you still haven't got it)
Btw, you still haven't tell us why you think 8k ceiling is justified. Like I said, it is stupid to say that you pump in some number, that what you got and it makes sense. The calculator output is variable and it is not the reason why the ceiling is set at 8k -
the world is full of abstacles..both static and dynamic...its easier to avoid and forsee a static one coming your way to steer out of it or work your way around it to reach your destination. every family has to plan for themselves..there are ways around such 'obstacle' placed by the gahmen.Originally posted by elindra:I think it kinda forces you to get married earlier too.
Alot of my friends bought a HDB flat and got married earlier before their combined income hits 8k.
Coz if you don't get married early and once your pay hits 8k, as a couple who just started working for not long, you really don't have that much savings and there is no necessary to buy private property or a condo. Not like condo facilities are so great and you pay more maintanence each month too and then you get caught in that debt trap.
I think it is the gov conspiracy to 'force' working executives who are dating and have intentions to get married earlier especially if they have wedding plans all along -
the couple said don't make sense...who cares? the better part of the population are very low income group who worries more about their bread and butter...those falling below the 8k income ceiling are happily freed without having this income ceiling grudge with the gahmen. those earning 8k and above...some are living iin hdbs cause they know how to evade tax. those who can't either can afford it...or ...or....yes like yourself come this forum grumble.Originally posted by anonymouscoward:You're right! This is NOT your problem. Nobody say it is and nobody say you need to comment.
This is NOT your thread and this is NOT your forum so who cares if we are talking about the 8k couple or not? This is a forum. If your not happy and don't want to reply, please don't. Everyone is welcome to post whatever they wish here.
We are talking about whether the couple said makes sense or not (in case you still haven't got it)
Btw, you still haven't tell us why you think 8k ceiling is justified. Like I said, it is stupid to say that you pump in some number, that what you got and it makes sense. The calculator output is variable and it is not the reason why the ceiling is set at 8k
go strike lor...need banners call me i make banners for all sorts of occasion. pm me for a quote on banner prices.
this is also not your forum so i can post anytime i like.....
back to the 8k duet tpoic shall be? -
Yeah, that was why we decided to get married earlierOriginally posted by pipipopo:the world is full of abstacles..both static and dynamic...its easier to avoid and forsee a static one coming your way to steer out of it or work your way around it to reach your destination. every family has to plan for themselves..there are ways around such 'obstacle' placed by the gahmen. since we will be getting married sooner or later.
But there are others who do not have such plans and fall within that bracket.
Anyway, I think most people will come up with a solution when caught in a bind. It's only a matter of wanting to use the solution and not wanting to use it. -
Yeah.. I think we all need to start planning earlier.Originally posted by elindra:Yeah, that was why we decided to get married earlier since we will be getting married sooner or later.
But there are others who do not have such plans and fall within that bracket.
Anyway, I think most people will come up with a solution when caught in a bind. It's only a matter of wanting to use the solution and not wanting to use it.
For the couple? Sad to say but I think they are screw. The only way is for one of them to quit their job to bring themselves out of the income ceiling. But they are still slapped with the 30 month time bar; and they can't guanrantee they'll get the job back.
Sucks to be in that situation. -
i mean its human nature...even those earning less than 8k or even those earning more than 8k find a way to work the way around.Originally posted by elindra:Yeah, that was why we decided to get married earlier since we will be getting married sooner or later.
But there are others who do not have such plans and fall within that bracket.
Anyway, I think most people will come up with a solution when caught in a bind. It's only a matter of wanting to use the solution and not wanting to use it.
for the thread starter's post the solution is very simple...if its translated in mandarin or other languages even the un-educated can read and understand.
http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying%20A%20Resale%20FlatEligibility%20Scheme%20-%20Public%20Scheme%20(PA)?OpenDocument&SubMenu=Eligibility_Schemes
the solution to the couple's 'woes' is simple. get a resale flat with no income ceiling limit. at 8k income comobined and using the calculator i provide its no problem for the 8k duet at all financially.
the prob with the trhead starter and some guys here is the midset. and gianpeng...even rich ppl also 'gianpeng'..now i know the dress code of a beggar makes no difference, its the mindset of the beggar that makes him a true beggar! -
don't giv excuse...u start another thread on the 30 month thing and i will join u there....can u write something more on the '8k duet ' story then? or now you want to play with the time bar?Originally posted by anonymouscoward:Yeah.. I think we all need to start planning earlier.
For the couple? Sad to say but I think they are screw. The only way is for one of them to quit their job to bring themselves out of the income ceiling. But they are still slapped with the 30 month time bar; and they can't guanrantee they'll get the job back.
Sucks to be in that situation.
lets see my achievements so far over you:-
income ceiling arguements: pipipopo-1
mindset issue: pipipopo-1
policy integrity: pipipopo-1
time bar: TBA
just reply that you want to tok about time bar and i will join you...make this thread last shall we? -
The worry for buying a private ppty is the open market interest rate which can hit 5% or more, if a saleman with 5k income but fix pay is only 2k they will only consider the fix amount.
