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blankies 18-09-2011 09:33 PM

Buying new flat from HDB and HDB loan - what is the timeline for payment?
 
Buying new flat from HDB and HDB loan - what is the timeline for payment?

Search through HDB website but couldnt find thanks

BTO flat.

nerdyfrog 18-09-2011 11:10 PM

Quote:

Originally Posted by blankies (Post 59692825)
Buying new flat from HDB and HDB loan - what is the timeline for payment?

Search through HDB website but couldnt find thanks

BTO flat.

hope my link helps you understand.

http://www.hdb.gov.sg/fi10/fi10321p....B?OpenDocument

if not,

Step 1: Launch BTO or Sale of Balance Flats Exercise

Step 2: Submit Application
- A non-refundable administration fee of $10 is payable by cashcard or credit card (Master Card /Visa).

Step 3: Receive Outcome of Application

Step 4: Book Flat
- An option fee by cash or NETS or cheque.
FLAT TYPE OPTION FEE PAYABLE
4/5-room and Executive Flat $2,000
3-room $1,000
2-room $500
Studio Apartment $250

- The booking fee will be refunded subsequently if you have sufficient money in your CPF Ordinary Account to pay the downpayment.

- Documents to bring

Step 5: Sign Agreement for Lease
- A downpayment*
10% for HDB loan
20% for bank loan
- plus 1-3% legal and stamp fees by CPF money or cash:

Step 6: Collect Flat Keys
- 2 room or bigger
Balance of the purchase price of the flat booked, by Cash or CPF or a combination of both.

- Studio Apartment
The HDB will not grant loan for the purchase of the Studio Apartment. Applicants are required to pay the remaining 95% of the purchase price of the Studio Apartment in full before they can take possession of the flat.

- Applicants who are owners of HDB flats may request for contra facility to offset the payment for the purchase of the Studio Apartment from the proceeds held by the HDB pending the completion of resale of their existing flat. The keys to the Studio Apartment will be issued after the completion of the resale of the existing flat.

HDB Concessionary Loan
If you are eligible for an HDB concessionary rate loan, you may be given a loan up to the housing loan ceiling, subject to full usage of funds from your CPF Ordinary Account and credit assessment.

GIRO Application For Paying Monthly Instalments by Cash
If you intend to pay the monthly instalments partially or fully by cash, you will have to submit a completed GIRO application form before we grant you a loan. If we do not receive the completed GIRO application form on or before the appointment for keys collection, we may withdraw the letter of offer and you will have to find alternative financing for the purchase.

Bank Loans in Case of Non-eligibility for HDB Concessionary Loan
If you are not eligible for an HDB concessionary rate loan, you may approach the banks or financial institution (licensed by MAS) to obtain a mortgage loan.

Exact time will be notified by HDB.

blankies 19-09-2011 09:48 AM

Thanks

I am so ashamed...I was looking for payment schedule and didnt realise that this page can be the payment schedue.
Thanks

henrylbh 19-09-2011 12:02 PM

Quote:

Originally Posted by blankies (Post 59692825)
Buying new flat from HDB and HDB loan - what is the timeline for payment?

Search through HDB website but couldnt find thanks

BTO flat.

Since you are in a financial position to buy, you should be more concerned with when you can take the keys to your dream home or when you need to ROM, if not done so.

nerdyfrog 19-09-2011 06:22 PM

Quote:

Originally Posted by blankies (Post 59704273)
Thanks

I am so ashamed...I was looking for payment schedule and didnt realise that this page can be the payment schedue.
Thanks

Dude, ashame for what?

Those that want to know and dun ask are worst. No one knows everything. Ask and we get answers.

Cheers.

henrylbh 20-09-2011 01:30 AM

Quote:

Originally Posted by blankies (Post 59704273)
Thanks

I am so ashamed...I was looking for payment schedule and didnt realise that this page can be the payment schedue.
Thanks

That's not the timeline but the stages you got to go through with no indication of expected dates for each stage.

swirler 21-09-2011 11:19 AM

10% downpayment only if at least one of the couple is below 30yrs of age. Otherwise it's 20

wai 21-09-2011 01:40 PM

Quote:

Originally Posted by swirler (Post 59762675)
10% downpayment only if at least one of the couple is below 30yrs of age. Otherwise it's 20

if one of the couple is <30years, can apply for staggered downpayment

5% when signing the agreement and 5% when collect key.

bendi85 21-09-2011 03:47 PM

Quote:

Originally Posted by wai (Post 59766138)
if one of the couple is <30years, can apply for staggered downpayment

5% when signing the agreement and 5% when collect key.

At which stage will HDB wipe out your cpf ?

savage 30-09-2011 12:16 PM

any idea how long it usually takes for results of the BTO Application to be out?
The timeline isn't clearly stated on HDB website... or maybe I missed it but I can't find it.
I'm worried that it may release the results and ask for booking when I just happen to be overseas for reservist... I applied for this round of BTO and I'm going overseas reservist on 14th oct... =( would I end up not being able to be around?

blankies 30-09-2011 12:20 PM

Quote:

Originally Posted by savage (Post 60013452)
any idea how long it usually takes for results of the BTO Application to be out?
The timeline isn't clearly stated on HDB website... or maybe I missed it but I can't find it.
I'm worried that it may release the results and ask for booking when I just happen to be overseas for reservist... I applied for this round of BTO and I'm going overseas reservist on 14th oct... =( would I end up not being able to be around?

2-3 weeks usually

savage 30-09-2011 12:51 PM

omg thats freaking long for something so simple to do...
It should be computerised and shouldn't take more than a day man...
horrible...
So from the looks of it, even if I get a chance to select a flat, I won't be able to be there.
Can just my partner go in my place without me? or it doesn't work that way?

stonefish35 30-09-2011 01:18 PM

Quote:

Originally Posted by savage (Post 60013452)
any idea how long it usually takes for results of the BTO Application to be out?
The timeline isn't clearly stated on HDB website... or maybe I missed it but I can't find it.
I'm worried that it may release the results and ask for booking when I just happen to be overseas for reservist... I applied for this round of BTO and I'm going overseas reservist on 14th oct... =( would I end up not being able to be around?


What makes you so sure that you will be able to land a ballot number, and that queue no. is within the units available :s13:?

Booking of units can delayed, eg, change your appointment date, but the good units will be chosen by other 1st.

blankies 30-09-2011 01:25 PM

dun worry. you can do by proxy. ask your GF/WIFE to be your PROXY

savage 30-09-2011 01:58 PM

Quote:

Originally Posted by stonefish35 (Post 60014910)
What makes you so sure that you will be able to land a ballot number, and that queue no. is within the units available :s13:?

Booking of units can delayed, eg, change your appointment date, but the good units will be chosen by other 1st.

Its not a matter of me being sure that I will get a ballot number.
Its a matter of making preparations and preparing the documents in the event that you got the ballot number and you happen to not be around.

You'll never know whats going to happen and you'll never know you might just get lucky and get the ballot number and get the unit of your choice.


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