bank loan for hdb

[newbie91]

Anyone clear about the general bank loan?
1)For BTO flat, will the bank approve and give me a loan for the 20% deposit?
2)Can i change the bank loan to a hdb loan after some years? If not, can i change it if i sell and buy another property?

Thank you very much

 

[denial86]

Hi, not sure I'm reading this right.

The norm for getting bank loan instead of HDB loan is to pay your 20% deposit with 5% cash and 15% from CPF if you have enough and the bank loans you 80% (if eligible).

Are you asking if the bank (or another bank different from the one that just gave you the 80% loan) will loan you even the 20% deposit? There is no such thing as a 100% loan. The second bank will have to be made aware of your loans already taken (I believe they will ask, not sure how they will verify though) and will not agree to let you have the loan.

As to your second question, I believe that once you have gone with a bank loan, HDB will not allow you to switch to them. You can take a HDB loan and switch to a bank loan though.

Someone correct me if I'm wrong, thanks.

 

[VictorvonDoom]

Hi, not sure I'm reading this right.

The norm for getting bank loan instead of HDB loan is to pay your 20% deposit with 5% cash and 15% from CPF if you have enough and the bank loans you 80% (if eligible).

Are you asking if the bank (or another bank different from the one that just gave you the 80% loan) will loan you even the 20% deposit? There is no such thing as a 100% loan. The second bank will have to be made aware of your loans already taken (I believe they will ask, not sure how they will verify though) and will not agree to let you have the loan.

As to your second question, I believe that once you have gone with a bank loan, HDB will not allow you to switch to them. You can take a HDB loan and switch to a bank loan though.

Someone correct me if I'm wrong, thanks.

You're right. The bank may give you a bridging load to cover the cash requirement but it will be at a personal loan rate.

 

[newbie91]

Thank you very much. Just another question. What will happen if i sell my flat away, and buy a new house? Will I be allowed to pay the bank back in full and take a hdb loan then? And what are the normal fees involved in this.