July 06, 2021
Stackedhomes
2021 has been a tough year for buyers; especially first-time home seekers. We’ve seen prices rise in almost every property segment, from resale flats to condos to landed homes.
The end of Q2 2021, however, may give buyers a glimmer of hope – while prices are still far from low, at least the pick-up hasn’t been as dramatic as the past four quarters. Here’s what’s happening right now:
Prices rose again in Q2 2021, but at a much slower pace than in previous quarters
According to URA flash estimates, the Residential Property Price Index is at 163.7 points in Q2 2021, up 1.5 points last quarter. This is a 0.9 per cent increase, a significant slowdown from Q4 to 2020 to Q1 2021 (during this time we saw a 3.3 per cent jump).
June 09, 2021
Stackedhomes
You’ve got your income documents, your bank statements, your valuation…and then the email comes saying your loan application is rejected.
The TDSR and MSR can be shockers, especially to home buyers who purchased their property long before these rules. While it’s generally best to keep within the parameters of these servicing ratios, however, there are steps you can take if you’re going past them:
How do the TDSR and MSR affect your home loans?
The Total Debt Servicing Ratio (TDSR) applies to private properties and Executive Condominiums (ECs). Under the TDSR framework, your monthly home loan repayment – inclusive of other outstanding debts – cannot exceed 60 per cent of your monthly income.
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Besides the above, note that you are subject to the usual restrictions of HDB flats that apply to everyone. This includes an income ceiling of $14,000 per month, the five-year Minimum Occupation Period (MOP), and not owning any other property locally or overseas.
However, there are no restrictions on flat size or location, if you buy a resale flat. Also, keep in mind that there’s no income ceiling for resale flats.
Available grants when buying with a foreign spouse
You can get two grants when buying under the NCS scheme: the Enhanced Housing Grant (EHG) for singles, and the Singles Grant.
May 11, 2021
Stackedhomes
From the long wait for Permanent Resident (PR) status, to the process of house hunting, finding an HDB flat can be a challenge.
But this week we spoke to A, who recently managed to find a new home with a foreign (now PR) wife. Here’s the process of shortlisting properties and wide-scale house-hunting, and how they eventually ended up with a new flat at the famed SkyTerrace@Dawson :
An urgent need for their own home
A and his wife had lived with their parents a significant length of time, and his wife was eager to find a place of their own: