Potential owners can take up the loan from either HDB directly, or from FIs who offer housing loan facilities. Each option has its own policies. For purchasers who are taking a loan directly from HDB, the salient points are as follows: |
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1) The purchase price can be fully paid by CPF funds, less the initial option deposit. |
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2) HDB’s current concessionary interest rate (also known as subsidized rate) is at 2.6%. However, it is subject to HDB varying the rate from time to time. It is good to know that HDB does not vary their interest rates as rapidly as the FIs. |
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3) The downside however, is that each illegible person can only utilize this benefit 2 times in his or her lifetime, be it for a direct purchase from HDB or from the secondary market.
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**FIs have their own credit assessment guidelines which may not conform to that of HDB.