BTO @ Bidadari estate

[Gixxerfied]

Just to add on..

Different project also different alphabet infront of the number for the ballot results..And if nv rem wrongly, the ballot results wont show the 2 alphabet, just the number..The appt letter will if not the q ticket printed for u after u scan in at HDB..

 

[derickie]

Nope, cos i happen to research alot 2+ years back during my balloting, selection, signing of lease agreement..

Not say they dunno, probably lazy to ans you..

Gixxerfied bro, do you know if HDB assess our salary based on current combined income (Between $10k-$12k) at the time of application or when you collect the flat? So regardless of whether our combined income goes up to $20k or whatever, it shouldn't affect our eligibility?

 

[Gixxerfied]

Gixxerfied bro, do you know if HDB assess our salary based on current combined income (Between $10k-$12k) at the time of application or when you collect the flat? So regardless of whether our combined income goes up to $20k or whatever, it shouldn't affect our eligibility?

The amt you key in during application is to find out ur eligibility to apply for a bto. They will then confirm again during ur selection appt based on your CPF statement / official payslip.

For HLE, the 1st assessment is to let HDB knows you're eligible for a loan from them.

For the 2nd HLE(Depending on situation, might not get reassess) which is before taking possession is to confirm the final loan amt you're eligible for..

For your question if your combined income is 12k and below for 1st hle and exceeded that combined income when it's time for 2nd HLE, HDB will instead loan u the amt based on your 1st assessment.

It doesnt affect your BTO eligibility, it's as long as u're eligible during pt of application.

 

[derickie]

So if we decide to get a bank loan instead of HDB loan, then none of that will matter? Our eligibility to apply the BTO is only based on our declared combined income during application & upon confirmation during appointment?

By the way, I know banks require both electronic pay-slip and bank statements to get a loan (both of us working overseas). Do you know if HDB will only ask for our electronic pay-slip to verify our monthly salary or do they also require us to provide them with bank statements?

 

[derickie]

So if we decide to get a bank loan instead of HDB loan, then none of that will matter? Our eligibility to apply the BTO is only based on our declared combined income during application?

By the way, I know banks require both electronic pay-slip and bank statements to get a loan (both of us working overseas). Do you know if HDB will only ask for our electronic pay-slip to verify our monthly salary or do they also require us to provide them with bank statements if we are not intending to get a loan from them?

Wanted to add that we have $0 CPF since we have not worked in Singapore before.

 

[Gixxerfied]

So if we decide to get a bank loan instead of HDB loan, then none of that will matter? Our eligibility to apply the BTO is only based on our declared combined income during application & upon confirmation during appointment?

By the way, I know banks require both electronic pay-slip and bank statements to get a loan (both of us working overseas). Do you know if HDB will only ask for our electronic pay-slip to verify our monthly salary or do they also require us to provide them with bank statements?

Bank loan wise has their own procedure of approving your loan. That i wont know..But for sure should be lower as compared to you working in SG..

But since u mention you have no CPF monies, it means you have to come up with lots of cash if you go by bank loan..

Typically for bank loan, the DP would be 20% instead of 10%..Nt sure given ur situation, HDB will allow you staggered DP..Let's assume they do and one of you is under 30 years old at time of application to qualify.

Bank loan = 5% Cash, 15% CPF DP..If staggered works the same then for your case it would probably be 2.5% Cash + 7.5% CPF and since u dont have CPF monies then you have to come up with 10% cash for DP..

Adding in stamp fees and whats not..Let's use a sample price of $500k for the flat.

It means for DP alone, it's $50k cash..
Stamp fees and whats not adds up to $10k..

Total u need to pay in cash to HDB during 2nd appt which is the signing of lease agreement is $60k in cash..

Changes depending on the flat cost.

 

[mrsgrey]

Hdb will ask the smallest queue number to go down personally to choose the unit. hdb will inform you of the date accordingly.

So queue number 100 gets to choose first. Maybe 1 month later then it's the turn of queue number 200. Meanwhile queue number 300 will have to monitor online to see if the desired unit they want is still available.

They won't get to choose all at a go.

Hope that helps!

Thanks alot to both of you for the explanation..

 

[derickie]

Bank loan wise has their own procedure of approving your loan. That i wont know..But for sure should be lower as compared to you working in SG..

But since u mention you have no CPF monies, it means you have to come up with lots of cash if you go by bank loan..

Typically for bank loan, the DP would be 20% instead of 10%..Nt sure given ur situation, HDB will allow you staggered DP..Let's assume they do and one of you is under 30 years old at time of application to qualify.

Bank loan = 5% Cash, 15% CPF DP..If staggered works the same then for your case it would probably be 2.5% Cash + 7.5% CPF and since u dont have CPF monies then you have to come up with 10% cash for DP..

Adding in stamp fees and whats not..Let's use a sample price of $500k for the flat.

It means for DP alone, it's $50k cash..
Stamp fees and whats not adds up to $10k..

Total u need to pay in cash to HDB during 2nd appt which is the signing of lease agreement is $60k in cash..

