coldshot

Does gross income include my comm as well?

Thanks Neubie. Your post has been very helpful. It is comforting to know that the additional 15% can be covered by CPF. And i do strongly agree that this **** $3k income cap is lame. Majority of singaporeans who have been working for a number of years would have exceeded this bracket. The general consensus i'm hearing fro my friends is HDB loan is still better as bank rates tend to raise quickly over the years. I don't think the payraise is gona be really huge. Max 10% of my pay. If i have to take a bank loan then my budget for my flat has to come down.

Hi Guys I'm will be going house hunting once i turn 35 in May under the singles scheme I understand that in order to qualify for a HDB loan, my income cant exceed $3k. At the moment, my base without my comm is a flat $3k. The thing is my boss is putting me up for a promo and pay raise which means i wont be eligible for HDB loan anymore. Really at a crossroads here cos i wanna start planning my sums soon. A bank loan means at least 20% down as opposed to 10% for HDB loan. That additional 10% could be used for my reno. Next best alternative is to ask my boss to KIV my promo until i get my HDB loan. Tough call as well Argh... Would really appreciate some input here.