Hdb Loan Vs Bank Loan (new Rule Sep 2010)

[Warrior88 0]

Rules change 2 times in a year.

Seller Stamp Duty (SSD) from 1 year to 3 years

MOP from 3 years to 5 years

New ruling don't affect 2nd timer whose loans granted by HDB for HDB flats (including DBSS flats)

LTV still cap at 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan.

Now, those who opt for bank loan in order to avoid the (50% of the cash proceeds) may have to do their sums again if their cash proceeds is not signicant. And revert to HDB loan.

[bepgof 20]

Rules change 2 times in a year.

Seller Stamp Duty (SSD) from 1 year to 3 years

MOP from 3 years to 5 years

New ruling don't affect 2nd timer whose loans granted by HDB for HDB flats (including DBSS flats)

LTV still cap at 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan.

Now, those who opt for bank loan in order to avoid the (50% of the cash proceeds) may have to do their sums again if their cash proceeds is not signicant. And revert to HDB loan.

Ah kong wants to have a bite on the pie by changing the rule.

Edited September 6, 2010 by bepgof