How To Find Out If I Qualify For Financial Aid – Ask yourself these four questions before buying an HDB flat. Find out what rental assistance you qualify for and what type of home loan you should choose.
What comes after successfully asking the big question? Buy your first home together, yes! As the excitement of achieving your first home goals builds, you can learn how to meet your home needs. Here are four questions to consider when discussing your future mortgage options with your partner:
How To Find Out If I Qualify For Financial Aid
Before you set your heart on an apartment, create an appropriate housing budget based on your income and current financial obligations. It is important to choose an affordable home with an affordable monthly payment that will not cause problems in the long run.
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In addition to the fixed purchase price, don’t forget to factor in associated costs (such as stamp duty and legal fees) as well as your maintenance costs. If you take out a mortgage to finance your apartment, keep in mind that your monthly loan payment cannot exceed 30% of your monthly income. These limits are set so that you can cover your initial expenses and financial obligations, while setting aside a portion of your personal savings and future needs!
Another thing to keep in mind is that the more you spend on housing, the less you can save for retirement – so be sure to take a balance!
Try our First Home Calculator to calculate the purchase price of a home and mortgage based on your income and ability to repay the loan. This will give you a clear idea of how much your dream home would cost and how long it will take to pay off the mortgage.
Have you set your sights on a build-to-order (BTO) flat? You may be eligible for an Extension Housing Grant (EHG) of up to $80,000! Your monthly income for each month1 shows how much you would get from this grant. You and/or your spouse or fiance(s) must also have been working continuously for at least 12 months to apply for housing and continue to work at the time of applying for housing.
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For example, with a combined income of $6,500, you can get a subsidy of $30,000 to pay off your BTO flat.
Did a resale home make your heart sing? You may be eligible for Family Allowance of up to $50,000. Those eligible for Family Allowance can also apply for EHG of up to $80,000. Also, if you are buying a commercial property to be near or with your parents, you can also apply for a housing allowance of up to $30,000 !
Whether you choose to borrow from HDB or from financial institutions, it’s important to weigh the pros and cons of both options!
With a home loan from a financial institution, you have to pay 20% of the purchase price of the apartment as a down payment when you sign the contract. 5% is paid in cash and the remaining 15% can be paid in cash or savings. Financial institutions can lend up to 75% of the purchase price, so keep in mind that you must pay the remaining 5% of the purchase price in cash when you pick up the keys to your home. Home loan interest rates also vary depending on the financial institution, the nature of the loan package and market conditions. With a bank loan, you can choose to set aside any money in your Regular Account (OA) to continue growing your retirement savings.
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If, on the other hand, you choose to borrow an HDB mortgage, you can use your OA money to pay 10% of the total payment. The current HDB loan interest rate is 2.6% per annum, compounded by 0.1% above the current OA interest rate. Furthermore, you have the option to set aside $20,000 in your OA to grow your savings at an attractive interest rate of up to 3.5% p.a.!²
If you choose the right home loan, check the conditions and make sure that you have enough money for the planned purchase of the apartment.
While your savings can help you with the down payment of your HDB flat and your monthly mortgage payments, remember that your savings are what you will need in retirement!
If you use a combination of money and your OA savings to pay your monthly mortgage payment, you can keep some money in your OA. These funds will continue to grow at attractive domestic rates of up to 3.5% per annum².
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In addition, your OA savings can also serve as a way to save your mortgage. For example, if you lose your job in the future or are between jobs, the money you have set aside in your OA can be used to pay your monthly mortgage.
That’s why it’s important to limit using your money and OA savings for your monthly mortgage payment!
Now that you’ve asked (and discussed!) all 4 questions with your partner, you’re ready to plan your financial plan! Check out this online guide to help you be smart with your first home purchase.
2 Includes an additional 1% interest paid on the first $60,000 of combined balances per member, up to $20,000 for OA. This is what SIRS, or the Self-Employed Income Relief Scheme, is offering to help the self-employed weather the COVID-19 pandemic.
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And given the size of the payout, it’s no wonder that many people would want to get their hands on it!
SIRS is the government’s CCID-19 support program for the self-employed in Singapore. This means Self-Employed Income Regulation.
SIRS offers eligible self-employed workers three payments of $3,000 each. Each payment will be made quarterly from the end of May, the end of July and the end of October 2020.
Doing some quick math, that’s a payout of $9,000! Therefore, many people were anxious to catch this mullah.
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For more information, see our guide to registering as a self-employed person in Singapore.
Net trading income means “your gross trading income less any allowable business expenses, allowances and trading losses determined by IRAs”.
It does not apply to the income you receive as a full-time / part-time employee of the company. (Instead, it is considered earned.)
If you are both self-employed (i.e. self-employed) and an employee (i.e. working for a company with a labor contract), your income as an employee cannot exceed $2,300 per month.
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You can work as an employee of a company instead of working for a company as a self-employed person if:
If you have no property, for example. rent a house, then you may be eligible for SIRS.
To check the annual value of your property, log into the IRAS myTax portal > Property > Check Property Dashboard.
As a general guideline, all public housing units (as in HDB flats) have an annual value of around $13,000, while the annual value of most co-ops outside of high-end areas does not exceed $21,000.
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If you rent a property, you can check the annual property value using the IRAS Check Annual Property Value e-service. There is an additional fee of $2.50.
(If you rent a residence, you will also need to submit your annual lease with your SIRS application. The annual property value will be added to your annual rent.)
If you meet all of the above eligibility criteria, you must apply for SIRS if you DO NOT meet these two additional criteria:
Download my free guide to do just that! Please tell me the email address to send it to.
What Happens Next?
On the other hand, if you meet both the above eligibility criteria AND the two additional criteria above, you will only be eligible for SIRS.
This means you do not need to apply for SIRS to receive the payment. All you have to do is sit down and wait to receive them.
(The government has notified you by letter and SMS if you are eligible for SIRS. If you have not received this notification, you must apply to SIRS.)
If you have just missed any of these above eligibility criteria in the table above and are in a tough time, don’t despair just yet!
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You’ll need to sign in with your SingPass account, so create one here if you don’t already have one.
Applications are accepted daily from 9am to 9pm and there is no fee to submit an application to SIRS. It takes approximately 30 days to process your request.
A common mistake people make when filing for SIRS is reporting their self-employment income as employment income when they file their taxes.
Due to the irregularity of this amount, these people may have increased their income from work by more than 2,300 dollars per month, making them appear to be ineligible.
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