How Much Loan Can You Get For Your HDB level? HDB smooth soon. Why was the loan eligibility so low? Being truly a self employed, it could be harder to prove the income that you receive thus affecting your loan eligibility. We’ll discuss more on the situation and what we can do to get over it.
Before we dive deeper into the situation of the one-man shop couple who didn’t manage to secure a complete loan, let’s look at the process in trying to get financing from HDB. Before you obtain a BTO flat, you will be required to submit a HDB Loan Eligibility (HLE) Letter.
From February 2015, purchasers must produce the HDB Loan Eligibility letter when they book their flat and not at the signing of contract which is 4 a few months later. Your application for HLE has been approved Once, you can proceed to apply for your flat. Most BTO flats take 2-3 years before they may be completed which means that your 1st HLE will no longer be valid.
You’ll be required to obtain a 2nd HLE. This is actually the important stage. If you’re a one-man shop, applying for a HDB loan can become more complicated when compared with an used person. Latest 12 months’ bank statements/passbook. Where is the nagging problem? The problem will come when you cannot prove your earnings to HDB accurately. By accurately, this means are you experiencing prove of your income and that you have the means to afford …