Some years back, a PAP minister said that it was possible to own a flat with a $1k a month income in Singapore. Heck, the media even featured someone who had a 2-room BTO on an $850/month salary.

I’ve recently entered the renovation business and I met a nice couple whose combined income is on the lower-middle range($3.x). They have managed to get a 4-room BTO and I’m happy for them.

But because of their income, they were unable to secure a renovation loan nor did they have any savings to buy furniture. They had gotten a relative who was a civil servant to apply for the loan for them, but in the end this was rejected as the relative was not the owner of the flat.

I suggested a credit card balance transfer (which had a low processing fee an 12-moths interest free period) but this suggestion was rejected because the relative’s job did not allow for unsecured credit.

Currently, they are now trying to get a staff loan to do a basic kitchen and grills first while doing the rest at a later stage. So it’s still workable for them.

But I’ve seen thay there are many others in a worse off situation. So indeed you can get a flat on a $1k a month salary, but it is nothing more than an empty shell that you may not be able to live in.

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