HDB bank loans are a type of loan available to Singaporeans and PRs. These loans can be used for home ownership, building a new or additional property, repairing the existing property, buying an HDB resale flat (with cash), refinancing your current housing loan at another financial institution into an HDB one with lower interest rates.

HDB is short for Housing Development Board which was created in 1960 by the Government of Singapore as part of its public housing policies after it purchased nearly all private rental buildings built during World War II from returning British forces personnel and their families who were then given resettlement grants .

The Government of Singapore still owns and operates the HDB, which is responsible for allocating land to build new Housing and Development Board (HDB) flats. The HDB also manages the repair, maintenance and upgrading of existing flats.How to acquire better hdb bank loan:

Acquiring an HDB Bank loan is similar to any other bank loan. You need to fill in the form and submit it to the bank. The loan officer will assess your application, and if approved, will give you a loan amount.

Here is the procedure:

1.Get a loan from any bank-apply for a loan from any bank and you will be rejected as you are not Singaporean/PR.

2.Fill in the application form and submit it to the HDB bank.

3.You will be asked to pay a charge of $1,000 (One thousand Singapore dollars)

4.The HDB bank will assess your application and if approved, will give you a loan amount

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5.The loan officer will send you the loan agreement and ask you to sign it

6.You have to submit an additional payment of $1,000 (One thousand Singapore dollars) for the first month’s installment for the full term of 6 years (which is 24 months). This installment is due within 15 days after signing the agreement with the loan officer. After that, no more charges are required until full repayment is made in 24 months’ time when your final installment is due at 3 months before your 6th year of service with HDB ends or at any time within 6 years after your last day of service with HDB or within 12 years after your last day of service with HDB, whichever occurs later .

7.If you do not repay in full on time , then interest accrues at the rate of 9.5% per annum on the unpaid principal amount of the loan. The interest is calculated and compounded monthly, and you are required to make full repayment within 12 months from the date of default or within 18 months from the date of default for any remaining amount due on the loan .

8.You have to pay back your bank loan at all costs

9.You have to surrender your HDB flat once you are able to pay off your bank loan with a good interest rate ( not at a low rate of interest )

That way you will be able to get a better hdb bank loan.

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