In Singapore, during a marriage proposal, a man may ask, "Would you like to apply for a 'Housing Development Board flat' with me?" ?A 'Housing Development Board flat' is a type of subsidized housing provided by the Singapore government to its citizens, similar to what was referred to as affordable housing or limited housing in China years ago. Families with a monthly income below 10,000 Singapore dollars can apply. Currently, 80% of Singapore residents live in these flats.Securing a flat means receiving a certain amount of government subsidy.Immigration to Singapore for property purchase. What other policies should be noted?
In Singapore, applying does not mean immediate purchase. Eligibility for purchase requires a lottery. The lottery occurs every two months. On average, each applicant needs to participate in the lottery 4 times to win, but if the applicant chooses to live with their parents or within 2 kilometers of their parents' home, the lottery organization will intervene manually to double their chances of winning, and they can also receive a one-time government subsidy of 40,000 Singapore dollars.
This type of design, which cultivates family harmony through specific incentives, is a distinctive feature of Singapore's Housing Development Board system. The aim is to promote family cohesion; currently, the percentage of young people choosing to live with their parents has increased from 10.7% in 1998 to 14.9%, while those choosing to live near their parents has risen from 18.6% in 1998 to 21.5%.
On average, 20% of income is used to repay loans.
In Singapore, there are two types of housing: one is the subsidized Housing Development Board flats, which are not profit-oriented, and their prices are determined by the Housing and Development Board of Singapore. Citizens can only own these flats for 99 years after purchase. The other type is private apartments, which are market-regulated, have permanent ownership, and are priced about 5 times higher than Housing Development Board flats.
Due to their low prices, Housing Development Board flats also have many restrictions on purchase. Firstly, the family's monthly income cannot exceed 10,000 Singapore dollars (currently, Singapore's per capita GDP is over 60,000 Singapore dollars, and the exchange rate of Singapore dollars to US dollars is about 1:0.804). Currently, there are four types of flats available for citizens to choose from, ranging in size from 45 to 110 square meters.
Generally speaking, the smaller the purchased area, the more government subsidies are available. A 45 square meter "two-room" flat can receive a subsidy of 40,000 Singapore dollars, a 65 square meter "three-room" flat can receive a subsidy of 30,000 Singapore dollars, a 90 square meter "four-room" flat can receive a subsidy of 10,000 Singapore dollars, while a 110 square meter "five-room" flat does not receive any subsidy.
Currently, the average price of Housing Development Board flats is about 3,000 Singapore dollars per square meter. The 90 square meter four-room flat chosen by Xu Hanbiao is priced at 301,000 Singapore dollars, with a down payment of 10%. For him, with a monthly income of 4,000 Singapore dollars, it will take less than a year to save enough, "completely without the feeling of being a mortgage slave."
According to calculations, he will need to repay a monthly mortgage of 1,045 Singapore dollars, which is about 25% of his monthly income. Considering the additional contributions from the Central Provident Fund and his wife's income after marriage, the mortgage repayment clearly does not pose a burden.
The Director of the Sales Office of the Housing and Development Board of Singapore, Luo Ruixing, stated that the average mortgage repayment amount for Singapore citizens accounts for 20% of their salary, and most do not feel pressure. Singapore has set a relatively high threshold for single homebuyers, generally requiring them to be over 35 years old to apply for purchasing a Housing Development Board flat, and they can only buy a 65 square meter "two-room" flat.