AskGuru Q&A Community

Good morning Grace,

You are eligible to apply HDB loan with your spouse. Each household are entitled to enjoy HDB loan twice.

But you might want to consider taking up bank loan as the interest rate is lower compared to HDB's 2.6%. Having say that, the downpayment is 20% compared to HDB's 10%.

Hope my sharing is beneficial to your property purchase.

May I know how can I continue to value add in this purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi,

Yes you are eligible as each household is entitled to 2 hdb loans per lifetime. For bank loan, interest rates will be lower but you have to refinance every 2-3 years. For hdb loan its relatively more stable and pegged at 2.6% for a long period. Please note that the downpayment will be 10% (can use full cpf) for hdb loan, and 20% (cash+cpf) for bank loan. You also need to be earning 12k and below for gross monthly household income to qualify for hdb loan.

Thanks and hope to value-add to your plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Afternoon,

As you have taken HDB loan once, you will be required to prepare 50% of your share on the cash profit from the sales of your first unit. Should you take bank loan, you will need to prepare 5% cash for down payment.

Do contact me further for detail discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Grace,

I'd suggest that you take up a bank loan; should you take up a HDB loan, you'd need to pay back up to 50% of the cash proceeds that you received from the sale of your previous flat.

I can introduce a banker to you, to assess your loan eligibility for free, before you make any further commitments.

Feel free to contact me at your convenience, and I'd also be able to do an in-depth financial plan for you.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More