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HDB's Considerations for Housing Loan Applications and Loan Quantums

Hansard, Wednesday, 3 April 2024

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Since May 2023, flat buyers are required to apply for an HDB Flat Eligibility (HFE) letter, which provides a holistic understanding and assessment of their housing and financing options before they commence their home-buying journey. The HFE letter informs flat buyers upfront of their eligibility for a new or resale flat purchase, CPF housing grants and HDB housing loan, including the respective grant and loan amounts. Previously, some applicants may have applied for a BTO flat during HDB's sales exercise, only to find out later that they were not eligible for a loan to buy an HDB flat. In addition, as housing grant eligibility was previously assessed after flat booking, some applicants may also have had to abort their applications, after finding out that they would not have sufficient grants to support their purchase. The HFE letter thus offers upfront clarity to flat applicants on the amount of loan and grants that they are eligible for, so that they can work out their housing budget and plan their flat purchase accordingly. It also makes it more convenient for them by not requiring the submission of documents at multiple stages of the flat application process.

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