A local Reddit user wanted to know if anyone had ever quit their job so that they would qualify for housing, given the existing BTO income ceiling structure.
In a Tuesday (July 8) post on r/askSingapore, u/juzatypicaltroll gave the hypothetical situation of a couple whose combined salary exceeded the S$14,000 limit, and then one of the partners quit in order to make them eligible for the scheme.
“Did you have to wait a year jobless in order to be eligible again, or did you have to wait at all? Not encouraging this, but if I can think of it, I’m sure there’s someone out there who’s already done it,” the post author added.
Many Reddit users have since commented on the post, and the general consensus has been to discourage such a move.
A number of commenters wrote that it would not be worth it, especially in the current job market.
“You lose 1 year of income. Only worth it if you want to take a break anyway or if you are studying for the year,” one wrote.
“In this market? Might stay permanently jobless after that,” another pointed out.
“Doesn’t make sense to do it. You risk losing current and future income if you are unable to get a job after that. Also, income is assessed based on the past 12 months, so you need to stay jobless for almost a year. Getting a resale makes more sense,” a commenter advised.
Another dispensed this bit of advice, however: “Exceed by how much? If just a bit, then you can appeal to HDB through your MP. That’s what my colleague did. Too poor for condo and resale but too ‘rich’ for BTO.”
“Have seen people do it before, they quit their job to do their master’s, etc, 1 year of overseas studies, apply BTO,” commented another.
“I know someone who BTO during NS, where his income is essentially zero, so it is just the spouse’s income. Looking back, it was a big brain move and also considering he and gf were pretty much stable, and still together today if it matters,” a Reddit user chimed in.
“It’s a good time to take a sabbatical for postgraduate studies or maybe a career break. If you could make it work, it is a good time to have a kid, where one parent stays home for the first couple of years. (e.g. you are renting now, have a newborn, one parent quits, and whack BTO for the next 18 months),” another wrote.
Source – https://theindependent.sg/has-anyone-quit-a-job-to-be-eligible-for-bto/