November 2017 SBF

[zidmosby]

Appreciate your reply and sharing. I’m hesitated whether to take grant. Some said is free money.

It is definitely not free money. Gahmen will never be so kind They give you say 50k, you pay back 75k with interest. It does not go to hdb but it goes back to your cpf. But not sure what happens if you sell house and don't have enough cash to pay back. The other alternative is technically free money to you if you do not sell house at all I guess?

 

[zidmosby]

Mine is with HSBC. We borrowed 285K for current house. They will deduct from CPF OA. At first only deduct $900 every month, then slowly increase to now $1050 every month. I didn't monitor my account closely. When they don't have enough to deduct from my CPF to cover the interest, they will deduct from my saving account (HSBC) then slowly my saving account become 0. I was so shocked. Cos mine is a 3 years lock period. After 3 years, it will be certain % plus market interest rate. I have never taken HDB loan before. If not wrong is 2.6% right? I fine taking loan with HDB is more stable.

I am ok with CPF deduction either HDB or bank. Just not sure has better savings in the long run because have heard HDB staff themselves tell me that bank loan has been relatively stable at 1.8% interest compared to theirs at 2.6%. But of course you can never predict the future market.

 

[Monday21]

I also got my grant letter already yippeesss! This morning checked at 0800 hours, status still the same. Then i remembered HDB start work at 0900 hours. Then I just logged in again few minutes ago, not expecting any result yet. My eyes diameter suddenly grow two size bigger when i saw the link for soft copy grant letter

Just nice today my daughter's birthday.... Cant wait to share with her later!

 

[Monday21]

It is definitely not free money. Gahmen will never be so kind They give you say 50k, you pay back 75k with interest. It does not go to hdb but it goes back to your cpf. But not sure what happens if you sell house and don't have enough cash to pay back. The other alternative is technically free money to you if you do not sell house at all I guess?

But does this still applies if lets say i finished paying my mortgage then decided to upgrade?

 

[Erinlmh]

I am ok with CPF deduction either HDB or bank. Just not sure has better savings in the long run because have heard HDB staff themselves tell me that bank loan has been relatively stable at 1.8% interest compared to theirs at 2.6%. But of course you can never predict the future market.

Yes...bank rates with HSCB before was definitely lower than now. I think I was paying at 1+ % during the lock in period. The last I've checked is 2.68% for the month of July 2018 with HSBC. One thing I don't like is they will force deduct the house insurance from my saving account which is $100+ per year. If not wrong, house insurance very cheap only. I called up the bank and clarify with them, they said they are puzzled too. How can they allow such transaction to go through without my permission? Now I leave the saving account 0 see what they can do to me. BTW, they will deduct $1050 from my CPF OA but will "return" back the leftover amount around $20+ back to my CPF OA at the end of each month. I just have to endure another 2 years with them....

This is also one of the reason why we want a downgrade from current 5 room flat to a 4 room(we have 6 people staying in the house) cos we do not want to take loan ever again. Imagine every month deduct $1k plus from us, but actual loan only $500 deducting from the principal amount. Which means my interest per month is about $500+. Work and work like hell end up no money. For the past 6 years, I have already paid $36000 for interest to the bank.

 

[Erinlmh]

I also got my grant letter already yippeesss! This morning checked at 0800 hours, status still the same. Then i remembered HDB start work at 0900 hours. Then I just logged in again few minutes ago, not expecting any result yet. My eyes diameter suddenly grow two size bigger when i saw the link for soft copy grant letter

Just nice today my daughter's birthday.... Cant wait to share with her later!

Congrats. Another ROD liao Soon soon... Keys on your way

 

[Erinlmh]

It is definitely not free money. Gahmen will never be so kind They give you say 50k, you pay back 75k with interest. It does not go to hdb but it goes back to your cpf. But not sure what happens if you sell house and don't have enough cash to pay back. The other alternative is technically free money to you if you do not sell house at all I guess?

