Conditions when taking an extra HDB property financing

If you need funding to buy and take more ownership out of a condo, you can also make an application for a property mortgage of HDB or you to definitely in the financial institutions. See the key terms and you will factors on more loan choice before deciding.

Eligibility requirements

It is possible to complete the questionnaire to own a primary comparison from the qualifications with the acquisition of another otherwise resale flat, construction give(s), and you can an HDB housing mortgage.

• Have not previously removed two or more construction loans regarding HDB
• Have taken step 1 housing financing out of HDB while the last owned property is maybe not a location otherwise overseas private house (relate to information about personal property control)

• Seniors old 55 and you may a lot more than: you aren’t making an application for an initial-lease dos-space Flexi flat otherwise Society Proper care Flat
• Singles: you are no less than thirty five years old and buying certainly one of the next:
• 2-room Flexi apartment with the 99 seasons-rent regarding HDB inside low-mature estates; otherwise
• 5-room or smaller resale apartment

# A significant occupier is a member of family who has enabled the fresh new applicant(s) to be considered to invest in a condo. They do not have control of one’s flat and should will always be from the flat software, as well as in the minimal industry months (MOP) after the apartment buy.

• $14,one hundred thousand having household
• $21,100 for extended family (consider the guide to get more information)
• $7,100 having singles buying within the Unmarried Singapore Citizen (SSC) Design

^ Private attributes become but are not limited to households, buildings, house, Administrator Condominium (EC) systems and you can privatised HUDC flats. You have got received an interest in property using purchase otherwise if it is:

The loan count depends on the fresh extent the remainder rent can safeguards the youngest client to your period of 95 and you may more than.

Use the commission plan calculator to find out the latest money necessary during the some milestones to find a different or selling apartment, and look that you have enough budget just before investing a good apartment get.

* The brand new LTV maximum is the restriction amount of construction financing an apartment customer takes right up, shown as a share of one’s all the way down of your own flat speed and cost of one’s flat.

Apartment buyers who have reserved an alternative flat otherwise filed an excellent resale app will be presented which have a custom economic plan, that may include the relevant LTV maximum on area out-of apartment app (if they are taking an HDB casing loan), and the costs needed on individuals goals of their flat get.

Plus appointment these qualification conditions, your next HDB homes loan amount could well be reduced by full CPF reimburse and you may area of the bucks arises from brand new disposal* of one’s established or last-possessed HDB flat. That it promotes economic prudence and you will prevents more than-credit.

* The way off discretion from a condo is sold with the new sale, transfer otherwise give up of a condo, or because of the any other means within the Homes and Invention Act or any other written laws.

You and more occupier need to use up to fifty% of bucks arises from the fresh new convenience of your history-owned HDB flat.

Casing Financing out of HDB

You can even retain as much as $20,100 in your CPF Normal Account (OA) and employ the remaining balance in your OA to order the new flat.

It will cost industrial interest rate (labelled short term loans with bad credit Meriden towards mediocre low-advertising and marketing interest to have HDB flats given by the 3 regional FIs + ) for the houses mortgage to order the second flat.

The interest rate was changed into the fresh concessionary rate just after you have discarded current flat, and used the CPF refund and up so you’re able to fifty% of your own dollars proceeds from this new disposal to attenuate the newest homes amount borrowed for the next flat. Regarding the CPF monies refunded, you may maintain to $20,100000 on your own CPF OA.