| | | |  | | | HDB flats in Bishan - URA Photo | | | | | | | SINGAPORE : From next year, flat buyers who want to get an HDB loan for a new or resale flat will need to apply for an HDB Loan Eligibility Letter.
The letter will indicate the maximum loan amount the buyer is eligible for, and the repayment period and monthly instalments to service the loan.
Right now, new flat buyers are only informed of their loan amount after the keys are ready for collection, and resale flat buyers are informed at the first resale appointment.
With the new rules, buyers will need the letter before they submit their application to be granted an HDB mortgage loan to purchase a flat.
HDB says the move is to inculcate financial prudence in HDB flat buyers.
Those who do not require any home loan to buy the HDB flat will have to produce documentary proof.
Those buying HDB flats with bank loans will have to obtain a Letter of Offer from the Bank.
For further enquiries, the public can contact HDB at any of its Branch Offices or call 1800 8663066 or 1800 2255432. - CNA/ms
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