My parents wanted to apply BTO too. They went down to HDB to inquire further. The department told them, so long my parents sell the current flat (which they bought from HDB as 1st time though they do not have any grant) they have to pay levy of $40k. When asked why is that so since my parents never take grant. The department replied, the housing price was much lower than. Quite true lah..... That time they bought the new 4 room in Punggol only cost then 170K. Comparing with what am getting now at $337K which is a different of $167 difference. Still my parents had gained more than us.

Coming back to the question on not enough cash money to pay back..... I think they will deduct from our CPF account and ask us to get more loan for the difference which we can't fork out.

 

[Erinlmh]

But does this still applies if lets say i finished paying my mortgage then decided to upgrade?

HDB keep changing rules de... Many many years later when my girls are older and gotten married, I wanna downgrade to 3 room. Wonder will they impose another levy for downgrading of flat or not. I heard last time have. Now not too sure...

 

[Monday21]

Congrats. Another ROD liao Soon soon... Keys on your way

Thank you! Now that the worst is over, i dunno why i feel so scared hahahhahah.

 

[Monday21]

HDB keep changing rules de... Many many years later when my girls are older and gotten married, I wanna downgrade to 3 room. Wonder will they impose another levy for downgrading of flat or not. I heard last time have. Now not too sure...

My ex says once finished paying the mortgage, the grant is totally as good as yours, no need repayment or what... But dunno leh.. seems too good to believe

 

[heybuddy]

I also got my grant letter already yippeesss! This morning checked at 0800 hours, status still the same. Then i remembered HDB start work at 0900 hours. Then I just logged in again few minutes ago, not expecting any result yet. My eyes diameter suddenly grow two size bigger when i saw the link for soft copy grant letter

Just nice today my daughter's birthday.... Cant wait to share with her later!

Congrats! I hope to receive mine by this week

 

[Sticker1554]

This is my 1st time taking grant. In fact 1st timer apply HDB flat. Heard when you apply new flat from HDB the 2nd time, you will have to "payback" whereas HDB will impose a levy on you. Rates are as follows

First Subsidised Housing Type

Resale Levy Amount Households Single Grant recipients

2-room flat $15,000 $7,500

3-room flat $30,000 $15,000

4-room flat $40,000 $20,000

5-room flat $45,000 $22,500

Executive flat $50,000 $25,000

Executive Condominium $55,000 Not applicable

Above is for flat sold after 3 March 2006

Another consideration you may want to read here.

Google search the-complete-guide-bank-hdb-loan

TLR “The 10% cash you paid for your bank loan can be use to earn interest that can cover the extra interest of HDB Loan.”

Initially I also wanted to take bank loan, but most likely I’ll purchase disability income insurance to cover payment in the event I lost my job. But after much discussions with my fiancé, we decided to go ahead with HDB given that they are more flexible when it comes to loan repayment. (With people citing of not paying HDB loan for 8 years)

 

[Monday21]

Congrats! I hope to receive mine by this week

Thanks! If my 7th May selection juuuust got approved, yours will be anytime now already... start calling or mailing your CRM if you havent done so in the past one month or havent received a reply.

If your CRM gives you the 50/50 vibe, call the hotline and get the cust serv operators on the call to raise a request to expedite. Honestly, talking to them provides me more assurance than talking to my CRM... Sometimes we ask from our CRM directly but they may overlook, we wont know.....

 

[LynR52]

My parents wanted to apply BTO too. They went down to HDB to inquire further. The department told them, so long my parents sell the current flat (which they bought from HDB as 1st time though they do not have any grant) they have to pay levy of $40k. When asked why is that so since my parents never take grant. The department replied, the housing price was much lower than. Quite true lah..... That time they bought the new 4 room in Punggol only cost then 170K. Comparing with what am getting now at $337K which is a different of $167 difference. Still my parents had gained more than us.

Coming back to the question on not enough cash money to pay back..... I think they will deduct from our CPF account and ask us to get more loan for the difference which we can't fork out.

This is the problem tht i am facing right now. They want u to pay in cash for the balance after deducting ur cpf. Im appealing to let me use my HLE.

 

[Erinlmh]

Thanks! If my 7th May selection juuuust got approved, yours will be anytime now already... start calling or mailing your CRM if you havent done so in the past one month or havent received a reply.

