Asked by Anonymous
Hi Guru, May i know what is the difference between bank loan and HDB loan?
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1 Answer
Hi
The main difference is that HDB loan can loan up to 90% / Bank 80%
HDB : Max 25 Years (depends on age)
Bank : Max 30 years (depends on IWAA weighted age)
If buying a HDB using HDB loan, you can loan up to 90%
Max Tenure : 65 - average age
HDB loan is pegged at 2.6%
Bank loan can range from 1.6~2% but is calculated based on 3.5% as a safeguard according to MAS regulations. thus you will need to have sufficient cash/cpf to pay off the upfront 20% plus 3% stamp duty.
Other things to take note is your loan able to meet TDSR and or MSR.
Hope this clarifies,
Shawn
90294371
shawnchewproperties@gmail.com
www.shawnchew.com Read More
The main difference is that HDB loan can loan up to 90% / Bank 80%
HDB : Max 25 Years (depends on age)
Bank : Max 30 years (depends on IWAA weighted age)
If buying a HDB using HDB loan, you can loan up to 90%
Max Tenure : 65 - average age
HDB loan is pegged at 2.6%
Bank loan can range from 1.6~2% but is calculated based on 3.5% as a safeguard according to MAS regulations. thus you will need to have sufficient cash/cpf to pay off the upfront 20% plus 3% stamp duty.
Other things to take note is your loan able to meet TDSR and or MSR.
Hope this clarifies,
Shawn
90294371
shawnchewproperties@gmail.com
www.shawnchew.com Read More