HDB Loan Reassessment After Unit Selection
Generally, HDB doesn't reassess your income after you've been approved for an HDB loan and selected your unit, unless:
You Inform HDB: You proactively inform HDB about a significant change in your income or employment status (e.g., becoming self-employed).
Red Flags During Processing: If red flags arise during loan processing (e.g., a bank alert about defaults), HDB might request updated documents.
So, changing jobs or becoming self-employed after unit selection shouldn't automatically trigger a reassessment. However, it's important to consider the following:
Maintaining Loan Eligibility: You'll still need to meet the income requirements to qualify for the loan when it's time to collect the keys (usually 3-4 years later).
Financial Stability: Ensure your new income stream can comfortably support the loan repayments.
Reassessment Options:
HDB Doesn't Reassess Automatically: As mentioned, HDB doesn't automatically reassess your income closer to key collection.
Option for Reassessment: If your income has significantly increased and you want to potentially qualify for a higher loan amount, you can approach HDB for a loan re-assessment closer to key collection. This might involve submitting your latest Notice of Assessment (NOA) for the past 2 years.
Recommendation:
Transparency with HDB: It's always best to be transparent with HDB. If your employment situation changes significantly, consider informing them proactively. They can advise you on the best course of action.
Similar Cases:
Unfortunately, there's no way to access specific details on similar cases due to privacy concerns. However, the general principle is that HDB focuses on your income eligibility at the time of key collection.
Here are some additional resources that you might find helpful:
HDB Loan Eligibility (HLE): https://www.hdb.gov.sg/residential/buying-a-flat/understanding-your-eligibility-and-housing-loan-options/housing-loan-options/housing-loan-from-hdb
Using CPF for your HDB Flat purchase: https://www.hdb.gov.sg/
Remember: It's crucial to maintain financial stability throughout the process. If you have any concerns about your ability to afford the loan repayments, consult HDB or a financial advisor for guidance.
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