Well. As might be expected, we chose the resale route, and have been viewing a few hdbs around the estates we're interested in.
Here is some info on resale flats that we've gathered so far
HLE (Housing Loan Eligibility): The HLE is something that first time buyers who are eligible for the HDB grant apply for before they make an offer to buy a flat on the resale market. As I understand it from the agents, you need it before you put an offer down on a flat, as it gives the sellers more surety that you will be able to fund the purchase. The HLE will also tell you what the maximum amount of loan you & your partner will be granted from HDB. This comes in handy when deciding what type of flat you will be able to affort. You can click here to get a gauge on out what your maximum loan amount will be.
Application for the HLE is free, and lasts for 3 months. You can appply for it at the hdb website link here. It takes about 2 weeks to get your HLE approval.
HDB Grants:
There is actually a good amount of grants that come from HDB for first time hdb buyers who choose buy resale flats. There is the basic $30k for all first time buyers, an extra $10k if you live near your parents (within the same estate or within 2km if your parents live in private property) and an extra $20k if you live with your parents. Once you have bought your home, the grant money will be transferred to your CPF. You can then use the money to offset the purchase price of your home. Excellent aye??
Garmen give money, definitely must find out how much you can take. So please make sure you go through the link attached above & know how much your 'present' is going to be!
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