Debt consolidation Plan

[KKK1978]

May i know yr credit rating? Seems like the approval also not easy to get

Tried to apply liao but they can only loan me 6.2k , i need 20k so no point to loan liao.

 

[ReachingForTheStar]

Hi Guys,

New here and been reading a bit here and there. Thanks all for contributing and i feel a little bit of relief reading these.

Here's my situation and i would like to enquire about housing loan.

I have dcp of about 75k remaining balance. 5.5more years to go. paying 1300/month.

My gross salary is about 6500 and my credit rating is AA. I have never bought a house and thinking to buy a resale HDB or if possible Condo.

My CPF is 100k+ .

in my situation. How much do you think HDB can load me if i were to buy a 500k HDB?

What if i intend to buy a 1m condo?

Sorry if my questions are silly.

Considering the borrowing above. how much do i need in cash for 500k HDB and 1m Condo respectively?

 

[paurusu]

Hi Guys,

New here and been reading a bit here and there. Thanks all for contributing and i feel a little bit of relief reading these.

Here's my situation and i would like to enquire about housing loan.

I have dcp of about 75k remaining balance. 5.5more years to go. paying 1300/month.

My gross salary is about 6500 and my credit rating is AA. I have never bought a house and thinking to buy a resale HDB or if possible Condo.

My CPF is 100k+ .

in my situation. How much do you think HDB can load me if i were to buy a 500k HDB?

What if i intend to buy a 1m condo?

Sorry if my questions are silly.

Considering the borrowing above. how much do i need in cash for 500k HDB and 1m Condo respectively?

Read about TDSR

https://blog.moneysmart.sg/home-loans/total-debt-servicing-ratio-tdsr-loans/

 

[lork44]

Hi Guys,

New here and been reading a bit here and there. Thanks all for contributing and i feel a little bit of relief reading these.

Here's my situation and i would like to enquire about housing loan.

I have dcp of about 75k remaining balance. 5.5more years to go. paying 1300/month.

My gross salary is about 6500 and my credit rating is AA. I have never bought a house and thinking to buy a resale HDB or if possible Condo.

My CPF is 100k+ .

in my situation. How much do you think HDB can load me if i were to buy a 500k HDB?

What if i intend to buy a 1m condo?

Sorry if my questions are silly.

Considering the borrowing above. how much do i need in cash for 500k HDB and 1m Condo respectively?

I think HDB loan there is a income capped at $6000 if you buying as a single. So with your base salary of $6500, you might not be able to get HDB loan.

But if you getting it with a partner, then combined salary is below $12000 then it more possible.

500K HDB if can get HDB loan i think your cash down payment should be pretty minimum and mostly comes from CPF.

1M condo you have to take bank loan and 5% needs to be cash which is $50,000. Remaining can be from CPF which is at least 15% - 20% which is about $200,000 (20%) from CPF and not inclusive of stamp duties, legal fees etc. Finally, also depend on your TDSR on how much you can loan from bank.

 

[MOBIO.sg]

Hi my credit rating is HH , yes for credit culture , just login singpass and upload ur credit bureau , they will str away tell u how much u can loan or a straight rejection.

Is it instant approval? Can I check what is your credit rating?

 

[MOBIO.sg]

Can give it a try at credit culture thru online , pay $6.15 for the credit bureau , if loan reject or approve , they will still reimburse u the $6.15. This website is instant once u login to singpass and upload ur credit bureau. My rating is HH

May i know yr credit rating? Seems like the approval also not easy to get

 

[liondomo]

Can give it a try at credit culture thru online , pay $6.15 for the credit bureau , if loan reject or approve , they will still reimburse u the $6.15. This website is instant once u login to singpass and upload ur credit bureau. My rating is HH

bros i think credit culture is ********....i test water make acc and submit..... straight reject lol

 

[MOBIO.sg]

Maybe ur credit bureau is not tt good bro. My wife also tried , her credit rating is FF. Str away reject and refund the $6.15

bros i think credit culture is ********....i test water make acc and submit..... straight reject lol

 

[Jojodespo]

My rating AA also reject lol. accessible income 90k, loan 2k also reject. Maybe they see if on DCP then can’t

 

[RabbitH0le]

I am trying to apply for DCP with HSBC. Currently I am saddled by a 50k debt consisting of credit cards & a HSBC personal loan. My current take home pay is around $3800 after CPF Deduction. Since I need to have a total debt of at least 12x my monthly pay, anyone knows if HSBC will determine if I'm eligible for DCP based on my take home pay ($3800 x 12 months) or my net pay (which is $4800 x 12 months)? Cos if they calculate with my net pay I don't be eligible for DCP anymore & I'm worried... also, anyone knows if I can include my personal loan with HSBC in my total unsecured credit facilities for HSBC themselves to review my eligibility for their DCP? My credit bureau report score is DD, if it helps.

 

[WillieTan]

I am trying to apply for DCP with HSBC. Currently I am saddled by a 50k debt consisting of credit cards & a HSBC personal loan. My current take home pay is around $3800 after CPF Deduction. Since I need to have a total debt of at least 12x my monthly pay, anyone knows if HSBC will determine if I'm eligible for DCP based on my take home pay ($3800 x 12 months) or my net pay (which is $4800 x 12 months)? Cos if they calculate with my net pay I don't be eligible for DCP anymore & I'm worried... also, anyone knows if I can include my personal loan with HSBC in my total unsecured credit facilities for HSBC themselves to review my eligibility for their DCP? My credit bureau report score is DD, if it helps.

