Hi! My hubby and I are in the process of buying a 5 room HDB resale flat. We applied for and obtained an inprinciple approval for a bank loan before we even started house hunting. When we finally decided on a unit, I double checked with the loan officer if the bank has approved our loan. The answer was a firm yes. With this assurance, we then bought the option to purchase and then waited for the letter of offer from the same bank. Within a week, the letter of offer was signed and we thus exercised the option to buy the flat. Our application has also been submitted to HDB, inclusive of the acceptance of the bank's letter of offer. However, since then the loan officer has called me a few times asking me to submit additional documents to prove my husband's income and employment. Shouldn't these due diligence and credit checks be done by the bank BEFORE they issue a letter of offer for a hdb home loan? Where do we stand legally? Any real advice or shared experiences would be greatly appreciated.
Advice Urgently Needed!
in HDB New/Resale Flats, Executive Condominiums
Posted
Hi! My hubby and I are in the process of buying a 5 room HDB resale flat. We applied for and obtained an inprinciple approval for a bank loan before we even started house hunting. When we finally decided on a unit, I double checked with the loan officer if the bank has approved our loan. The answer was a firm yes. With this assurance, we then bought the option to purchase and then waited for the letter of offer from the same bank. Within a week, the letter of offer was signed and we thus exercised the option to buy the flat. Our application has also been submitted to HDB, inclusive of the acceptance of the bank's letter of offer. However, since then the loan officer has called me a few times asking me to submit additional documents to prove my husband's income and employment. Shouldn't these due diligence and credit checks be done by the bank BEFORE they issue a letter of offer for a hdb home loan? Where do we stand legally? Any real advice or shared experiences would be greatly appreciated.