Changes depending on the flat cost.

Thanks for the details!

Yup I anticipated that we will have to come up with lots of cash for down-payment. Only plan to borrow 50% and cash for the remaining. If we use cash for payment of the flat, then when we sell the flat after 5 years Mop we will get back all cash in full correct? Which as compared to CPF the money goes back into OA. I am not planning to take any grant from the government either, and since my wife is a Singapore PR we will pay additional $10k for the flat.

Do you remember if HDB ask you to provide both electronic pay-slip and bank statement during your first appointment or pay-slip is sufficient already?

 

[Gixxerfied]

Thanks for the details!

Yup I anticipated that we will have to come up with lots of cash for down-payment. Only plan to borrow 50% and cash for the remaining. If we use cash for payment of the flat, then when we sell the flat after 5 years Mop we will get back all cash in full correct? Which as compared to CPF the money goes back into OA. I am not planning to take any grant from the government either, and since my wife is a Singapore PR we will pay additional $10k for the flat.

Do you remember if HDB ask you to provide both electronic pay-slip and bank statement during your first appointment or pay-slip is sufficient already?

Since u are prepared then okay.

I vaguely rem passing them both..can't really be sure as that appt was sometime ago.

 

[Ckyc1115]

what is the latest outcome?

20 people fight for one unit? Good luck to all applicants.

Awaiting for mid Jan 2016!

 

[Gixxerfied]

Cash have to be more than $60k.
You forgotten to add in the other 2.5% cash which is $12.5k giving total DP cash at $62.5k.

Bank Loan:
5% Cash
15% CPF

If eligible and the same staggered DP rules is applicable then would be 10% which in normal case would be 5% Cash + 5% CPF.

Either way by taking 1/2 of 5% cash and 1/2 of 15% CPF, it would still add up to 10% DP..

For his case since he doesnt have any CPF monies, 10% DP for a 500k unit is straight $50k.

And so since you're here, can u confirm if the same staggered dp is applicable for bank loan? As for HLE and eligible for staggered, staggered DP is 5% out of the original 10%..

 

[howiehau]

Yes you are not wrong on the specific ethic quota for individual blks..

yesterday i went down to Kallang Height to see the 2 X 5 room actual units of SOBF, the flat is actually ready by end 2006, when i was there i was surprised that the floor are still in original cement condition. can tell more than 9 years not a single soul move in.

Seriously i don't mind these 2 units la. but only minority can apply for this 2 units.

don't understand why and how long HDB will hold on to these 2 units.

 

[Gixxerfied]

yesterday i went down to Kallang Height to see the 2 X 5 room actual units of SOBF, the flat is actually ready by end 2006, when i was there i was surprised that the floor are still in original cement condition. can tell more than 9 years not a single soul move in.

Seriously i don't mind these 2 units la. but only minority can apply for this 2 units.

don't understand why and how long HDB will hold on to these 2 units.

If they have to, can be long.

The cost of this 2 unit is probably covered by the rest already..Removing the land cost(Which is out left pocket, in to right pocket) and selling price vs tender price..

So ya, they actually nv lugi..Probably minus some of their profit nia..

 

[wl_ling]

How does HDB compound their interest? I can't get the interest amount as per the sales financial plan calculator using simple or compound interest.

E.G.: Loan amount $183,000 to repaid in 25 years 2.60% interest rate
Each installment: $831.00
Interest for the whole 25 years will accumulate to $66,300 but I can't get this.

 

[Gixxerfied]

How does HDB compound their interest? I can't get the interest amount as per the sales financial plan calculator using simple or compound interest.

E.G.: Loan amount $183,000 to repaid in 25 years 2.60% interest rate
Each installment: $831.00
Interest for the whole 25 years will accumulate to $66,300 but I can't get this.

The more you pay, the lower the interest is monthly..

If u wan, i can upload a excel spreadsheet which i found online last time to help u understand better on the capital payment and interest..That is when i reach home.

 

[Lexyyy]

How does HDB compound their interest? I can't get the interest amount as per the sales financial plan calculator using simple or compound interest.

E.G.: Loan amount $183,000 to repaid in 25 years 2.60% interest rate
Each installment: $831.00
Interest for the whole 25 years will accumulate to $66,300 but I can't get this.

It seems like an amortizing loan for me but I haven't confirmed the calculations yet. Will get back to you tonight.

 

[wl_ling]

It seems like an amortizing loan for me but I haven't confirmed the calculations yet. Will get back to you tonight.

The more you pay, the lower the interest is monthly..

If u wan, i can upload a excel spreadsheet which i found online last time to help u understand better on the capital payment and interest..That is when i reach home.

Sure! Thanks

 

[Gixxerfied]

Found it again..

https://www.dropbox.com/s/ngnpqudeetsramo/HDB Loan v150115.xlsx?dl=0

 

[zaviour]

Hi Gixxerfied

May I know how to come up with the CPF-OA to park recommendation?

Do you know about it?

Thanks.

 

[Rykielicious]

Good luck everyone!