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Home loans can prove to be extremely beneficial for residential property buyers, seeing as they not only assist in the process of buying the dream house, but also help with saving up on taxes. However, it is crucial to choose the right home loan to suit certain needs and incomes. Buying a Housing and Development Board (HDB) flat is a financial commitment that can very well extend to a period of more than 20 years. Because of this, the HDB provides financial planning to potential buyers of HDB flats, in order to assist them in making the right choices.
In the case of buying an HDB or royal green price a DBSS (Design, Build and Sell Scheme) flat and lack of eligibility for an HDB concessionary loan, a flat buyer-to-be will need to apply for a bank loan.
A buyer is no longer eligible for an HDB loan when he/she:
Has already taken two or more HDB concessionary interest rate loans. This applies for loans taken to purchase flats both from the HDB and from the open market.