If there are no apartments selected during the SBF sales launches, they can be offered as part of the open apartment reservation. Here`s the down payment you have to pay: In terms of money, you lose a sum of 5% of the purchase price of the property – for a $300,000 property, which would translate into a non-negligible sum of $15,000! In order of the queue number, candidates will be called to an HDB agent at the Toa Payoh HDB Hub 1-2 weeks after the publication of the voting results. This HDB agent will accompany you throughout the rest of the BTO journey. Now that you probably have a BTO apartment on the horizon, it`s time to look for someone to lend you money to finance it. You must get all your loan documents to sign the lease. As a young home buyer, you can apply for an HDB home loan if your average gross monthly household income doesn`t exceed $14,000. The amount of the loan granted to you depends on several factors such as HDB`s credit check, loan limit to value, the remaining lease of the apartment, and other related HDB policies. Once your HDB home loan application is accepted, you will receive an HDB Loan Eligibility Letter (HLE) informing you of the amount of the home loan and the repayment period for which you are eligible. If you intend to take out an HDB home loan, a valid HLE letter is required when booking an apartment. Once your apartment is finished and the keys ready to be issued, the HDB will inform you to pick up your keys. At this point, you will have to pay the balance of the purchase price of the apartment.
Your home loan will be repaid and you will start repaying your home loan soon after.