2nd Concessionary Loan After Transfer Of Flat Ownership

[Sam Lee Poh Huat 0]

Hi people,

Recently. i was enquiring for my parents loan status and was told that there's a layoff period for a 2nd concessionary loan application (30 mths/2.5years), for new/resale, after transfer of flat ownership involving its essential occupiers.

Scenario;

Family nucleus; the applicant (single) and essential occupiers- parents

-On jan 2007, I took over loan from my bro on present flat with my essential occupiers remains the same-my parent.

-My essential occupiers and myself loan status with HDB verified as 1 time concessionary loan taken up.

So which means do i hv to wait for 2007+2.5years= Jul 2009, to buy my next bigger BTO's or resale? Was largely confused bcos HDB officer said "YES" of such layoff period during my last visit whereas another branch officer said "NO" when i happened to b at my branch office today. Wkend sale hotline not avail. So i clear my doubts here.. hehe

Hope there r some kindd n experienced souls here..

thanks in advance..

Edited July 13, 2008 by FD1976

[kiira 0]

i just check with hdb for my case last mth and was told

the same ans unless take bank loan...

[Sam Lee Poh Huat 0]

i just check with hdb for my case last mth and was told

the same ans unless take bank loan...

Kiira, Your scenario same as mine?? jus manage to find the following info fm HDB website

Restriction on application for another HDB loan

Upon obtaining a housing loan from HDB, buyers will not be allowed, within 30 months from the date of loan disbursement of the flat, to obtain another housing loan from HDB.

I wonder whats the purpose of this restriction and if it is logical esp when these days BTO's takes a min of 3 years to complete.

[kiira 0]

nope..

cos i actually wanted to surrender my current of 1 and half yrs but was told of the 30mths not able to take another loan from hdb....

their restriction always benefit them and not us wan....

[Sam Lee Poh Huat 0]

nope..

cos i actually wanted to surrender my current of 1 and half yrs but was told of the 30mths not able to take another loan from hdb....

their restriction always benefit them and not us wan....

So ur current one of 1.5 years is ur 1st flat and is a resale flat? Cos from what i understand buying new flats will hv another restriction of min 5 years occupation of it so this loan restriction shldnt b affected..

[Ideasmiths 0]

Edited for update

Edited July 15, 2008 by Ideasmiths

[kiira 0]

its my first flat bought from hdb..

due to irritating neighbours bo pian wan to surrender

but hdb barred me from second loan for 30mths and

they funny thing is i will be considered as first timer and

and not owning a flat if next time i wan to ballot house again.

so now i stuck for another 3.5yrs as bank need 5% cash upfront..............

[Sam Lee Poh Huat 0]

its my first flat bought from hdb..

due to irritating neighbours bo pian wan to surrender

but hdb barred me from second loan for 30mths and

they funny thing is i will be considered as first timer and

and not owning a flat if next time i wan to ballot house again.

so now i stuck for another 3.5yrs as bank need 5% cash upfront..............

hmmm.. its quite unique for ur case cos how u manage to sell off ur 1st flat esp when theres another ruling to stay for a min of 5 years before selling it off. So ur 1st unit from HDB is a repurchase unit? and for ur bank loan is it on ur present new/resale flat?

kiira.. hv u ever thought or r u allow to refinance back to HDB loan after ur 3.5 years of ur bank loan on the same flat???

Btw, any one got any idea whether are we allow to do so? any one??

thanks in advance..

Edited July 16, 2008 by FD1976

[tweetie76 0]

hmmm.. its quite unique for ur case cos how u manage to sell off ur 1st flat esp when theres another ruling to stay for a min of 5 years before selling it off. So ur 1st unit from HDB is a repurchase unit? and for ur bank loan is it on ur present new/resale flat?

kiira.. hv u ever thought or r u allow to refinance back to HDB loan after ur 3.5 years of ur bank loan on the same flat???

Btw, any one got any idea whether are we allow to do so? any one??

thanks in advance..

Just curious, when u transfer ownership, do you need to pay any stamp duty fee? how much is the stamp duty fee ?

[Sam Lee Poh Huat 0]

Just curious, when u transfer ownership, do you need to pay any stamp duty fee? how much is the stamp duty fee ?

Yes stamp fees r required.. guess the percentage n other charges r the same as it is a new loan application to HDB..