If your CRM gives you the 50/50 vibe, call the hotline and get the cust serv operators on the call to raise a request to expedite. Honestly, talking to them provides me more assurance than talking to my CRM... Sometimes we ask from our CRM directly but they may overlook, we wont know.....

Bet I will be last one from the forum. They just requested for more docs from me... After so long still asked for docs. Well I did received a sms just now.

(Fr HDBSales_SMS) We have received documents for your sales application. For your infor only. Pls do not reply.

 

[heybuddy]

Thanks! If my 7th May selection juuuust got approved, yours will be anytime now already... start calling or mailing your CRM if you havent done so in the past one month or havent received a reply.

If your CRM gives you the 50/50 vibe, call the hotline and get the cust serv operators on the call to raise a request to expedite. Honestly, talking to them provides me more assurance than talking to my CRM... Sometimes we ask from our CRM directly but they may overlook, we wont know.....

Thanks! i'll try to call the hotline

 

[Erinlmh]

This is the problem tht i am facing right now. They want u to pay in cash for the balance after deducting ur cpf. Im appealing to let me use my HLE.

How is your appeal case liao? Any update from HDB? MP letter also take so long?

I will be facing problem with CPF issue after selling my current resale flat. Don't dare to think so much. Take one step, look one step.

 

[Monday21]

Bet I will be last one from the forum. They just requested for more docs from me... After so long still asked for docs. Well I did received a sms just now.

(Fr HDBSales_SMS) We have received documents for your sales application. For your infor only. Pls do not reply.

My initial grant application also got some issue. It took them exactly a month to sort out that issue and change me from 2nd timer applicant to 1st timer. So 7th May select, 7th June settle issue. Only on 29th June I got a call from HDB saying they need my IC copies. So it took them 3 weeks to actually properly "receive" and review my documents. 29th June confirm no more docs needed then only today grant approve after calling twice. First call was to my CRM. Second call was to the hotline operator... I told the guy that i was due for delivery on 10.10.18. He said he will put up a request to say that im due in Mid Sept, so as to expedite further. That's why i said i feel more reassured talking to the hotline officers....

The SMS you received, is docs for sales application? Not grant??

 

[Erinlmh]

My initial grant application also got some issue. It took them exactly a month to sort out that issue and change me from 2nd timer applicant to 1st timer. So 7th May select, 7th June settle issue. Only on 29th June I got a call from HDB saying they need my IC copies. So it took them 3 weeks to actually properly "receive" and review my documents. 29th June confirm no more docs needed then only today grant approve after calling twice. First call was to my CRM. Second call was to the hotline operator... I told the guy that i was due for delivery on 10.10.18. He said he will put up a request to say that im due in Mid Sept, so as to expedite further. That's why i said i feel more reassured talking to the hotline officers....

The SMS you received, is docs for sales application? Not grant??

Mine is because Hub start working for GRAB at end of Nov and grant department start to ask for this and that docs. When we apply for the Nov SBF, it was on 14th of November 2017. At that time he hasn't start the GRAB job yet mah... Headache...

Yup. The sms I received is just to informed us docs received for sale application. Nothing to do with grant. But why not docs for grant leh? I don't have any pending docs to be submitted for my sale application liao. Now just have to sit and wait and wait. At least I know that they are looking into my grant. Otherwise, they won't ask for docs

 

[Monday21]

Mine is because Hub start working for GRAB at end of Nov and grant department start to ask for this and that docs. When we apply for the Nov SBF, it was on 14th of November 2017. At that time he hasn't start the GRAB job yet mah... Headache...

Yup. The sms I received is just to informed us docs received for sale application. Nothing to do with grant. But why not docs for grant leh? I don't have any pending docs to be submitted for my sale application liao. Now just have to sit and wait and wait. At least I know that they are looking into my grant. Otherwise, they won't ask for docs

Rightfully if your hubby only started Grab end of last year, they dont need to look at GRAB docs what.... Its 12 months PRIOR to sales application....

But since they say they receive and reviewing already, let them be first..