Asked by Anonymous
Hi everyone, I would like to enquirer about the BTO flat selection and loan process. Basically, my parents have received a queue number to choose a flat in Nov & we are awaiting an update on the date. I was checking the HDB website and asking my friends to see what documents we would need to prepare for it but mostly they have selected their flats when it was still the old process when there wasn’t HFE letter. Can I check if anyone would be able to advice on the following:
1) What documents do we need to prepare for the flat selection?
2) Previously when applying for the HFE letter, the ‘loan’ option was not available. Context being: my father is retired & mum is working part time - they are listed as the owners; myself and my brother are working full time and listed as essential occupiers. As my parents would need to sell off the current flat that we are living in first to pay for this new flat when it comes and possibly if we need to top up some additional amount for the new flat, there may be a need to take a loan from HDB / bank. When we go down to HDB hub to select the flat, are we able to then apply for a loan there & would it be possible for my parents to get a loan (because my brother and myself may be getting our own flats separately few years down the road and we will also need to take loan under ourselves)?
3) To ensure my parents have sufficient amount to pay for the flat, I have checked the HDB website to see what’s the past transaction rate of flats in my current area. Any other ways that we can evaluate how much we can sell our current home for in a few years time?
4) Also besides HDB/ Bank loan, is it possible for my father to tap into his CPF to pay partially for the flat? Or could we also check this with HDB when we go down to select our flat? Basically by when we need to finalise how we can finance this new flat?
Thanks in advance.
1) What documents do we need to prepare for the flat selection?
2) Previously when applying for the HFE letter, the ‘loan’ option was not available. Context being: my father is retired & mum is working part time - they are listed as the owners; myself and my brother are working full time and listed as essential occupiers. As my parents would need to sell off the current flat that we are living in first to pay for this new flat when it comes and possibly if we need to top up some additional amount for the new flat, there may be a need to take a loan from HDB / bank. When we go down to HDB hub to select the flat, are we able to then apply for a loan there & would it be possible for my parents to get a loan (because my brother and myself may be getting our own flats separately few years down the road and we will also need to take loan under ourselves)?
3) To ensure my parents have sufficient amount to pay for the flat, I have checked the HDB website to see what’s the past transaction rate of flats in my current area. Any other ways that we can evaluate how much we can sell our current home for in a few years time?
4) Also besides HDB/ Bank loan, is it possible for my father to tap into his CPF to pay partially for the flat? Or could we also check this with HDB when we go down to select our flat? Basically by when we need to finalise how we can finance this new flat?
Thanks in advance.
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