28 Jul '14, 2pm
This might be useful for you: A summary of the various financing options available for first-time flat buyers
However, a word of caution to the couple and readers is that the HDB Loan Eligibility Letter (HLE) will only give an indication of the loan one is eligible for. The final net loan amount will depend on HDB’s prevailing requirements governing the granting of loans, such as a loan ceiling of 90 percent of selling price or value of the flat (whichever is lower), and the minimum amount of gross household income to support the monthly loan instalment. The couple should also try to shop around for less costly mortgage financing options currently being offered in the market. As of 1 Jul 2014, the HDB concessionary loan rate stood at 2.6 percent. However, buyers can also explore the mortgage packages offered by financial institutions. It is advisable that buyers seek mortgage specialists’ opinions before proceeding to sign the option for flat purchases.