What Do You Need To Qualify For A Personal Loan – Whether you are applying for a new HDB flat or buying one on the resale market, you will most likely need an HDB Loan Eligibility Letter (HLE).
As an HLE letter is required in many situations when applying for an apartment, below is a brief explanation of what it is, when you should apply, what you need to provide when applying and how to apply for an apartment.
What Do You Need To Qualify For A Personal Loan
The HLE letter is essentially the same as an in-principle approval for a bank loan, except that it applies to HDBs. This indicates that you qualify for an affordable HDB home loan based on the information you have provided. HLE will tell you the maximum loan amount you can take out, the monthly payments and the repayment period.
Your HLE letter is valid for six months from the date of issue, unless there is a significant change in your or your family’s financial situation. If necessary, you can request a new HLE letter one week before the existing HLE expires.
After receiving the letter, it is not necessary to take a loan. You can get the HLE letter in advance if you want to receive it if needed.
The HLE letter will also help you understand the details of the HDB housing concessional loan, as the letter indicates the maximum loan amount you can take out and your projected monthly repayment plan. This can help you plan ahead and avoid the stress of buying a condo that you may struggle to pay for in the decades to come.
To pre-assess your home finance and budget before applying for the HLE letter, HDB has a budget calculator.
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The size and approval of your HDB loan mainly depends on your ability to service it sustainably. Your employment status is therefore a key consideration in your application.
If the above does not apply to you (ie you are employed but not receiving CPF contributions), you can refer to the HDB website for more information.
All HLE letter applications require you to use HDB e-Service after logging in with SingPass. All necessary supporting documents should also be uploaded here.
Your HLE letter submission will be processed within 14 days of submitting a complete application with all required documents. You can check the status of your application by logging into the HDB website.
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If you have general questions about HLE applications, you can call HDB Sales/Resale Customer Service on 1800 866 3066 on weekdays between 8am and 5pm.
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But it’s not that simple as singles have at least two different HDB schemes (Single Singapore Citizen Scheme and Joint Singles Scheme) and at least three main types of HDB flats (HDB BTO, Resale Flats and Executive Flats) to choose from choose
To help you make these decisions, this article will look at the options for buying a detached HDB flat.
(By the way, you can’t buy an HDB flat if you’re under 35 – unless you’re an orphan, widow or single parent. You can, however, buy a private house or an EC resale.)
Of the two HDB schemes for singles, the Single Singapore Citizen Scheme (SSCS) is the simpler of the two options. Under the SSCS, you are the sole owner of an HDB flat.
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You must be a Singapore citizen, at least 35 years old and either single or divorced. If you are a widow, orphan or single parent, you can apply for this scheme from the age of 21. Depending on the type of apartment purchased, there may be other eligibility conditions.
No matter what type of flat you are buying, BTO or resale, don’t worry: CPF housing grants are also available for singles. You can get up to $40,000 (BTO) or $80,000 (resale) subsidies for your HDB flat (about half the cost for couples/families).
If it sounds lonely, the Joint Singles Scheme (JSS) is an alternative. Up to 4 single Singaporeans who are at least 35 years old, such as unmarried couples or best friends, can apply for an apartment together.
Apart from BTO and HDB flat resale opportunities, applying under JSS also opens up the coveted Executive Condominium (EC) unit, which you can read more about below.
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If you are applying for a JSS flat, you will also need to decide whether you are registering your name as a joint tenancy or joint tenancy. Read more about what to consider when buying a home with someone other than your common-law spouse here.
BTO, Resale Flat or EC – Which one to choose? It can all depend on your eligibility and the flexibility you need. We have summarized the differences in this table:
Singles looking to buy a HDB BTO flat (or sell a balanced flat) are limited to 2-room flats in immature properties, whether applying with SSCS or JSS.
So what are HDB 2 bedroom flexi flats? Quite comfortable, to begin with. At the time of the BTO launch in February 2020, they were approximately 38 sq m and 48 m2. That’s about half the size of a 4-room apartment (93 square meters) or about a third of a school basketball court.
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Each 2-bedroom apartment has a main living area, a bedroom, as well as a kitchen and bathroom – think of it as a studio.
Wondering who your neighbors could be? 2-room HDB flats are usually occupied by elderly people (as well as some singles), so the atmosphere will be a bit different from 4- or 5-room HDB flats, which are more families with children.
The two are only eligible to buy new flats in immature estates such as Sengkang, Punggol, Sembawang, Woodlands, Choa Chu Kang and Tengah (at the time of writing).
As mentioned, singles will face certain restrictions when choosing to sell an HDB BTO or flat balance, including:
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However, the best thing about flexible 2-room HDB flats is the price – they start at around $100,000
Yes! Your HDB resale flat can be any size and any location – you’re really only limited by what you can afford.
While HDB resale flats may be larger and in more attractive locations, they may also cost a bit more than 2-room Flexi BTO flats. For example, a quick search for 3-bedroom flats in Bedok North Street 1 (near Bedok MRT station) on HDB’s fixed-price resale portal shows that they range from about $300,000 to $350,000 before grants.
You will also need to budget for the renovation work – usually the older the apartment, the larger and more expensive the renovation.
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Despite the cost, reselling HDB flats is a popular choice among singles who earn better because of the more relaxed rules.
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