Requirements when you take one minute HDB property financing

If you like resource buying or take along side ownership of a condo, it is possible to make an application for a casing mortgage of HDB and/or financial institutions (FI). See the search terms and you can factors toward more mortgage solutions before deciding.

Make an application for a keen HDB Flat Qualification (HFE) page via the HDB Flat Webpage getting a holistic knowledge of the casing and you can capital possibilities before you could continue your home to buy journey. It can inform you upfront of the qualification to get an excellent the new or selling flat, and also the number of casing provides and HDB housing loan you’re eligible for.

Eligibility standards

* The newest LTV limit is the restriction quantity of houses mortgage a flat candidate may take upwards, shown since the a share of your all the way down of one’s apartment speed and value of the flat.

Applicants who’ve reserved a new flat otherwise registered a resale software will be given which have a customised financial plan, that through the relevant LTV maximum at area away from flat software (if they’re delivering an HDB houses loan), in addition to costs required from the some goals of its flat get.

Including conference these qualification requirements, your next HDB property amount borrowed might be quicker because of the full CPF refund and you can part of the bucks proceeds from the new disposal* of your pursuing the characteristics, to promote economic wisdom and you will suppress more-borrowing:

• Established otherwise last-had HDB apartment; or
• Last-had private home, disposed at the very least 30 weeks prior to the HFE letter software.

* The way from fingertips comes with the latest marketing, import or give-up regarding a condo otherwise private residential property, or by the various other approach in Homes and Development Act or any other composed laws.

More information on dollars proceeds:

• HDB supplies the right to influence the amount of continues so you can be taken, both if you take under consideration the manner out-of carrying of the existing/last-had HDB apartment otherwise last-possessed individual house, or predicated on people court order that give to https://paydayloanssouthcarolina.org/cities/hilton-head-island/ the disposal/ section of the house.
• Fundamentally, flat applicants could keep the greater from $twenty five,100000 otherwise 50% of the bucks proceeds (like the dollars put gotten). HDB will need under consideration the remaining dollars proceeds whenever choosing the next HDB housing loan amount.

Utilize the profit proceeds calculator to sort out how much cash proceeds you need for the flat purchase. Definitely secure sufficient investment in advance of investing in offer the newest flat otherwise get another one.

What the results are basically do not meet up with the eligibility criteria?

You have got to bring a houses loan out-of an enthusiastic FI in the event that you prefer mortgage money and are perhaps not eligible for a keen HDB houses mortgage.

Credit check conditions

In addition to conference new qualifications criteria, flat people need fulfil our very own credit assessment conditions to use to have an HDB property loan.

App for a keen HDB construction financing

If you want to need an HDB property mortgage to order an apartment, you have to earliest get an enthusiastic HFE page prior to starting in your real estate trip.

Info on this new HDB property loan

The brand new HDB property loan amount that you might take and repay along side loan months lies in the next:

Candidates who’ve reserved a condo having HDB otherwise filed a good selling app will be presented with a customised monetary package, that’ll through the applicable LTV maximum during the part of apartment application (if they’re providing an enthusiastic HDB casing financing), therefore the money necessary during the individuals goals of its flat buy.