Young couples who worry about busting the income ceiling for buying new HDB flats will now get some relief. The Housing And Development Board (HDB) is raising this ceiling – unchanged for the past 17 years – to $10,000 from the current $8,000. Prime Minister Lee Hsien Loong announced this at the National Day Rally on Sunday night.
A couple’s combined income now has to be below $8,000 a month for them to qualify to buy a new build-to-order (BTO) flat directly from the HDB, which is typically 20 to 30 per cent cheaper than a resale flat.
Mr Lee also said the income ceiling for executive condominiums will be raised from the current $10,000 to $12,000.