It is based on your gross income.

 

[RabbitH0le]

It is based on your gross income.

That means I won't be eligible anymore. Fml I'm stuck in the middle of no where. Thanks for your reply anyway

 

[WillieTan]

That means I won't be eligible anymore. Fml I'm stuck in the middle of no where. Thanks for your reply anyway

Anyway MAS BTI reg kicking in june 19.. unsecured lending capped up to 12X mthly income.. next generation will learn to appreciate this

http://www.mas.gov.sg/news-and-publications/media-releases/2015/mas-will-phase-in-borrowing-limit-on-unsecured-credit.aspx

 

[ReachingForTheStar]

I think HDB loan there is a income capped at $6000 if you buying as a single. So with your base salary of $6500, you might not be able to get HDB loan.

But if you getting it with a partner, then combined salary is below $12000 then it more possible.

500K HDB if can get HDB loan i think your cash down payment should be pretty minimum and mostly comes from CPF.

1M condo you have to take bank loan and 5% needs to be cash which is $50,000. Remaining can be from CPF which is at least 15% - 20% which is about $200,000 (20%) from CPF and not inclusive of stamp duties, legal fees etc. Finally, also depend on your TDSR on how much you can loan from bank.

Thank you so much for the useful information and pointed me to the right direction.

Guess condo is way out of my budget.

i only intend to buy resale flat because new flat bto is too long. my wife is foreigner so i'd have to go for the non-citizen spouse scheme for hdb loan. My wife is currently working but she would quit job soon to take care of our new born.

https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/eligibility-

HDB doesnt say what is the income ceiling for loan under this scheme. Guess i have to email them?

 

[lork44]

Thank you so much for the useful information and pointed me to the right direction.

Guess condo is way out of my budget.

i only intend to buy resale flat because new flat bto is too long. my wife is foreigner so i'd have to go for the non-citizen spouse scheme for hdb loan. My wife is currently working but she would quit job soon to take care of our new born.

https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/eligibility-

HDB doesnt say what is the income ceiling for loan under this scheme. Guess i have to email them?

I think for HDB loan the income ceiling remains the same regardless of which scheme you are buying for the resale flat.

Average gross monthly household income^ does not exceed:

$12,000 for families
$18,000 for extended families
$6,000 for singles buying a 5-room or smaller resale flat or a 2-room new flat in a non-mature estate, under the Single Singapore Citizen (SSC) Scheme

 

[zidmosby]

Hi Guys,

New here and been reading a bit here and there. Thanks all for contributing and i feel a little bit of relief reading these.

Here's my situation and i would like to enquire about housing loan.

I have dcp of about 75k remaining balance. 5.5more years to go. paying 1300/month.

My gross salary is about 6500 and my credit rating is AA. I have never bought a house and thinking to buy a resale HDB or if possible Condo.

My CPF is 100k+ .

in my situation. How much do you think HDB can load me if i were to buy a 500k HDB?

What if i intend to buy a 1m condo?

Sorry if my questions are silly.

Considering the borrowing above. how much do i need in cash for 500k HDB and 1m Condo respectively?

Just curious.. with a debt that size (despite your income), baby on the way and your wife is going to quit job soon, why are you even considering condo? Are you not afraid of getting into another debt again?

 

[Beenthere]

I mentioned that I got rejected by Maybank in early April - no reason was given and the officer said I could try again in May. I’m now trying to decide if I should apply in early May to the other banks. I will need to get a fresh credit report in May. My last one was done in February and the rating then was AA. I don’t know if there will be a drop in my rating when I apply in May.

Also, am I required to wait 3 months since my application was made in March?

 

[KKK1978]

Duno how they access. I try submit n its immediately reject, nvr reach the credit burea stage. Its as tough as bank loan. Duno what is the point of having this.

My rating AA also reject lol. accessible income 90k, loan 2k also reject. Maybe they see if on DCP then can’t

 

[RabbitH0le]

Just to update, I received a call from HSBC DCP CSO & during our discussion, she confirmed that my BTI is under 12x as they had to take my gross income (not take home pay) for calculation. My total owing is 50k, so I am approximately 8K short to be eligible for DCP. My CSO suggested that I should try to apply for a credit card with balance transfer with 8K credit limit to pump up my owing; but don't get her wrong, she suggested that I can do the balance transfer to my personal bank account & apply for DCP, keep the money in my account till DCP is being approved. (Considering HSBC will pay on my behalf anyway if DCP is approved, otherwise I will just pay down my other credit card bills with higher interest with the transferred balance.) I have no idea how high are my chances of getting approval for the new credit card application given my debt situation with Credit Bureau rating of DD, but I have given this idea a shot by applying for a balance transfer credit card with Standard Chartered bank. Keeping my fingers crossed.

 

[RabbitH0le]

& to save time, I have also registered with CCS to attend a talk in case I may have to go for DMP instead of DCP. Thereafter I will see how my standard chartered credit card application goes, gotta depend on it to be approved in order to be eligible for DCP.