I'm sorry to hear about the challenges you're facing. Here are some possible reasons why your application for a resale flat might have been rejected and some advice on how you can proceed:
### Possible Reasons for Rejection
1. **Income Requirements**: HDB has specific income requirements for purchasing resale flats. Even though you have a significant amount in your CPF Ordinary Account, your combined household income might not meet the minimum threshold required for the loan¹.
2. **Employment Status**: Being unemployed can affect your eligibility for a housing loan, as lenders typically require stable income to ensure you can meet monthly repayments².
3. **Previous Ownership**: Your history of owning a resale flat and an executive condo might also play a role, especially if there were any issues related to those transactions³.
### Steps You Can Take
1. **Explore Housing Grants**: Look into the various grants available for families purchasing resale flats. Grants like the Family Grant, Enhanced CPF Housing Grant (EHG), and Proximity Housing Grant (PHG) might help reduce the financial burden.
2. **Consider a Smaller Loan**: If your combined income is low, you might need to consider a smaller loan amount. This could mean looking for a more affordable flat or using more of your CPF savings to reduce the loan amount needed.
3. **Seek Financial Counseling**: HDB offers financial counseling services that can help you understand your options and plan your finances better.
4. **Employment Opportunities**: If possible, securing employment could significantly improve your chances of getting a loan. Even part-time work could help demonstrate a stable income.
5. **Appeal the Decision**: If you believe your application was unfairly rejected, you can appeal the decision. Provide detailed information about your financial situation and any extenuating circumstances.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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like renting / selling, buying / or investing, I'm here to help!
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(***) You can check out my reviews here:
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For buyers, I offer solutions for sourcing resale and new private homes at no charge.
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I also have partners to assist with mortgage home insurance matters.
Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!
*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.
From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”
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