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we have 25k cash,80k CPF O/A, 2k combine monthly income , budget $600.00 to pay morgage in cash monthly.1 is 70 yrs old -no CPF and the other is 53 yrs old.Urgently need HDB 3 rm flat. Please advise which bank can give us loan.
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1 Answer

Mike Lim
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Afternoon,

With the current market, a resale 3 room flat would cost around $320k to $350k. 5% of valuation would be around $16k to $18k, leaving your COV of $7k to $9k. This is the first hurdle.
To get a loan of $250k based on single income of $2k, at age of 53 is quite impossible. Why don't you try getting the Studio Apartment from HDB? They are within your budget and some of them might have already being available for application.

All the best.

Regards
Mike Lim
 96929209 
ERA Read More
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