Monday, January 14, 2013

1st-time buyers use 30% of income to pay housing loans: Khaw

Monday, Jan 14, 2013

SINGAPORE - First-time buyers of HDB flats typically use about 30% of their monthly incomes to service their housing loans, Minister for National Development Khaw Boon Wan said in a written anwer to Member of Parliament Pritam Singh's question on what percentage of monthly income does HDB flat buyers fork out for BTO flats in mature estates.

Mr Pritam Singh:

To ask the Minister for National Development on average, what percentage of their monthly income do first-time buyers of BTO flats in mature estates use to pay off their housing loans.

Mr Khaw Boon Wan:

Flats in mature estates typically can command higher prices, as compared to those in non-mature estates. There is stronger demand as buyers are prepared to pay more for the locational and other advantages.

Nevertheless, with the market discount and subsidies provided by HDB, first-timers buying BTO flats in mature estates used about 30% of their monthly income to service their housing loans. This is still within the international benchmark on housing affordability.

First-timers looking for more affordable homes can opt to buy new flats in the non-mature estates, which is the main-stay of the BTO programme.

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