Loans Singapore: Eligibility for HDB Concessionary Loan

Would-be flat owners can apply for a House and Development Board (HDB) concessionary Loans singapore if the applicant(s) or the essential occupants (if any):

  1. Have a minimum of one Singapore citizen as a buyer;

 

  1. Have an average gross monthly household income of maximum:

 

  1. S$ 10,000 for families (Not applicable for an HDB concessionary interest rate loan taken to purchase a DBSS flat. Households with a monthly income of S$ 8,000-10,000 are not eligible for HDB loans taken to buy DBSS flats. In the event that the applicants/occupants have been unemployed for less than three months, the average income will be calculated by taking into account the number of actual months they have worked);

 

  1. S$ 15,000 for extended families (In the event that the applicants/occupants have been unemployed for less than three months, the average income will be calculated by taking into account the number of actual months they have worked);

 

  1. S$ 5,000 for Singles purchasing a new two-room/five-room or smaller resale flat located in a non-mature estate under the SSC (Single Singapore Citizen) scheme. (In the event that the applicants/occupants have been unemployed for less than three months, the average income will be calculated by taking into account the number of actual months they have worked).

 

  1. Own no private residential property (including, but not restricted to Executive Condominiums and HUDC flats) in Singapore or abroad;

 

  1. Own no more than one (1) hawker/market stall or industrial/commercial property in Singapore or abroad;

 

  1. Own one (1) hawker/market stall or industrial/commercial property and manage it themselves;

 

  1. Have no history of obtaining two or more HDB loans;

 

  1. Have no history of disposing of private residential property (including, but not restricted to Executive Condominiums and HUDC flats) within the last thirty (30) months before the date of the application for the HLE (HDB Loan Eligibility), and have no history of taking any Housing and Development Board concessionary loans;

Before being able to exercise an Option to Purchase a new HDB flat or a resale flat, HDB flat owners-to-be or transferees looking to obtain an HDB concessionary interest rate loan must provide a valid HDB Loans Eligibility letter. It is important that the HLE be obtained before the date of exercising the Option to Purchase. In addition, it must still be valid at the date of exercising the Option to Purchase; otherwise, the application will not be considered.

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