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Hi, I have a relative who bought a BTO which will be ready for key collection in May. She has successfully applied for a HDB loan when she balloted for the flat. She has however lost her job and is currently unemployed. Her CPF is insufficient to fully pay up for the new flat (short of ~200K). The sale proceeds of her current flat will however be sufficient to pay up. Since she has no income now, HDB will void her loan? What options does she have to finance while waiting for the sales proceeds? She may need about 3 to 6 months for the renovation of the new flat.
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2 Answers

Mike Lim
Replied
Afternoon,

She may write into HDB and appeal for her case to delay the collection of keys. For the appeal, we can either request that the sales proceed of her resale unit be used to offset the pricing of the BTO, without using loan or to wait for her to get another job and let HDB reassess her loan ability.

Do contact me if you require further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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Ivan Ng
Replied
Hi,

She should write in to appeal her case to delay her collection of BTO keys. At the same time, we can start to market the unit for sale to obtain the sales proceeds and request extension for her current resale unit. Meanwhile It will also be useful that your relative tries to seek active reemployment so they will reassess your HLE while we have some extra time before we collect BTO keys. Thanks and hope to assist further.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Www.ivanng10.com Read More
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