Asked by Anonymous
Asked on 22 May 2018
As a general rule, the lesser the combined income, the lower the loan amount. But the amount of grants will be higher.
Always try to take HDB loan first because BTO will take 3-5 years to build and you do not want to pay too much downpayment. (For that 3-5 years, lower downpayment means more money sitting inside your bank earning interests)
When you are getting your keys, then you can decide if you want to switch to bank loan.
Visit http://www.hdb.gov.sg/cs/Satellite?c=Page&cid=1383799095846&pagename=InfoWEB%2FPage%2FArticleDetailPage&rendermode=preview and do the survey for eligblity.
This survey will let you know how much you can loan from HDB. (HLE letter)
Take note that applying BTO when your partner is not working will give you extra grants benefits. (AHG/SHG)
*If you are eligible for 'Staggered Downpayment Scheme' (SDS) and booked a flat under construction, the downpayment will be 5% at the time of signing Agreement for Lease and the balance 5% will be collected at the time of keys collection.
Not much info in the question so I also cannot give any figures. All I can say is that the loan amount will depend on the combined income. So, even if one is not working, then your combined income will be lesser, means lesser loan amount or see it the other way, you both will get more housing subsidies.