Hi,
One property only can mortgage to one type of loan.
You may of course apply for both, but you have to make a decision eventually before you sign the S&P, i.e. 1st appointment.
(A) Do note the main differences of two types of loan:
(1) HDB loan:
(a) You just need to save enough of 10% in your CPF, with minimu cash for option and option exercising fee, misc etc.
(b) You can loan up to a max of 90%.
(c) If your CPF account has more than 10%, every last thousand will be wipe out before calculating the amount of final loan needed.
(d) Currently interest rate is higher than bank rate.
(2) Bank loan:
(a) Other than the option and option exercising fee, you have to ensure you have cash for 5% of the purchase.
(b) 15% can be in cash or CPF or both
(c) Max loan is 80% only.
(d) If your CPF account has more than 15%, you can decide whether to add on to reduce loan or to keep them.
(e) Current interest rate is lower than HDB rate.
(B) Bank loan has nothing to do with who you are married to.
(C) By buying HDB flat, your spouse has to dispose off the private property within 6 months upon key collection for the resale HDB.
(D) You and your spouse are not eligible to apply for BTO or SBF, since your spouse is only eligible to apply after dispose off the private property for 30 months.
(E) You are not eligible to buy resale HDB if you are under 35, and not intend to buy it with your future spouse.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
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