Enquiry in housing loan

[derrickgoh]

I had borrowed from Maybank to buy a resale flat. In future if I decide to buy another resale flat, do I still have the option to get HDB loan since its a different property? Or does it mean once you go for bank loan then you can never go back to HDB loan even if its a different flat?

Also, my colleague was saying that HDB tends to be more generous i.e. they will loan you more than banks. Not a lot more of course but more. Is this true? My understanding is the banks are the ones who are willing to loan more.

 

[livinginanavatar]

Correst me if i am wrong, but if it is the first time you are going for hdb loan, you will treated similarly with the other first timers.

Yes, banks do loans more with lower interest, but may change with market conditions. Hdb is quite stable, won't change that much.

 

[Gixxerfied]

Banks tend to loan more than HDB...It's like bank loan 80% is maybe the same amount as HDB's 90%..

For ur 1st question, shouldnt be a issue since different property..

 

[derrickgoh]

Banks tend to loan more than HDB...It's like bank loan 80% is maybe the same amount as HDB's 90%..

For ur 1st question, shouldnt be a issue since different property..

That's what I thought but good to confirm. Thanks.

 

[Some-one]

You cannot go back to hdb loan on the same property once you took a bank loan. However you can only take hdb loan twice in your life. Bank loans no such restriction.

 

[derrickgoh]

You cannot go back to hdb loan on the same property once you took a bank loan. However you can only take hdb loan twice in your life. Bank loans no such restriction.

Different property lah deh.

 

[Some-one]

Different property lah deh.

you can take hdb loan on a different property but only twice in your life.

 

[derrickgoh]

you can take hdb loan on a different property but only twice in your life.

Ok thanks.

 

[SouLady]

Hi All

I need advice.. can i actually opt for 'no loan' in order to pay 10% down payment on my 2nd appt and later go for bank loan before PCD (probably completion date) n pay the balance of 10% down payment instead of opting bank loan in 1st place which ended up paying 20% down payment during 2nd appt..
As my combination cpf is not enuff to cover the 20% so if i go on this so called staggered down payment, i can at least save up some cpf in few years..btw currently i still haf existing hdb loan.. this result in low cpf in me..

 

[Gixxerfied]

Hi All

I need advice.. can i actually opt for 'no loan' in order to pay 10% down payment on my 2nd appt and later go for bank loan before PCD (probably completion date) n pay the balance of 10% down payment instead of opting bank loan in 1st place which ended up paying 20% down payment during 2nd appt..
As my combination cpf is not enuff to cover the 20% so if i go on this so called staggered down payment, i can at least save up some cpf in few years..btw currently i still haf existing hdb loan.. this result in low cpf in me..

If i'm not wrong, u can opt for HLE first and before the possession, can switch to bank loan..5% have to be in cash and the remainder 5% by CPF(Key collection).Bank loan composition is 15% CPF, 5% cash component..

Going by ur above scenario, you need a valid HLE or even bank's principle in approval inorder to proceed to 2nd appt..By then whether u need the loan a not is up to you.

 

[SouLady]

If i'm not wrong, u can opt for HLE first and before the possession, can switch to bank loan..5% have to be in cash and the remainder 5% by CPF(Key collection).Bank loan composition is 15% CPF, 5% cash component..

Going by ur above scenario, you need a valid HLE or even bank's principle in approval inorder to proceed to 2nd appt..By then whether u need the loan a not is up to you.

I can't apply any grant or hdb loan.. i'm a 2nd timer and use up twice hdb loan already. So what should i do is e best way?

And btw meaning to say if i able to go thru 2nd appt.. thereafter, i still able to go for bank loan anytime before the PCD right..if yes.. then the initial plan to choose 'no loan' then to 'bank loan' will b e best way for me.. am i right to say this in order not to fork out so much cash on 2nd appt n i could at least re accumulate some cpf 1st since PCD is on 2018 to pay off the balance 10% down payment when i go for bank loan..

 

[Gixxerfied]

I can't apply any grant or hdb loan.. i'm a 2nd timer and use up twice hdb loan already. So what should i do is e best way?

And btw meaning to say if i able to go thru 2nd appt.. thereafter, i still able to go for bank loan anytime before the PCD right..if yes.. then the initial plan to choose 'no loan' then to 'bank loan' will b e best way for me.. am i right to say this in order not to fork out so much cash on 2nd appt n i could at least re accumulate some cpf 1st since PCD is on 2018 to pay off the balance 10% down payment when i go for bank loan..

If that's the case, i'm not sure if u can do what u mention above..

Cos to my understand, even if you apply for no loan..You are not eligible for staggered DP so during your 2nd appt, you might probably have to do the same as per bank loan regulation set by HDB which is 5% Cash Component and 15% thru CPF..

You might wana call in and clarify with them..

 

[SouLady]

If that's the case, i'm not sure if u can do what u mention above..

Cos to my understand, even if you apply for no loan..You are not eligible for staggered DP so during your 2nd appt, you might probably have to do the same as per bank loan regulation set by HDB which is 5% Cash Component and 15% thru CPF..

You might wana call in and clarify with them..

Thanks Gixxerfied..

Below is what i copy from hdb webby under financial planning....
Can i ask if i could apply bank loan after my 2nd appt and before my PCD?Downpayment for new flat

Taking housing loan from HDB or not taking any loan

You have to pay 10% of the purchase price of the flat as downpayment if you are taking a housing loan from*the*HDB or not taking any loan. You can use your CPF savings to make the downpayment. If your CPF savings are not enough, you will have to pay the balance in cash.

You may request reimbursement of the*option fee*after you have paid the 10% downpayment using your CPF savings.*

 

[Gixxerfied]

Thanks Gixxerfied..

Below is what i copy from hdb webby under financial planning....
Can i ask if i could apply bank loan after my 2nd appt and before my PCD?

Initial Payment

If you are taking a housing loan from*the*HDB or if you are not taking any*housing*loan, you have to pay*a*10% initial payment. The amount is*based on the resale price or*market value*of the flat, whichever is lower. You can use your CPF savings or*the*CPF Housing Grant or a combination of both to make*the*payment.

That you probably have to call and ask..See if it's possible for ur scenario..

1) Opt for no loan(Not sure if they need any supporting document for this)
2) Pay 10% DP thru CPF
3) Go for Bank Loan before key collection
4) Pay remainder DP(Likely to be 5% Cash Component + 5% CPF)

 

[SouLady]

That you probably have to call and ask..See if it's possible for ur scenario..

1) Opt for no loan(Not sure if they need any supporting document for this)
2) Pay 10% DP thru CPF
3) Go for Bank Loan before key collection
4) Pay remainder DP(Likely to be 5% Cash Component + 5% CPF)

Thanks ya.. I will try call up n check