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Anonymous

05 Sep 2020

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I am interested in getting a resale flat. I am a insurance agent last year & my NOA last year is 120k. However i have already left the company and remain unemployed since apr 2020.?

How much grant will i be entitled? Or what are the ways to know exactly how much grant will i be getting?

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Duane Cheng

05 Sep 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi there,

A good start would be to find a job or any form of employment, so that you can submit an application for home loan elibility (HLE), to get a HDB loan. Based on your current situation, you would definitely not be eligible for a HDB loan, as you are unemployed, and have no source of income currently. If you have not contributed to your CPF, it will also be hard for yourself to service a mortgage in absence of income.

If you were to apply for a flat, one of the options would be to use a bank loan. Your NOA will definitely come into play during the application process, but based on your previous earned income, there will be almost no grants for yourself.

Hope i was able to shed some insight!

HLE Source, Eligbility Source

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