1 Answer

Ling CK
Replied
Hi Mr M,

1) Yes, your parent may purchase 2-rm flat in open market, but need to plan their finance carefully, as they might not eligible for any loan.

2) The criteria for HDB rental flat is quite stringent. I believed they can meet most of them, but some of few usually difficult to meet are as follow:
(a) If they are assessed to be able to afford a flat or have other housing options.
(b) If any of their children are able to house them in their own house
(c) Children's financially able to provide other housing options for them.

3) Loan approval from HDB is dependent on his residence status and income. Since he is buying another flat, he is not restricted from applying for HDB loan.
The restriction on loan changes is based on current flat. You may change from HDB loan to bank loan during the repayment period, but not vice versa.

Hope the above answer to your main concerns, but if there are more queries, do not hesitate and feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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