A dedicated mother, eager to secure a home for her 35-year-old single son with low income, decides to purchase a 3-room HDB resale flat for him using fully cash
Questions and Answers:
1. Does the buyer still need to go through HFE even if paid in full by the mother?
- Answer: Yes. HFE (Housing Loan Eligibility) is required, serving as a combined assessment of Intent to Buy and HLE (HDB Loan Eligibility).
2. What does HFE entail for the buyer?
- Answer: HFE determines eligibility to buy HDB, grants entitlement, and loan eligibility. It provides crucial insights into the financial aspects of the purchase.
3. How long does the HFE process take, and can it be expedited?
- Answer: The standard processing time is 21 working days, but practical experiences suggest it could extend up to 2 months. To expedite, one can call HDB, explaining the absence of the need for a loan and seeking prompt approval.
Educational Insights: Understanding the HFE process is vital for anyone aiming to purchase an HDB flat, even if the funds come from a family member. It not only assesses eligibility but also reveals potential grants and loan amounts.
Call to Action: Embarking on your HDB journey? Learn the intricacies with us. Contact today for personalized assistance and a smooth home-buying experience. Your dream home awaits!