AskGuru Q&A Community

Morning,

As long as you have not utilized your two HDB loan entitlement and income does not exceed $10k, you are eligible for HDB loan. As at the current rate, bank loan are better than HDB loan as the initial interest rate is much lower, compared to HDB loan. However, the interest rate is free to fluctuate after the lock-in period. Bank do also have the right to repossess your unit if you have missed several payments.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
R026708F
ERA Read More

Hi potential buyer,

I believed my fellow professionals have briefed you on the requirements to purchase a resale HDB flat under non citizen spouse scheme thus I will touch on which loan should you take.

Interest rates for bank loan is definitely lower compared to HDB loan at the moment. Many people perceive bank loan is more risky compared to HDB loan (fixed rate) because rates will tend to change after the lock in period.

So it's both of your call to select which loan to take.

You have to take note of the composition of downpayment in your selection of loans.

HDB loan - 10% downpayment (can be financed by CPF) and 90% HDB loan

Bank loan - 20% downpayment (5% cash, 15% CPF) and 80% bank loan

Hope you have a better idea in financing your future property purchase. Do contact me if you need any assistance.

Warmest Regards,
YT TAN
District Consultant
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More