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Income Ceiling

Your average gross monthly income must not exceed $14,000.

Income/ allowance that will be considered for the income ceiling

  • Allowances (fixed/ variable) received on a regular basis (e.g. allowances for food, transport, laundry, uniform, etc.)
  • Pension
  • Stipend
  • Sustenance

Income/ allowance not considered for the income ceiling

  • Alimony allowance
  • Bonuses
  • Director fees
  • Income from overtime work income
  • Interest from deposit accounts
  • National Service Allowance
  • Rental income
  • Scholarship overseas allowance

Income documents to prepare

You and any other applicants and essential occupiers will need to prepare:

  • Latest 3 months’ payslips if employed full-time
  • 12 months’ of income documents for other employment types
  • Proof of unemployment if not working

Specific documents are needed depending on your nature of employment. Also, please note that some forms of income/ allowance are not included when assessing your household income.

Aside from these documents, the developer may also request further documentation if needed.

NATURE OF EMPLOYMENT DOCUMENTS TO SUBMIT NOTES
Employed person
  • Latest 3 months’ payslips, i.e. month of application and preceding 2 months
  • Letter from employer certifying salaries for the month of application and the preceding 2 months; the letter must contain the:
    • Company stamp/ letterhead
    • Certifying officer’s name, signature, and designation
  • Assessment is based on the average gross monthly income, which:
    • Excludes bonuses and income earned from overtime work
    • Includes allowances (fixed/ variable) received on a regular basis (e.g. allowances for food, transport, laundry, uniform, etc)
  • Notice of Assessment(NOA) from the Inland Revenue Authority of Singapore (IRAS) is not accepted
Self-employed person
  • Latest NOA from IRAS or Statement of Annual Accounts certified by an audit firm
  • Valid Accounting and Corporate Regulatory Authority (ACRA) Computer Information (Business Profile) or valid licence of trade
  • Assessment is based on the average gross monthly income for the past 12 months
Part-time worker
  • Latest 12 months’ payslips
  • Letter from employer certifying salaries for the last 12 months; the letter must contain the:
    • Company stamp/ letterhead
    • Certifying officer’s name, signature, and designation
  • Assessment is based on the average gross monthly income for the past 12 months
Commission-based person
  • Latest 12 months’ commission statements/ payslips
  • Letter from employer certifying salaries for the last 12 months; the letter must contain the:
    • Company stamp/ letterhead
    • Certifying officer’s name, signature, and designation
  • Assessment is based on the average gross monthly income for the past 12 months
Odd job worker
  • Latest NOA from IRAS
  • Previous year’s NOA from IRAS
  • Assessment is based on the average gross monthly income for the past 12 months
Unemployed person (between 18 to 62 years old)
  • Statutory Declaration to declare the employment status or valid Student Pass if currently a full-time student
  • If unemployed for less than 3 months, the following documents are required:
    • Income proof for the preceding months from the previous employer stating their gross monthly income and last day of service
    • Latest 15 months’ CPF contribution history
  • The Statutory Declaration can be executed at the HDB Hub Loans Counter or any HDB Branch. Declarants are required to bring along their Identity Cards
  • If not in Singapore, the Statutory Declaration can be made in the presence of a Commissioner for Oaths or Notary Public for that country

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