2 Answers

YT Tan (陈永达)
Good morning buyer, Your query is abit confusing but I will do my best to assist you. HDB loan will be of max 25 years loan tenure and max loan amount will depends on 30% mortgage servicing ratio of your combined income. Do apply for HLE to find out how much you can loan from HDB. If you are taking up a HDB loan, downpayment will be 10% which can be fully paid by CPF OA funds. But in the event that you don't have enough, you have to pay the shortfall in cash. FYI CPF family housing grant (near parents) for SC/ SPR is $30k. If you need any assistance in your property purchase, feel free to contact me. Cheers! Warmest Regards, YT TAN 陈永达 | ACCA Graduate, RES Senior District Manager R043025D ECG Property Pte Ltd (A Wholly Owned Subsidiary of ECG Group of Companies) Estate Agent no. L3009759F Blk 190 Lorong 6 Toa Payoh #05-508 S (310190) (M): +65 9111 5171  (E): yt.lovelyhomes@gmail.com (W): www.yttan.com (W): yttan.stproperty.com.sg/ (W) www.lovelyhomes.com.sg (W) www.ecgproperty.com Read More
  • WS
    Hi, I'm quite confuse too, is it 90% of the valuation that we could borrow or Max loan amount will depend of the 30 % mortgage servicing ratio of the combined income? And the downpayment could be paid off by housing grants and AGH right? Thanks In advance.
YT Tan (陈永达)
Good morning! Before you start to house search, you should either apply for home loan eligibility (HLE) from HDB to find out how much you can loan and it's based on 30% MSR on your combined income. The amount will then form 90% of the property valuation. You should not place a $1k option money to secure a property then apply for HLE cause the HLE might not match 90% of the property's valuation. And yes, if you take up HDB loan, you only have to fork out 10% downpayment and it can be fully paid by CPF OA funds. Housing grants like higher tier family grant (with the near parents) and additional housing grant (if monthly combined income is up to $5k for past 12 months) will be released into your CPF OA account before HDB deducts the 10% CPF downpayment. If you need any assistance or clarification in your property purchase, you can also drop me a message or ring me up. No worries. Read More