Struggle for a room at the inn
The obstacles that young Singaporeans face when trying to buy their first home
After getting married in November last year, my wife and I have been trying in vain to buy a flat. We have applied to a walk-in selection once and balloting twice. All attempts have been unsuccessful.
At the same time, we have turned to the open market as an alternative. Resale flats are aplenty and we are well able to finance the housing loan for a four-room flat as certified by the Housing and Development Board’s (HDB’s) loan eligibility letter.
However, none of the units we prefer are within our reach as many homeowners in the open market are asking for large amounts of cash above the evaluation price for their flat. This cash portion typically ranges from $10,000 to $40,000.
As a young couple starting a new life together, this is a major obstacle to us owning a home.
Currently, the HDB does provide some help in terms of a housing subsidy of $30,000 for first-time applicants of open market flats, and we are grateful for that. However, this can only be applied to the evaluation price. With slim chances in balloting, and no ready cash for the open market units, we are left with no other options.
With the Government encouraging young Singaporeans to start a family early, could the HDB allow couples who are planning for marriage, or are already married, to utilise the $30,000 first-timer housing subsidy to cover for the cash portion above the evaluation price of the flat? Or would it be possible to allow the housing loan to cover both the cash portion as well as the evaluation price of the flat?
I hope HDB and the relevant authorities can look into this area and provide a solution, which I believe would benefit many young Singaporeans who are planning to start a family.
Letter from Alex Lim Kwang Hai
Source : Today - 29 May 2007
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