Application For HDB Loan Eligibility(HLE)

https://services2.hdb.gov.sg/webapp/BP27LEASHLE/BP27Main/BP27PApp.jsp


Before submitting your application for the HDB Loan Eligibility, please ensure that you have read the information on conditions for an HDB loan and the income guidelines for proof of income.All information provided under this Facility is for general information only and does not constitute an approval by HDB for the purchase or acquistion of an HDB flat/any interest in an HDB flat or to grant a housing loan at concessionary interest rate. If you wish to purchase or acquire an HDB flat/any interest in an HDB flat with a housing loan from HDB, you must submit the relevant applications to HDB for approval.
CONDITIONS ARE BELOW:-

TERMS AND CONDITIONS OF HDB HOUSING LOAN
The terms and conditions stated here are in addition to the Terms and Conditions for purchase / transfer of any HDB flat and to any other terms and conditions that may be imposed by HDB in respect of the housing loan. All information provided is subject to HDB's prevailing terms, policies, practices, rules and regulations in force from time to time.
1.
HOUSING LOAN
HDB will provide housing loans to buyers / transferees of HDB / DBSS flats who are able to meet HDB's housing loan criteria.
2.
ELIGIBILITY CONDITIONS FOR AN HDB LOAN
Since 1 January 2003, HDB only provides housing loans at concessionary interest rate. Flat buyers / transferees who are not eligible for an HDB concessionary loan, are required to take a loan from a bank / financial institution that is licensed by the Monetary Authority of Singapore to provide housing loans.
Flat buyers / transferees can apply for an HDB concessionary loan if they and the essential occupiers (if any):
(a) have at least one buyer / transferee who is a Singapore citizen;
(b) have a monthly household income not exceeding $8,000;
(c) have not previously taken two or more HDB concessionary interest rate loans;
(d) *have previously taken one HDB concessionary interest rate loan and one housing subsidy and are buying a bigger flat type than their current flat or the flat last owned (if they currently do not own an HDB flat);
(e) *have previously taken one HDB concessionary interest rate loan and one housing subsidy and the residential property last disposed off is not a private property;
(f) do not own any private residential property (including an HUDC flat / Executive Condominium) in Singapore or overseas;
(g) have not disposed off any private residential property within 30 months before the date of application for HDB Loan Eligibility (HLE);
(h) do not own more than one market / hawker stalls or commercial / industrial property in Singapore or overseas;
(i) own one market / hawker stall or commercial / industrial property and operate the business themselves.
(j) are buying / taking over a 5 room or smaller resale flat under the Single Singapore Citizen (SSC) Scheme with a gross monthly income of less than $3,000.
*Not applicable for Transfer of Flat OwnerShip.
3.
CREDIT ASSESSMENT
The amount of housing loan that can be granted will depend on the buyers' / transferees' age and monthly income. If you are buying an uncompleted flat directly from HDB, your loan eligibility may be subject to reassessment at the time of flat completion before the loan is disbursed.
Maximum Loan Quantum
The maximum loan amount that may be granted depends on:-
(a) maximum repayment period;
The maximum loan repayment period is 65 years minus the buyer's / transferee's age or 30 years, whichever is shorter.
(b) applicable interest rate;
Computation of the maximum loan will be based on the prevailing interest rate which may be revised from time to time. The interest on the HDB loan will be computed on a monthly rest basis or such other basis as the HDB may decide.
(c) monthly instalments; and
This is capped at 40% of the gross monthly income.
(d) loan ceiling.
The loan that can be granted for the purchase of an HDB flat is subject to:
Sales Type
Loan Ceiling
Direct purchase flats
90% of the purchase price
Resale flats
90% of the resale price or 90% of the market value, whichever is lower
4.
VALUATION REPORT FOR PURCHASE OF RESALE FLATS
Buyers of resale flats who wish to obtain a housing loan from HDB or to use their CPF monies for the purchase must obtain a valid valuation report on the resale flat. The Valuation Report must be obtained from HDB's panel of approved valuers through HDB and submitted together with the resale application.
5.
USE OF ALL CPF SAVINGS BEFORE GRANTING OF LOAN
Buyers / Transferees must use all the available savings in their CPF Ordinary Accounts [after reserving an amount required for payment of stamp, registration and conveyancing fees and CPF Home Protection Insurance Premium (if applicable)] for the purchase / transfer of the flat before any housing loan is granted by HDB.
6.
RESTRICTION ON APPLICATION FOR ANOTHER HDB LOAN
Upon taking a housing loan from HDB, the applicants/occupiers whose incomes are used in the credit assessment will not be allowed, for a period of 30 months from the effective date of sale / date of transfer of flat, to obtain another housing loan from HDB.
7.
REPAYMENT OF THE HOUSING LOAN
(a) Buyers / Transferees may use their CPF savings and / or cash to service the monthly instalments of the housing loan.
(b) The monthly instalment is payable on the first day of each month. If the instalment is not paid within the month, a late payment charge will be imposed based on the outstanding instalment as at end of the month. Any payment received by HDB will first be used to settle the outstanding late payment charges. Any balance will then be applied towards the payment of the other outstanding charges.
(c) Buyers / Transferees paying the monthly loan instalments partially or fully by cash, must pay them through GIRO.
8.
USE OF GIRO
If the buyers' / transferees' CPF monies are not enough to pay the monthly loan instalments, the buyers will have to submit a GIRO application before a housing loan is granted by HDB. The GIRO application must be submitted within the time frame specified by HDB. If this form is not duly submitted, HDB has the right to withdraw the housing loan. In this respect, HDB shall not be liable for any delay and/or losses in the purchase transaction in the event that the buyers have to find alternative financing.
9.
PROGRESS PAYMENT [APPLICABLE FOR FLATS SOLD UNDER THE DESIGN, BUILD AND SELL SCHEME (DBSS)]
Where the developer offers progress payment to buyers, the HDB loan will be disbursed progressively to meet the progress payments during the construction period. Buyers will commence payment of their monthly instalments once the HDB loan is disbursed under the Gradual Repayment Plan i.e. the instalments will be calculated based on the amount of loan disbursed over the outstanding loan duration. The instalment amount will comprise both interest and principal.
Existing flat owners with a mortgage loan will have to continue to service their existing loan while making payments for the new loan for a DBSS flat once the loan has been disbursed.
10.
PARTIAL CAPITAL REPAYMENT AND REDEMPTION OF LOAN
Buyers / Transferees can fully redeem or make a partial capital repayment of the loan by giving one month's prior written notice to HDB. For redemption after complete disbursement of loan, the buyers / transferees should pay the whole of the Principal sum then outstanding and all other monies due including interest up to the date of payment. Each partial capital repayment of the loan shall not be less than $500.
11.
MORTGAGE FIRE INSURANCE
If the buyers / transferees obtain a housing loan from the HDB, they must insure the flat at all times with a fire insurance from HDB's appointed insurer, covering the flat for a sum not less than the amount determined by HDB. If the flat is under construction, the buyers must insure the flat upon taking possession of the flat or the completion date of the sale transaction, whichever is earlier.
HDB has the right to cancel or recall the housing loan if the buyers / transferees do not have a valid Fire Insurance on the flat for the duration of the housing loan. The buyers / transferees must renew the fire insurance if it expires before the HDB loan is fully repaid.
12.
APPLICATION AND APPROVAL FOR LOAN
The approval of the loan is at HDB's sole discretion and is subject to HDB's prevailing policies, practices, rules and regulations and to such terms and conditions as may be imposed by HDB from time to time.
HDB may cancel or revoke the approval for the loan, recall the loan and/or take such action as HDB deems necessary if:
(a) the buyers / transferees are ineligible for the loan;
(b) the buyers / transferees give any information which is untrue or incorrect for the purpose of obtaining a loan; or
(c) there are any changes in income, family nucleus or any other circumstances which may affect the buyers' / transferees' eligibility for a loan.

