The Terrace EC – Punggol Drive EC / Edgedale Plains by Peak Square

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3rd Housing Loan | The Terrace EC

New Loan for 3rd time possible only under exceptional circumstances, says HDB
Singaporeans can only get a 3rd housing loan under exception circumstances, said the minister for National Development, Mr. Khaw Boon Wan in a written response to a request from parliament.

The Terrace EC Housing Loan

If however you are approved The Terrace EC it will be at a higher interest rate tied to current market rates for The Terrace EC which are higher that the HDB’s normal rates.

“”{A loan for a 3rd mortgage is usually for those who have shown a need for housing and due to poor credit records are unable to secure a bank loan even if they have a steady income,”” Khaw added.

The Terrace EC Punggol

However, the HDB may still offer a third mortgage for with a higher interest rate for homebuyers undergoing genuine hardship, if the case warrants it.

When asked why there was a higher interest rate on the third mortgage, he explained that it was to discourage churning in the market in resale Flats.

Normally, the HDB only grants concessionary rate loans to qualified homebuyers at below market interest rates for the long term for The Terrace EC.

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