facebookWhen is your HDB BTO loan eligibility assessed? I am currently unemployed but am due to start my new job only after the application process ends in Aug. Will this affect my BTO application? - Seedly
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Anonymous

Asked on 11 Aug 2020

When is your HDB BTO loan eligibility assessed? I am currently unemployed but am due to start my new job only after the application process ends in Aug. Will this affect my BTO application?

More info: I've actually worked for a few months prior to this, but just happens that I will be unemployed for this 2 months, during the application period, while I wait for my new job. Since I have to put "unemployed" when I apply, will it affect my eligibility for both the housing and HDB loan application?

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Hi there,

Yes it will. If you currently have no source of income, your home loan will be assessed on a single income, which is your fiance/spouse.

You will need to apply for a home loan eligibility letter, prior to booking of a BTO flat. You can look here for more information if you haven't regarding your situation. There will be some implications if you have no valid source of financing, upon booking of your flat.

Hope i was able to shed some insight!

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Question Poster

12 Aug 2020

Thanks! Correct me if I'm wrong, this will affect the loan amount available during my application, but my income will be reassessed during the key collection stage right? Which means if by then I'm employed, my available loan amount will be adjusted accordingly?

Duane Cheng

Duane Cheng

12 Aug 2020

HLE will allow you to report your unemployment status, but you will need to submit your previous payslip before your unemployment, to get the HLE letter. They will do the first assessment with the HLE, following which at key collection.

Thank You!
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