HDB loan rejected

[glamorousdrama]

i saw from UOB website that they also got estatements now for m'sia. maybe they will implement here soon?
regarding loan, i think it'll be cheaper to get loans from some banks than from HDB... like i was seeing for posb, their HDB loans rates is capped at 2.5% p.a over 10 years, lower than HDB's 2.6%. but also bear in mind that rate has not changed since 1999 as it's pegged to the cpf rate. so it's really up to you - whether you want a 'stable' rate or you want to take your chances with a floating rate...

bf and i decided to take chances with banks. because in initial years you really save alot. looking into hsbc loans actually.

 

[sunsunsun]

bf and i decided to take chances with banks. because in initial years you really save alot. looking into hsbc loans actually.

oh okay. good luck

 

[Imperado]

my case is the same as yours
approved for >550k

clean credit record

so i think no need to worry

but pls do ur hle first b4 paying the option fee
a lot of ppl are doing the wrong way by paying option fee then start to apply for hle

Huh why leh?

I planning to only apply HLE after I receive my queue number leh.. because from what I read the chances of getting good number is slim thus dont want to waste the effort in applying so early

 

[glamorousdrama]

Huh why leh?

I planning to only apply HLE after I receive my queue number leh.. because from what I read the chances of getting good number is slim thus dont want to waste the effort in applying so early

the option fee is during booking of flats. hle takes about 2 weeks to be approved. so if you get your queue number, then immdly apply for hle, you should be able to have it in time for the booking of flat

reason being, you should know how much loan you're eligible for before commiting to book a flat and paying over 2k for it. becos in some cases, they book the flat then have problems having their loans approved from hdb, and sometimes banks as well. then they forfeit the option fee. that kinda sucks. so its just a precaution to not waste money.

but im doing the same as you. becos i have friends in banks that have already done a rough gauge of loan eligible for me and bf

 

[pasutida]

Are you going for a bto or sales of balanced flat?

If bto, you actually need to have a second round of HLE application when you collect the keys. The flat also could take upto 4 years to be completed. Only then you start taking loan. The first approved loan even though it's not enough, the HDB office will still let you go ahead with signing of lease agreement. The first approved HLE amount is kinda useless in the sense because they will only look at 2nd HLE.

the option fee is during booking of flats. hle takes about 2 weeks to be approved. so if you get your queue number, then immdly apply for hle, you should be able to have it in time for the booking of flat

reason being, you should know how much loan you're eligible for before commiting to book a flat and paying over 2k for it. becos in some cases, they book the flat then have problems having their loans approved from hdb, and sometimes banks as well. then they forfeit the option fee. that kinda sucks. so its just a precaution to not waste money.

but im doing the same as you. becos i have friends in banks that have already done a rough gauge of loan eligible for me and bf

 

[glamorousdrama]

Are you going for a bto or sales of balanced flat?

If bto, you actually need to have a second round of HLE application when you collect the keys. The flat also could take upto 4 years to be completed. Only then you start taking loan. The first approved loan even though it's not enough, the HDB office will still let you go ahead with signing of lease agreement. The first approved HLE amount is kinda useless in the sense because they will only look at 2nd HLE.

I am aware of the second round of HLE when we collect keys, but didnt think that the first round will not be important, because I have heard cases that their loans were not approved and they have to forfeit their chance =/

but thanks for letting me know anyways!

 

[CFC]

I am aware of the second round of HLE when we collect keys, but didnt think that the first round will not be important, because I have heard cases that their loans were not approved and they have to forfeit their chance =/

but thanks for letting me know anyways!

From my understanding, HLE is to assess 2 matters,

1. Your eligibility, and if you are,
2. Max amount of loan eligible

So for the first appointment for the signing of agreement of lease, you will have to produce HLE, and what they are interested is that you re ELIGIBLE for a HDB "Concessionary" Loan. The signing will go ahead even if your max loan do not cover 90% of the purchase price.

Fast forward few years later when you collect keys to your unit, the 2nd HLE is where max amount of loan is important. Any shortage will have to be topped up by cash/cpf.

I think for the case of eligibility, it's pretty straight forward. You don't have to apply for HLE to find out. Of course for those borderline cases, better to apply earlier, but I believe for most of us it's pretty straightforward as in do we qualify or not.

The eligibility to HDB "Concessionary" Loan can be found here.
HDB InfoWEB: Who Can Apply : Financing your flat

 

[Imperado]

Are you going for a bto or sales of balanced flat?

If bto, you actually need to have a second round of HLE application when you collect the keys. The flat also could take upto 4 years to be completed. Only then you start taking loan. The first approved loan even though it's not enough, the HDB office will still let you go ahead with signing of lease agreement. The first approved HLE amount is kinda useless in the sense because they will only look at 2nd HLE.

Yea it's true cause my relative took a bto.. his first HLE was 500k plus, his 2nd HLE when draw the key become 200k plus(Dont know why and their income was much more when they first applied)

 

[minmin0210]

anyone knows if 1st HLE approved and upon going to get keys, 2nd HLE not approved?

Hubby is earning more now comparing to the 1st HLE when we sign our lease agreement.

 

[kindaichi24]

Hey guys.. If im unemployed this month and i applied for may bto, but my gf is working still, can i apply for the hle? Both of us singaporeans no outstanding loan or anything

 

[OverEasy]

Hey guys.. If im unemployed this month and i applied for may bto, but my gf is working still, can i apply for the hle? Both of us singaporeans no outstanding loan or anything

can apply, just may not get the loan amount you need.

 

[OverEasy]

anyone knows if 1st HLE approved and upon going to get keys, 2nd HLE not approved?

Hubby is earning more now comparing to the 1st HLE when we sign our lease agreement.

usually is no problem if income no drop. i heard of cases where income drop and complicate the purchase.

 

[i.curtis]

Hello,

Just helping a friend whos worried about her HLE application,

Would unpaid HP/Internet bills (etc early termination fee) not paid, will affect the loan application? As Singtel/M1 has stopped asking for payment already actually.

But their combined earnings can easily pay of these.

Will HDB check into these?

 

[OverEasy]

currently living in 5 rm with parents....is it true cannot buy a pte unit to rent out...while still retaining my current HDB flat????

if you meet MOP you can buy private what.... also if you have the money....

 

[noel13]

You can buy a private if u met your MOP. Even the hdb is brought with your name. Subject to absd.

No restriction on you can't buy and rent.

 

[hotstuff4u]

If i got joint bank account with mum n another account for using a visa card...i need to show bank statement for all banks?

 

[hotstuff4u]

Can i go to any bank n get my hle done instead of going to hdb? Is it easier that way?

 

[noel13]

Can i go to any bank n get my hle done instead of going to hdb? Is it easier that way?

No need to show statement from bank.

You can applied hle through the e-service at the same time do a IPA with bank.

 

[hotstuff4u]

so hle letter can get from banks too ?

what is a ipa?

noob here

so i need a hle then can apply bto right?

 

[Gixxerfied]

so hle letter can get from banks too ?

what is a ipa?

noob here

so i need a hle then can apply bto right?

HLE is Housing Loan Eligibility from HDB
IPA is In-Principle Approval from Bank

You dont need a HLE/IPA to apply for a flat..What you need is $10 and make sure you're qualify for a HDB application. HLE/IPA is needed after you book a unit and before the 2nd appt(Signing of Lease Agreement) which is the payment of downpayment + stamp fees etc etc..

I did my HLE soon after getting the ballot results to have a rough gauge..