HDB provides Home loans and financial aids to Eligible candidates in buying flats and Houses under HDB according to the guidelines of the mortgage loan policy. Each family of Singapore can obtain a minimum of two concession rate housing loans provided by HDB. The Second Concessionary rate loans are given to upgrade to a bigger HDB flats according to the needs of the family. The persons who have purchased a private property after disposing their HDB flat purchased under the first loan will not be eligible for another housing loan, when they are planning to purchase another HDB flat by selling their private property.
The Buyers can decide themselves the amount of loan, that they need. The loan amounts are decided according to the seeker’s age, income, pending loan balances and the amount in their CPF savings account. If your income is the main aspect in granting the loan, then you will not be eligible to take another loan until 30 months after buying a flat.
There are many Eligibility conditions in order to take a Housing Loan from HDB. You should not have taken two or more HDB concessionary interest rate loans previously. If you are a second timer, you should be buying a bigger HDB flat type than your current flat of the flat last owned. You should not have purchased a private property by selling the HDB flat bought using HDB loan at the first time. You should not be owning any private residential property which includes HUDC flats or executive condominium in Singapore of outside Singapore.
You should not have sold any private residential property within 30 months before the date of application for an HDB loan. You should not be owning two or more market or hawker stalls or commercial properties in any part of the world. You should be owning one market or hawker stall or commercial property and should be operating the business yourself.
You can also apply for bank loans to purchase a HDB flat, when you have already taken 2 or more concessionary interest rate loans, regardless of buying flats directly from HDB or from other resellers. If you have already taken an HDB loan and currently planning to buy a flat that is not bigger than your current flat or a flat you owned previously. If you have already taken a concessionary interest rate loan to buy an HDB flat, but the flat last disposed by you was a private property.
If you are owning more than one market or hawker stalls or any commercial or industrial property inside or outside of Singapore. If you are owning only one market or hawker stall or commercial property, but it is operated by some one else. If you are owning a private residential property in any part of the world.
Buy Sell Rent Invest Singapore Property
Billy Chen 曾庆义
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com ( email me )
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