6 Answers

Dear sir,

Thank you for writing in, unfortunately, without understand your objectives of your enquiry, it is difficult for us to propose any options other than understanding the intention of both of you to get married.

With a monthly combined income of above $14,000, as well as $700,000 worth of CPF funds available, I believe you can easily qualify for a resale HDB or even a low quantum private housing, with only yourself taking up the home loan due to the bad credit record of your partner as of now.

HDB loan interest rate is at 2.6% while you are able to get bank loan interest rate at 2.48% at this moment, which I believe is still quite attractive if your decision is to go for a resale HDB.

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Good afternoon,

Was the higher than 14k income the reason why the HLE was rejected? If so, you may consider to take a bank loan under your sole name instead, given that both of you do have quite a substantial amount of CPF OA available for the next housing.
Has your partner's flat met the MOP of 5 years?

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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  • JL

    our combine income is more than 14k, she had meet the 5 years MOP. as we are also considering if we should get an open market HDB/EC or condo. however we do not have much cash to fork out if i need to get a bank loan which i need to upfront 5% of the loan.

    i've approach few friends for solution and nothing seems to work out for me.

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Gavin Read More
Dear Sir,

From what I understand from the information that you have provided, since your partner credit record is bad and you will not be able to secure a HDB loan due to your income exceeding the cap, you may consider taking a bank loan to purchase a HDB or consider lower quantum condo such as resale ECs.

From the sale of your partner's flat, you will have a quite substantial amount of CPF and it will be enough to fully pay off a HDB flat without any loan. If you were to purchase a resale EC or a lower quantum condo, I believe your income alone will be able to support the loan.

I will be happy to do some financial assessment for you before making more informed recommendations to you. Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

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Robbie Chen Chee Howe

Based on your brief description, I can think of 3 options for you to consider:

1) your partner to keep her existing HDB flat, and you move in with her. This will solve the problem of loan.

2) your partner to sell off her HDB flat, then with the sales proceeds plus your funds, purchase a HDB flat to be fully paid. No loan will be required as well.

3) your partner to sell off her HDB flat, then with the sales proceeds, you purchase a private condo under your sole name. Take note that her name cannot be included as you will not be able to be granted a loan due to her credit rating.

There may be other options available to you, but I will need to find out more from you before I can assess the situation and give you a more appropriate recommendation.

I am experienced and well-versed in both private and HDB resale transactions. I will be able to assist you in your housing plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
  • JL
    Hi Robin,

    I do agreed and after I had read all the guru reply and advise. Because of my partner bad credit rating she will have issues getting a loan. With our income celling which are cap I will need to get a bank loan and I need to cough out extra cash.

    The only solutions I can move on is to move in and use my CPF to pay off the amount. Than upgrade to 5 room on a later date.

    Thanks for your reply Robin.