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Hi, for HDB loan it is mainly based on your monthly income and your current CPF OA and savings amount, however it is not wise to make an illegal declaration for that. The monthly loan commitments is actually meant to be use to compute the loan amount if you borrow from financial institutions which the HFE will give you a guide of as well. So if you are planning to get a HDB loan, you can just declare it, and it shouldn't affect your loan amount.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

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Hi,

You are required to declare truthfully for the HFE application, otherwise they will void the HFE letter or worse case scenario, not approve your purchase while processing your resale application. In any case if I am not wrong hdb also checks your latest credit bureau report and can see all the monthly obligations while assessing how much loan and grants to approve, so pretty much can see everything when you request for hdb loan.

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Why Honesty Matters:

HDB Loan Eligibility: HDB considers your monthly debt obligations (including car loans and credit card payments) to assess your ability to manage a housing loan repayment. These commitments affect the maximum loan amount they'll approve for your flat purchase.
Consequences of False Declaration:

Reduced Loan Amount: If HDB discovers the discrepancy later (through credit bureau checks or other means), they'll likely reduce your maximum loan amount. This could significantly impact your ability to afford your desired HDB flat.

Potential Loan Rejection: In severe cases, HDB might reject your loan application entirely due to the misrepresentation of your financial situation.

Difficulties with Future Applications: A history of dishonesty could create trust issues and hinder your eligibility for future HDB loans or grants.

Alternatives to Consider:

Accurate Declaration: Be truthful when declaring your monthly loan commitments. This ensures a realistic assessment of your affordability and maximizes your chances of securing the desired loan amount.

Budget and Repayment Planning: If you're concerned about affordability, create a budget to manage your existing debts and potential HDB loan repayments. Consider debt consolidation options to simplify your debts and potentially reduce monthly payments.

Remember:

Transparency is key. Providing accurate information ensures a smooth HDB application process and allows you to make informed decisions based on your true financial standing.
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XXXXX The End XXXXXXX Read More

I do not encourage you to try beating the system. If they want to find out, they can find out and do you think they will share openly to let the public know how they can "catch" errant buyers or home owners? Read More

Hi. When you complete the HFE, there is a declaration which requires you to indicate you have answered all question truthfully. If you purposely hide some information and they find out, your HFE will be void and your purchase wont go through.

So i suggest that you don’t take this risk.

For HDB related questions/ enquiry you can text me at 82998262  .

Adeline Koo Read More