Anonymous

21 Nov 2020

∙

Will bank reassess our income and allow us to borrow higher loan amount when close to BTO key collections?

We applied BTO and plan to take up bank loan.
Did some research and realise we can only get a small portion of bank loan due to low income now.
Will the bank reassess our income and allow us to borrow higher loan amount when close to key collection?

Eg. We need 75% bank loan which is 400k, but right now only can borrow 200k. Next time will they reassess and allow higher loan amount?

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Duane Cheng

21 Nov 2020

Financial Consultant at Prudential Assurance Company Singapore

Hello there,

In my personal experience, taking up a bank loan upfront for your HDB might not be an ideal situation for most. This is due to the high liquidity required, as well as the high downpayment required for your HDB BTO. As you mentioned, you both are currently drawing an income which does not meet the criteria for your loan.

While yes, bank loans do offer a lower interest rate with reference to a HDB loan, you can take up a HDB loan and switch to a bank loan after you have gained an increase in your drawn incomes. In the interim, the lower downpayment might help you to secure the flat, while you source for your funding to make up the difference of 200k.

Hope i was able to shed some insight!

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