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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