Another point the author mention is having baby, as the govt trying hard to push baby from young couple, this issuse may be an obstacle. Known this ruling is to stop ppl in high income to make money from buy sell, I thing there is other better and effective ways. -
childishOriginally posted by pipipopo:don't giv excuse...u start another thread on the 30 month thing and i will join u there....can u write something more on the '8k duet ' story then? or now you want to play with the time bar?
lets see my achievements so far over you:-
income ceiling arguements: pipipopo-1
mindset issue: pipipopo-1
policy integrity: pipipopo-1
time bar: TBA
just reply that you want to tok about time bar and i will join you...make this thread last shall we? -
loser and beggar...guess who? its youOriginally posted by anonymouscoward:childish -
$8k Man - Hello uncle. Can I buy 1 apple?
Fruitseller - How much you earn?
$8k Man - $8k/mthÂ…
Fruitseller - Then you CANNOT buy apple? Only strawberries or mangoes.
$8k Man - ErrrÂ… Why cannot? That man just now buy 40 cents.
Fruitseller - Hello. Apple is for poor pple one. Some more, mine is ‘SUBSIDISED’
one.
$8k Man - You mean the cost price is more than 40 cents?
Fruitseller - No, but I cannot tell you. Anyway, next stall all sell old apples at resale
price of 70 cents. So mine is subsidisedÂ…
$8k Man - My dad taught me to be thrifty, so I donÂ’t want to spend so much on
luxury fruits like strawberries and mangoes. Can I pay more, say 50 cents
for the apple?
Fruitseller - Cannot means Cannot. You rich pple not entited. I got extra apples in the west, pple dun buy I also wonÂ’t sell to you. -
Still think we shouldnt deprived Singaporeans of owning a new HDB flat.
After all, young newlyweds have to be financially prudent to take care of the long uncertain road ahead. Less 'subsidy' wld be more appropriate.
To think of it, the $8000 ceiling was set tens of years ago when pple were earning a lot less. It's probably archaic and irrelevant today. I hate to admit it, but there really are a lot of couples who earn more than $8k (combined) these days. -
any statistic to back this up?Originally posted by Lim Beh Ka Li Kong:Still think we shouldnt deprived Singaporeans of owning a new HDB flat.
After all, young newlyweds have to be financially prudent to take care of the long uncertain road ahead. Less 'subsidy' wld be more appropriate.
To think of it, the $8000 ceiling was set tens of years ago when pple were earning a lot less. It's probably archaic and irrelevant today. I hate to admit it, but there really are a lot of couples who earn more than $8k (combined) these days. -
From IRAS report, 50% of taxpayers earn more than $50k per annum.Originally posted by pipipopo:any statistic to back this up? -
Yah what.. it's what they want...Originally posted by Lim Beh Ka Li Kong:$8k Man - Hello uncle. Can I buy 1 apple?
Fruitseller - How much you earn?
$8k Man - $8k/mthÂ…
Fruitseller - Then you CANNOT buy apple? Only strawberries or mangoes.
$8k Man - ErrrÂ… Why cannot? That man just now buy 40 cents.
Fruitseller - Hello. Apple is for poor pple one. Some more, mine is ‘SUBSIDISED’
one.
$8k Man - You mean the cost price is more than 40 cents?
Fruitseller - No, but I cannot tell you. Anyway, next stall all sell old apples at resale
price of 70 cents. So mine is subsidisedÂ…
$8k Man - My dad taught me to be thrifty, so I donÂ’t want to spend so much on
luxury fruits like strawberries and mangoes. Can I pay more, say 50 cents
for the apple?
Fruitseller - Cannot means Cannot. You rich pple not entited. I got extra apples in the west, pple dun buy I also wonÂ’t sell to you.
If you earn much, you must spend much so that gov gets to make more.
Otherwise, if every high income individual saves and be thrifty, gov won't make any back.
They make sure you can't hord money! Only they can!
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how many percent of the singapore population pay tax in the first place? how many of them taxable. you answer me that then we proceed to how many of the tax payers earn more than 50k income...and please link the info dun just write any old how...i can do better in writing any old how u know loserOriginally posted by anonymouscoward:From IRAS report, 50% of taxpayers earn more than $50k per annum. -
http://www.iras.gov.sg/ESVPortal/other_info/about_iras/about+iras_annual+report+2004.asp
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where is the direct link to the article loser? u expect every read to search through the page issit? lazy loserOriginally posted by anonymouscoward:http://www.iras.gov.sg/ESVPortal/other_info/about_iras/about+iras_annual+report+2004.asp -
Combined salary of S$8 k in a family is nothing for the young couples now!!
Taking into acct of CPF Contributions, they left with S$ 5 k plus p.m, when they paid for their loans especilally medical faculty garduates they hve to pay about S$ 100 k w/in 5 yrs either to the bank or parents' education loans which is about S$2k pmonth,they basically left with nothing for the first 5 yrs.
This is a dilemma they r in now!!! w/o parents' helpping hands they cant dream of getting marry b4 3o yrs old when all their counterparts have made their days in overseas!!!! -
there are people without a degree earning 8k per month.Originally posted by foomwee88:Combined salary of S$8 k in a family is nothing for the young couples now!!
Taking into acct of CPF Contributions, they left with S$ 5 k plus p.m, when they paid for their loans especilally medical faculty garduates they hve to pay about S$ 100 k w/in 5 yrs either to the bank or parents' education loans which is about S$2k pmonth,they basically left with nothing for the first 5 yrs.
This is a dilemma they r in now!!! w/o parents' helpping hands they cant dream of getting marry b4 3o yrs old when all their counterparts have made their days in overseas!!!!