Every Singapore Citizen household is eligible for two HDB concessionary housing loan.
You may appeal to HDB who will consider your situation on a case-by-case basis.
However, it is likely you will have to take up a bank loan. When taking a bank loan, you may get up to 75% financing. You will need to pay 5% in cash and 20% in cash and/or CPF.
Hope this answers your question.
Team PropertyGuru Read More
Yes it is possible for you to appeal for a HDB loan since your wife is still eligible. However, do note that if you were to take a HDB loan, 50% of your sales proceeds are required to be used for your next house before HDB grant you a loan. The HDB interest rates now are also much higher as compared to a bank loan.
Please feel free to contact me so that I can do a detailed calculation for you and assist you further.
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Yes you can make an appeal to HDB. However in cases of some of my clients, they are better off taking a bank loan due to HDB requiring half of cash proceeds to be deposited to the new house. I am specialised in HDB transactions and would need more information in regards to your profile to advise on the best course of action you should take. Do contact me at 93375051 for a free and non obligatory discussions on this.
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You may try to appeal to HDB if you are looking to take up HDB loan for your intended purchase, however, as what Nick and Taufik has highlighted, you will be required to set aside 50% of your cash proceeds from the sale of your current place to fund the purchase of your new flat if there is any sales proceeds made, therefore it is important to run through the financial numbers for the sale if you are going down that route.
I'd suggest you to look into getting an in-principle approval loan from the bank while you go through the appeal process too, and we can work out the numbers before you decide which loan you would like to undertake.
I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
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