Hi,
1) I totally agreed with your concern that the loan agreement does not include this clause to protect the borrower.
2) You may negotiate with the bank to insert a clause to protect yourself if deemed necessary.
3) Come back to your other concern on not getting approval from the HDB. There are the controlled and uncontrolled factors affecting the resale application:
(a) Controlled factor:
i) To verify whether you qualify under one of the eligible schemes listed by the HDB, all buyers have to register an intent to buy on the HDB site.
ii) Once you are successfully registered, it implied you are qualified. Unless there is a change of nationality of any applicants from the registration to submission. It should be status quo for eligibility.
(b) Uncontrolled factor:
i) The next that could change from the OTP to the resale application is the ethnic status of the unit intent to purchase change because this is revised monthly and could change due to the change of races of the owners in the blocks and nearby blocks.
ii) As defined by the HDB, a neighborhood comprises precincts of about 400~800 residential units. Therefore it implied that if there is a huge change of ethnic group or resident's status such as more SPR occupying within these 400~800 units would change your eligibility to purchase.
https://www.hdb.gov.sg/about-us/history/town-planning#:~:text=The%20Neighbourhood%20Concept&text=The%20neighbourhoods%2C%20in%20turn%2C%20comprise,fitness%20corners%2C%20and%20community%20gardens.
iii) We could only try to avoid this by submitting our resale application within the same month of offering for an OTP. Because to check the ethnic eligibility is usually conducted before releasing an OTP.
4) If there are no changes in 3(a) & 3(b), and the information provided is true, then there is no reason that the HDB rejects the resale application if both the sellers and buyers are willing to complete the transaction.
5) Although we can't affect 3(b), we could try to avoid it. Thus the chance of getting success is very high.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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