Monday, August 30, 2010

DBSS and EC: Eligibility for loans and grants




Lots of us are pretty confused over the new rules regarding HDB's Design, Build and Sell Scheme (DBSS). Do we qualify for this loan, that grant and so on? Is it any different from executive condos (EC)? Here's a quick breakdown of DBSS and ECs rules and requirements.

Changes to the rules
The income ceiling for DBSS has been raised from $8,000 to $10,000. This group will also be eligible for CPF grant. However, HDB loans are only offered to DBSS buyers whose combined income is below $8,000. There are NO changes to rules regarding EC.

Firstly, what's DBSS and what's the difference between EC and DBSS?
DBSS are considered public housing, but designed, built and sold by private developers. Once the development is complete, HDB takes over the administration of the development. More details regarding DBSS here. Example of a DBSS - The Peak @ Toa Payoh. DBSS goes for around $500k-$600k.

EC are private condos with some HDB strings attached, the key string being the minimum occupation period. In short, after the 5th year of occupation the owner can only sell their unit to a Singaporean or a Singapore PR. After the 10th year, anyone including foreigners can buy the unit. More details regarding ECs here. Example of an EC - Bishan Loft. EC goes for around $700k to $800k.

Our combined income is less than $8,000, do we qualify for a HDB loan and/or CPF grant?
DBSS: Yes for HDB loan. Yes for CPF grant.
EC: No HDB loans are given for ECs. Yes for CPF grant of $30,000.

Our combined income is between $8,000 to $10,000, do we qualify for a HDB loan and/or CPF grant?
DBSS: No HDB loan. New rules - YES for CPF grant.
EC: No HDB loan. Yes for CPF grant.

Our combined income is more than $10,000, do we qualify for a HDB loan and/or CPF grant?
DBSS and EC: Sorry, you can't buy DBSS and EC. They are only for incomes of $10k and below.

When will these new rules apply?
They will apply to DBSS projects launched in 2010.

So are there any DBSS projects launched in 2010 so far?
None so far. But look forward to Tampines and Yishun coming your way soon.

Any ECs available in the market?
There will be plenty coming in the next few months. Look out for ones in Sengkang, Buangkok and Yishun.

Sure or not? We need more info!
If you need to know more, simply call the HDB hotline and speak to the customer service officer: 1800 8663 066 begin_of_the_skype_highlighting              1800 8663 066      end_of_the_skype_highlighting (lines are pretty busy at the moment, but keep at it!)

As posted in h88.com.sg by John

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