4 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

1. If you are thinking of securing a loan, HDB or banks they will need a proof of income statement.

To apply for an HDB loan, you will need to submit the following documents:

Income proof for the preceding month(s) from the previous employer stating your gross monthly income and last day of service; and
Latest 15 months’ CPF contribution history

Banks will likely ask you for the same details. Some common documents you’ll need include:
Copy of your NRIC
Most recent payslips (3 months)
Most recent Notice of Assessment (2 years)
Latest CPF Ordinary Account Statement

For more details, please refer to our guide here: https://www.propertyguru.com.sg/property-guides/a-beginners-guide-to-mortgage-loans-2813

When buying an HDB resale flat, you will be subjected to the Mortgage Service Ratio (MSR), Valuation Limit and Withdrawal Limit (if taking a bank loan). MSR refers to the portion of a borrower’s gross monthly income that goes towards repaying all property loans. Your MSR is capped at 30% of a borrower's gross monthly income. You can read more about it here: https://www.propertyguru.com.sg/property-guides/what-you-need-to-know-about-mortgage-servicing-ratio-msr-2731

For more details, please refer to our guide here: https://www.propertyguru.com.sg/property-guides/a-beginners-guide-to-mortgage-loans-2813

You may fill in your contact details here for our financial home advisors to get in touch with you: https://www.propertyguru.com.sg/mortgage/contact

2. You will need to dispose of your overseas property before or within 6 months of your resale flat purchase.

3. Based on your information, you may be eligible for a Family Grant of $40,000 when buying a 2- to 4-room resale flat or $30,000 when buying a 5-room or bigger resale flat. You may also be eligible for the Enhanced CPF Housing Grant (EHG) of up to $80,000 depending on your average monthly gross household income.

Hope this answers your question.

Best Regards,

Team PropertyGuru
Aaron Chong

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Aaron Chong
9730 8455
Gavin Ng

It would be difficult to answer your question in this dialogue.

You may text 9620 0827 for a casual chat.


Ling CK

1) You are correct that you're eligible to purchase a resale flat. However, you are not eligible for an HDB loan under your situation.
The minimum criteria of eligibility to HLE is in your application, one of the owners must consist of at least 1x SC at or above 21 yrs old.
To apply for a mortgage loan via bank, you will need the following documents if you are employed w/ monthly CPF contributions:
(i) Past 3 months’ payslips or letter from employer
(ii) Latest 15 months’ CPF contribution history

2) If this overseas property is a residential property, you will have to dispose of it within 6 mths upon key collection.

3) You will not be eligible for any grant since all your children are under 21 years old.
To be eligible for any grant, the first condition one of the owners in the application must be a Singapore Citizen at or above 21 years old.
Addition note is to be eligible to grant, the next condition is you "must not own or have disposed of any private residential property in the 30 months before the date of application".
Meaning you will be eligible for a family grant of $40k two-and-half years later if you dispose of your overseas residential property now, and one of your children is above 21 years old by then.

Hope the above answer to your main concerns, but if there are more query, please 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

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