Asked by Anonymous
I would like to enquire about the BTO flat selection and loan process My parents have received a queue number to choose a flat in Nov & we are awaiting an update on the date. I was checking the HDB website and asking my friends to see what documents we would need to prepare for it but mostly they have selected their flats when it was still the old process when there wasn’t HFE letter.
Can I check if anyone would be able to advice on the following:
1) What documents do we need to prepare for the flat selection?
2) Previously when applying for the HFE letter, the ‘loan’ option was not available. Context being: my father is retired & mum is working part time - they are the owners; myself and my sibling are working full time and listed as essential occupiers. As my parents would need to sell off the current flat that we are living in first to pay for this new flat when it comes & if we need to top up additional amount for the new flat, we may need to take a loan from HDB / bank. When we go down to HDB hub to select the flat, are we able to apply for a loan there & possible for my parents to get a loan (because my sibling and myself may be getting our own flats few years later and we will need to take loan ourselves)?
3) To ensure my parents have sufficient amount to pay for the flat, I have checked the HDB website to see what’s the past transaction rate of flats in my area. Any other ways that we can evaluate how much we can sell our current home for in a few years time?
4) Besides HDB/ Bank loan, is it possible for my father to tap into his CPF to pay partially for the flat? Or could we also check this with HDB when we go down to select our flat? By when do we need to finalise how we can finance this new flat? Thanks.
Can I check if anyone would be able to advice on the following:
1) What documents do we need to prepare for the flat selection?
2) Previously when applying for the HFE letter, the ‘loan’ option was not available. Context being: my father is retired & mum is working part time - they are the owners; myself and my sibling are working full time and listed as essential occupiers. As my parents would need to sell off the current flat that we are living in first to pay for this new flat when it comes & if we need to top up additional amount for the new flat, we may need to take a loan from HDB / bank. When we go down to HDB hub to select the flat, are we able to apply for a loan there & possible for my parents to get a loan (because my sibling and myself may be getting our own flats few years later and we will need to take loan ourselves)?
3) To ensure my parents have sufficient amount to pay for the flat, I have checked the HDB website to see what’s the past transaction rate of flats in my area. Any other ways that we can evaluate how much we can sell our current home for in a few years time?
4) Besides HDB/ Bank loan, is it possible for my father to tap into his CPF to pay partially for the flat? Or could we also check this with HDB when we go down to select our flat? By when do we need to finalise how we can finance this new flat? Thanks.
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