HDB loan or bank loan?
- Thread starter snowy
- Start date
Yup! bank loan can only loan up till 80%, meaning you have to fork out the extra cash (which can be alot!) when doing the downpayment and the remaining 15% that the bank loan dont cover. aND in situation whereby the valuation of your house decrease, YOU NEED TO FORK OUT THE DIFFERENCE IN CASH TO THE BANK! (meaning when u get bank loan, ur new house is valued at $400k, a year later, it dropped to $300k, you have to topup $100k!) But for HDB loan, you dont have to.
but for what i know, hdb loan have an income capped at $8k though bto income ceiling revised to $10k. correct me if im wrong. but then again, can appeal.
but for what i know, hdb loan have an income capped at $8k though bto income ceiling revised to $10k. correct me if im wrong. but then again, can appeal.
Hm pinnpinn, if im not wrong now is only up to max 60% for bank loan? the remaining 40% have to fork out cash! Really crazy. But those combined income above 10k one really hard, have to go for bank loan although can appeal. and then bank interest rates always fluctuate, you have to keep refinancing if they raise the interest rates lol. My mum is facing that situation now haiz.
unhcounhco
New member
When he got the latest HDB 5 home toned, he was determined to lower his homes personal loan at the earliest opportunity in order to be free of debt. Droped straight uses all the money within his savings account to the. The fact is that, ... The vast majority of his earnings was adopted to services his car and truck loans, education loan, usecured bank loans and previous bank card financial products. Droped straight was required to end up with utilizing more costly a credit card to wave in .
first property is 80%, second property is 60%.but both have to be private property, because if you own a hdb you cannot own private.
Ya right, 60% is only for second property, when you had another existing housing loan, this is usually for private.
It can applied to 2nd timer EC buyer too(you need to sign agreement that you will sell your house upon getting the key, but you have to find a way to pay the developer 40% instead of 20%)
Its not true that you cannot own HDB with a private.
As long as your HDB is fully paid, you can loan 80% from bank for your private property.
However, you are only able to use your CPF if only there are at least 60K in it.
If 2 person(couple) loan together, it will be 120K untouchable amount in CPF before you can use them for your downpayment or repayment for loan.
butterscotch
New member
HDB's for me too. They tend to be more considerate.
ladygretel
New member
HDB because they are less harsh.
museatheart
New member
HDB loans are much more lenient.
goldengirl
New member
We signed p for a bank loan for the house.
kathpierce
New member
HDB loan because you can still negotiate and talk to them.
wintermusings
New member
what are the pros and cons of each?