What type of housing loan should I get ?
If you intend to purchase a HDB flat, you have two choices regarding the financing- you can either opt for a HDB loan or go for bank home loans. There are pros and cons for each, and you should make your decision strictly based on your own financial status and needs.
Let’s discuss the features of these 2 types of housing loans.
Being a citizen of Singapore is the first and foremost criterion for availing a HDB loan. If you are applying for the loan as a group, at least one buyer should be a citizen of Singapore.
The gross monthly income (GMI) comes in as another major factor. You are eligible for the loan if:
- Individual GMI is less than $6000
- GMI of family is less than $12,000
- GMI of extended family is less than $18,000
Again with respect …Read the full article →