Discretion for HDB Housing Loan Applicants who Exceed Eligible Income Ceilings by Small Margins

Mr Murali Pillai asked the Minister for National Development (a) whether HDB will consider exercising discretion in enabling applicants whose monthly income exceed the income ceilings applicable to them by a small margin to apply for HDB housing loans; and (b) if so, what factors will HDB consider in exercising such discretion in favour of applicants.

To prioritise the Housing and Development Board (HDB) housing loans for households who need them more, applicants have to meet the prevailing income ceiling to qualify. Currently, the monthly income ceiling for families is $14,000, which covers about eight in 10 Singaporean households. The income ceilings are $21,000 for extended families and $7,000 for singles purchasing flats under the Single Singapore Citizen Scheme.

On a case-by-case basis, HDB may exercise flexibility to grant the HDB housing loan to applicants whose monthly income exceeds the applicable income ceiling. In assessing appeals, HDB considers applicants’ individual circumstances, including whether they have other viable financing options. Those who require assistance can approach HDB.

Those who are not eligible for an HDB housing loan may approach financial institutions regulated by the Monetary Authority of Singapore for housing loan and financing options.