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The HDB said that it is "committed to keeping BTO flats affordable", and noted that in 2022, almost nine in 10 BTO flat buyers who collected keys to their new flats have Mortgage Servicing Ratios of less than 25 per cent.
"This means that these flat buyers use less than a quarter of their total household income to pay for their mortgage and can service their HDB loans completely using their monthly CPF contributions, with little or no cash outlay," said HDB. Those in the lower-income group will have even lower mortgage servicing figures as they receive higher grants, it added.According to HDB, the vast majority of BTO flats in non-mature estates are set aside for first-timers.
HDB further revealed that of all the BTO projects launched in 2021 and 2022, "about 40 per cent of the projects with 3-room or bigger flats had one or more flat types with first-timer application rates of 1.7 and lower". "With a BTO rejection rate of about 40 per cent, applicants of these flats stand a good chance of selecting their flats. To increase their chances of securing their new BTO flats, flat applicants can look out for projects with application rates of around 1.7 and lower," said HDB.. The website will be updated several times a day over the course of the seven-day application window that begins on Tuesday and ends on Monday .
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