Why You Really Need? 9 CRUCIAL THINGS YOU SHOULD KNOW ABOUT HDB LOANS
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1. The HDB loan doesn’t always cover 90 per cent of your flat price
First, note that HDB loans can cover up to 90 per cent of your flat price or valuation, whichever is lower. If you buy a resale flat at higher than the valuation, you’ll have to top up the difference in cash.
2. There is a 30-month wait time if you just disposed of a private property
If you just sold off a private property, you need to wait at least 30 months before you’re eligible for an HDB loan. This also applies to private property that was inherited, or given as a gift.
3. Not every type of income is considered when determining your loan amount
Note that certain types of income won’t help you to secure an HDB loan.
4. The age of the flat you’re buying affects your CPF use
If the remaining lease on the flat is 29 years or under, you cannot use your CPF money to buy it.
5. The interest rate for HDB loans is not really “fixed all the way”
HDB loans are loosely referred to as being fixed, because they have not changed for a long time. However, it is not true that your HDB loan interest rate “cannot” change.
6. You may be allowed to defer the income assessment
Still in NS right now? Check if you’re able to defer your income assessment
7. If you’re self-employed and don’t get payslips, make sure you accurately declare your income to IRAS; otherwise you can’t get a loan
Say you run a cash business of your own (e.g. you are paid in cash to give cooking classes, tutor students, or do odd jobs). Chances are, you don’t really have regular payslips from your client.
8. It’s not just the TDSR, there’s the MSR too
The Mortgage Servicing Ratio (MSR) restricts your home loan repayment to just 30 per cent of your monthly income. Note that this is different from the Total Debt Servicing Ratio (TDSR).