callRatethisEsvc("E010048");

INCOME GUIDELINE
Income Guidelines for Credit Assessment
Self-employed(Persons who operate a business or are not employed by a company)
Proof of incomeEITHER- Valid ACRA+ Computer Information (Business Profile) / Valid licence of business/trade; and- Latest Notice of Assessment from IRASOR - Valid ACRA+ Computer Information (Business Profile) / Valid licence of business/trade; and- Certified Annual Statement of Accounts from an audit firm
Employed Persons
Proof of income(excluding overtime and shift allowances and transport claims/reimbursements/expenses)
For applicants:-- Latest 3 months payslips OR - Recent letter from employer certifying job designation, commencement date and income for the last 3 months.AND- Past 15 months' CPF contribution history
For occupiers:-- Latest 1 month payslip OR - Recent letter from employer certifying job designation, commencement date and latest month’s income.NOTE:Bonuses will not form part of the assessment and will need to be excluded.
Commission-Based Persons e.g. Sales personnel, insurance agent
Proof of income (excluding overtime and shift allowances and transport claims/reimbursements/expenses)
For applicants:-- Latest 12 months commission statements/payslips OR- Recent letter from employer certifying job designation, commencement date and commissions/salaries for the last 12 months.AND- Past 15 months' CPF contribution historyNOTE:Monthly fixed income components (if any) may be included as part of the assessment.
For occupiers:-- Latest 1 month commission statement/payslip OR- Recent letter from employer certifying job designation, commencement date and latest month’s commission/salary.
Regular Part-time Workers
Proof of income(excluding overtime and shift allowances and transport claims/reimbursements/expenses)
For applicants:-- Latest 12 months payslips OR- Recent letter from employer certifying job designation, commencement date and income for the last 12 months.AND- Past 15 months' CPF contribution history
For occupiers:-- Latest 1 month payslip OR - Recent letter from employer certifying job designation, commencement date and latest month’s income.
Odd Job Workers
Proof of income(excluding overtime and shift allowances and transport claims/reimbursements/expenses)
For applicants:-- Latest Notice of Assessment from IRAS OR- Recent letter from employer certifying job designation, commencement date and salaries for the last 12 months.AND- Past 15 months' CPF contribution history
For occupiers:-- Latest Notice of Assessment from IRAS OR - Recent letter from employer certifying job designation, commencement date and latest month’s salary.
Pensioner
Proof of income- Payslip/Letter from previous employer stating the monthly pension received.
Unemployed
Proof of Unemployment- Statutory Declaration* to declare the employment statusOR- Valid Student PassNOTE: Applicable to applicants and occupiers between 18 to 62 years old and currently unemployed
Income / Allowance NOT considered for credit assessment e.g.- Alimony allowance (divorced cases)- Bonuses- Dividend - Director fees- Interest from deposit/savings account- National Service- Overtime- Rental income Note:+ Accounting & Corporate Regulatory Authority (ACRA)*Statutory Declaration can be executed at Loans Counter or any HDB Branch Office. Declarants are required to bring along their Identity Cards to execute Statutory Declaration.For proof of income, note that all letters from employer must have company letterhead/stamp, name, signature and designation of certifying officer.