AskGuru Q&A Community

Hi Andrew,

You can take a 2nd concessionary loan from HDB but you must meet the conditions laid down by HDB.

If you are eligible for the 2nd concessionary loan, and to upgrade from 5rm to Exec, you can only keep $25k or half of the cash proceeds whichever is greater.

Please call me at 96836230  to discuss.

Thanks,
Ander ERA Read More

Hi Andrew,

Joseph and Ander are right to say that 50% of cash proceeds from your sale will be "locked-in" and go into financing your second HDB flat purchase if you decide to go with the 2nd HDB concessionary loan. However, this rule will not be applicable if you are financing your purchase with bank loan.

As for loan quantum, as long as you do not have the letter of discharge of your current HDB loan (available 2 weeks after 1st HDB appointment for the sale of your flat), HDB will only offer up to 70% of valuation of your purchase flat for loan. Ie. if you do not have the Letter of Discharge by the time of purchase and submission, your max loan is 70% instead of 80%.

If you are going by bank loan, the bank may grant you 80% loan depending on the sale of your current flat and also your financial status and history.

I can be contacted at 9851 7800  to clarify questions you might have. Please feel free to call/sms me.

Thanks.

Best regards,
Nicole @ ERA
TEL: 9851 7800  Read More

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