In an exciting development for young couples in Singapore, the Housing and Development Board (HDB) has announced new measures aimed at easing the path to homeownership. Effective from the July 2025 Build-To-Order (BTO) exercise, couples will now be able to delay their income assessment until key collection, provided one partner is either a full-time student or a national serviceman. This change, which applies to university, polytechnic, and ITE students, allows couples to focus on their studies or military service without the immediate pressure of financial assessments.
The eligibility criteria have also seen a significant update. The previous age limit of 30 years or younger has been removed, which broadens the pool of applicants. Couples must simply verify that at least one partner meets the student or national service condition, making it easier to qualify for housing. Additionally, couples considering this opportunity can also take into account that they can jointly apply for flats as a core family nucleus, which strengthens their eligibility for housing grants and loans. This initiative aims to encourage early financial planning for young couples, aligning with the Deferred Income Assessment Scheme.
Furthermore, the initial downpayment has been reduced from 5% to 2.5%, ushering in a fresh wave of financial relief for young buyers. These changes come at a time when the market anticipates a modest price decline of 3% in the overall property landscape for 2024.
In conjunction with this, HDB plans to increase the supply of new flats, with 12,000 units expected to be available within a waiting time of under three years from 2025 to 2027. This influx is part of a larger vision to exceed 100,000 new flats from 2021 to 2025, helping to reduce median waiting times to below four years.
Couples are thrilled as these measures present new opportunities to secure desirable flats in good locations, all while reducing financial strain during their early careers.
While there are clear benefits, young couples must still approach this new opportunity with caution. They may face potential risks, such as financial overextension or market fluctuations.
Nonetheless, these measures represent a sincere effort by HDB to make homeownership more accessible, addressing affordability concerns without relying on additional subsidies. It's a compelling moment for young couples looking to establish their future together.
