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How to calculate HDB income ceiling
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Calculating the HDB income ceiling involves determining the average gross monthly household income. Here is an example to illustrate the calculation:
Example 1:
A married couple and their 3 working children wish to buy a new flat individually. Their average gross monthly income is as follows:
- Husband: $7,000
- Wife: $4,000
- Child A: $4,000
- Child B: $3,000
- Child C: $2,000
A married couple and their 3 working children wish to buy a new flat individually. Their average gross monthly income is as follows:
- Husband: $7,000
- Wife: $4,000
- Child A: $4,000
- Child B: $3,000
- Child C: $2,000
Their average gross monthly income as an extended family works out as:
| Income of Group A (Parents and 1 of the single children) | Income of Group B (Remaining single children) | Extended Family Income Ceiling |
|---|---|---|
| Husband: $7,000 Wife: $4,000 Child C: $2,000 Total = $13,000 | Child A: $4,000 Child B: $3,000 Total = $7,000 | Group A: $13,000 Group B: $7,000 Total = $20,000 The extended family's income is within the income ceiling |
For extended family, the income ceiling is set at $21,000. This encourages working adults and their parents to live as an extended family in a flat.
In summary, the income ceiling calculation involves summing up the gross monthly incomes of all family members and ensuring it does not exceed the specified limits for different family structures.