Impact on HDB Sale Balance Application and HLE:
Sale Balance Application:
Freelance Work: If the person is now working as a freelancer, they must provide proof of income. Typically, HDB requires at least 12 months of income documentation for freelancers. This could include invoices, contracts, or bank statements showing consistent income.
Previous Employment: Since the person was a permanent staff member until October 8, 2009, they should provide the last 12 months of income statements from their previous job to strengthen their application.
HDB Loan Eligibility (HLE):
HLE Requirements: To qualify for an HDB Loan Eligibility (HLE) letter, HDB will assess the stability and consistency of the applicant’s income. For freelancers or self-employed individuals, HDB typically requires:
Latest Notice of Assessment from IRAS (Inland Revenue Authority of Singapore)
Recent bank statements (showing income deposits)
Recent invoices or contracts as proof of ongoing work
Income Stability: The person’s transition to freelance work may affect their perceived income stability. HDB prefers applicants to have a stable and consistent income to ensure they can meet the monthly mortgage payments.
Steps to Take
Document Income:
Compile 12 months of income documentation from the previous permanent job.
Start collecting and organizing all freelance income documentation (contracts, invoices, bank statements).
Prepare for HLE Application:
Ensure all necessary documents are ready: Previous employment income statements, freelance income proof, and IRAS Notice of Assessment if available.
Consider consulting with HDB directly or a housing agent to understand specific documentation requirements for freelancers.
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