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Hi guru, I am intending to buy an HDB with my PR girlfriend. We are unlikely to go for BTO as we dont intend to wait. A few questions:

1) are we eligible for the CPF housing grant if we go for resale? If so how much?

2) are we eligible for HDB loan ? Seems like the interest for HDB loan now is much higher than bank interest. What's the advantage of HDB loan?

3) our combined income is higher than $10k now but one of us can quit now to buy the flat, it will be below $10k now.

4) how's the HDB market now? Looking at Holland or Telok Blangah area, COVs high there now?

Any good advice?
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1 Answer

Mike Lim
Replied
Morning Jason,

Only SC buyer are eligible for housing grant and HDB loan. So if you are SC, you will be entitled to half grant, if your combined income does not exceed $10k.
The advantage of HDB loan is that it's tagged to CPF interest rate and it rarely fluctuate. HDB will also not force sales your unit if you failed to pay the monthly installment for 3 to 6 months, though the interest and penalty charges does kick in.
Looking at your case, unless one of you are SC, it would be advisable to status quo. As for units in Holland Village and Telok Blangah, it would depend on the sizing you are looking at. Asking COV can still vary around $20k to $60k. There are however a few units with COV of $10k, if you do not mind low floor and original condition units.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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