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Hi just want to ask the guru(s) here on something.
Currently my parent place (3 Room HDB Flat) is co-own with my 2nd brother and my mum and now due to some issue they would like to sell the flat now. My parents would like to apply for a 2rm rental flat or even buy a 2rm flat on the market somewhere in the east. SO here's my question.
1) Are my parents able to purchase the 2rm flat in the open market? (BTO maybe not possible because both of them are quite old and already taken 2 HDB concession)
2) Are my parents able to apply HDB Rental flat on their own?
3) Currently this 3rm flat was financed by bank loan and if they were to buy another HDB flat with only my brother's name (Above 35 years old ) to buy another 3rm flat in the open market. Will HDB still approved his loan as a single?

Just some queries to ask the gurus around.

Please help.

Thanks

MR M
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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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