meeko

That's what my husband and I thought too! As far as i'm aware, no information has been omitted in our application for the loan. In fact, we were the first to volunteer the info that our car loan was under my husband's name, and our loan officer was quick to assure us that the bank would not take into consideration other financial commitments in the assessment of HDB loans. I'm just a little confused as to why the bank is doing their checks on employment status only now, after we've already accepted and submitted their letter of offer. what's more, the loan officer can't seem to provide any useful information whenever I ask and keeps telling me that she'd check with her credit department. Anyway, thanks for the reassurance tatlee. I'm just a little stressed out as we have alot riding on this (our lease is ending in Feb and we need a place to stay without having to deal with rent hikes!) What's worse is that the seller has also purchased a private property in view of the money coming in from the sale of their flat to us!

Hi! My hubby and I are in the process of buying a 5 room HDB resale flat. We applied for and obtained an inprinciple approval for a bank loan before we even started house hunting. When we finally decided on a unit, I double checked with the loan officer if the bank has approved our loan. The answer was a firm yes. With this assurance, we then bought the option to purchase and then waited for the letter of offer from the same bank. Within a week, the letter of offer was signed and we thus exercised the option to buy the flat. Our application has also been submitted to HDB, inclusive of the acceptance of the bank's letter of offer. However, since then the loan officer has called me a few times asking me to submit additional documents to prove my husband's income and employment. Shouldn't these due diligence and credit checks be done by the bank BEFORE they issue a letter of offer for a hdb home loan? Where do we stand legally? Any real advice or shared experiences would be greatly appreciated.