Private bank loan

talberry

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Hi all,

Anyone got a private bank loan when buying a new BTO/SBF?

I am thinking of getting a private bank loan, but when I asked the bank they said they can't give me a letter until I confirm got my flat.

So just wondering how that would work.. Because for HDB loan, I know you need a HLE to bring for selection. But if I want to use bank loan, do I have to bring anything on selection day?

Also, I think I selected that I will use the HDB loan option when I applied for the SBF, but decided to use private bank loan. Would that matter when I go for the flat selection appointment?
 

kyteo79

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Hi all,

Anyone got a private bank loan when buying a new BTO/SBF?

I am thinking of getting a private bank loan, but when I asked the bank they said they can't give me a letter until I confirm got my flat.

So just wondering how that would work.. Because for HDB loan, I know you need a HLE to bring for selection. But if I want to use bank loan, do I have to bring anything on selection day?

Also, I think I selected that I will use the HDB loan option when I applied for the SBF, but decided to use private bank loan. Would that matter when I go for the flat selection appointment?

pm Mortagesingapore

He can help you ... no need to run all the banks.
 

Pokémon

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I am thinking of getting a private bank loan, but when I asked the bank they said they can't give me a letter until I confirm got my flat.

What you need is an Approval in Principle (AIP), not a Letter of Offer for the flat selection. More info about it can be found here.

Either you demanded for the wrong thing, or the person you spoke to is not experienced enough.

You can do a quick check on your affordability of the bank loan for HDB purchase from here or just Google for any other banks you prefer, though not all provides the calculator, but they are more or less close.

You cannot show this to HDB however, and must obtain the AIP from the bank.
 

theblueark

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Hi all,

Anyone got a private bank loan when buying a new BTO/SBF?

I am thinking of getting a private bank loan, but when I asked the bank they said they can't give me a letter until I confirm got my flat.

So just wondering how that would work.. Because for HDB loan, I know you need a HLE to bring for selection. But if I want to use bank loan, do I have to bring anything on selection day?

Also, I think I selected that I will use the HDB loan option when I applied for the SBF, but decided to use private bank loan. Would that matter when I go for the flat selection appointment?

Ask the bank for an Approval In Principal (AIP) or sometimes called In-Principal Approval (IPA).
 

talberry

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I see.. thanks guys.

So that means once I get it from the bank, they will issue me with a letter of some sort stating my loan amount, which I will need to bring to my selection appointment?

How long would this process usually take?
 

busybody1

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I see.. thanks guys.

So that means once I get it from the bank, they will issue me with a letter of some sort stating my loan amount, which I will need to bring to my selection appointment?

How long would this process usually take?
Mine took about 3days..i took loan from OCBC, other banks very stingy
 

Pokémon

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So that means once I get it from the bank, they will issue me with a letter of some sort stating my loan amount, which I will need to bring to my selection appointment?

You must let the bank know you need the AIP for HDB purchase. The last time when I had one done for private property purchase, I received via email only.

I am not sure if they will formally provide any letter for you to show it to HDB. Yes, the maximum loan amount you will be eligible for will be shown. The AIP is valid for 30 days only.
 

MortgageSingapore

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IPA process is almost similar as getting a loan straight, except that it is not official as you did not provide OTP.
When a bank grant you a OTP, it's usually just in verbal or email. Nothing is official but it's almost 100%.
 
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