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I'd like to buy a HDB resale flat with my mother (a divorcee) but seeing how I had lost my job a few days ago, I've decided that she should apply under the SSC Scheme. She was also advised to get a HDB loan. The thing is: My mother's gross salary per month is less than SGD2,000. Is she eligible to get a HDB loan? She is already 56 yrs old. Cash money-wise, I have at least 30K (to cover for COV if needed?)
Sorry, I'm still confused about this issue. Hopefully someone can enlighten me on this matter? Thanks.
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1 Answer

Elfi Bin Abdullah
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Hi Noor Suhana, my name is Elfi Abdullah and here's more info about myself: www.PropertyPrudent.com.

1) It is impossible for your mum to take a HDB loan because she is nearing her 60s and the monthly repayment would be too huge for her to bear. (around 5 years max loan and downpayment for a house would have to be huge)

2) Not many agents are well versed with all the available schemes. I strongly suggest you set aside time to visit HDB with your mother. You don't even need to set an appointment, just go to the counters and take a number to speak to an officer. They are generally helpful.

3) The 3rd solution would be for you to gain employment and apply for a HDB loan a year later. You will be eligible for a longer period of loan and a bigger amount depending on your income.

I hope I have pointed you to the right direction. Good luck and work hard in your quest to find a home for your mum. Regards Elfi. Read More
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