HDB Loan No Enough

[shermankoh]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

 

[popeyes]

Even if there's alternative for the loan, how abt the monthly payment? U afford to pay off?

 

[henrylbh]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

The only option is wait till one can afford. A larger loan means a larger monthly instalment and peanut pay may not be enough.

 

[coolhead]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

i think you need to give us more info to give you advice based on our experience.

 

[SBC]

Avoid looking for ah long & cc spending to cover gaps.

Be realistic on the loan/spending.

 

[ussr_1991]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

If ur CPF + Financee grant + HDB Loan not enough, I guess cash is king.

Alternatively, look for 3 room @ Non mature estate as they can go down as low as $220,000 or even lower.


Don't bother those SBF in mature estate but lease is < 60 yr old (Those completed before 1977) and could not cover you both until at least 80 yr old.


(Some Toa Payoh, MacPherson aka Geylang flats I saw before in SBF is like 1969 or even 1967 and I was like WTF?)


Dont live beyond means bah, worse come to worst, go and borrow $10,000 or more from both parents and siblings lor.

 

[shermankoh]

i think you need to give us more info to give you advice based on our experience.

what kind of info will be needed? the delta is about <100k.


There seem to be quite some negativity there for some members. If i were to be overly idealistic to assume that other loan options have the same interest as HDB Loan, affordability is not an issue. I'm here to explore all options before writing off a dream location.

 

[coolhead]

what kind of info will be needed? the delta is about <100k.


There seem to be quite some negativity there for some members. If i were to be overly idealistic to assume that other loan options have the same interest as HDB Loan, affordability is not an issue. I'm here to explore all options before writing off a dream location.

Perhaps let us know combined CPF.
Also, based on a relatively conservative estimate of stagnant salary income, what would your cash savings be till TOP (That is approx 3-4 years depending on which location you are applying)?
What is your combined salary?

Since you are tied up, I am taking assumption of max 25 year loan.

 

[doody_]

The answer is simple, cold hard cash to cover the shortfall.

How you find that cash is up to you. Quite obvious that the interest rate will be nowhere near the HDB rate as it is going to end up as a personal loan aka unsecured.

You mentioned your shortfall is <100k for a mature estate unit, that should probably work out to 20% of the total cost. Time to get realistic.

 

[duckie_15]

Well, i believe that the members here are not trying to be negative but based on the info you have provided, it just doesnt seem realistic for a young couple who barely worked for a year to subject themselves in such a difficult financial situation.

Home is just a small part of setting up a family, there is more to come.

 

[YinG90]

i think you should go to a home loan officer in any of the local banks to have an estimate of how much the banks can loan you. From what I understand, you also have to take into consideration the total amount of loans (eg student loan, car loan, personal loan) you have on top of the housing loan as there is a cap on how much total loan you can hold given your monthly income (70% or 30% can't remember).

If in the event that your loan amount + cpf is not sufficient to cover the house then it will be wiser to either go for a less expensive unit so as to not stretch your finances that much. Otherwise, would be to really go extreme and save up every penny during the "wait" for your flat so that when your keys are ready you have enough cash+cpf to cover. Another way is for you to ask your family or friends to cover the shortfall first.

i am in the same situation as you, just started working and i had big dreams. but my SO and I decided to just wait and save up more first before considering buying a house in future as our loan amount is not enough as well.

cheers, there are many options! but i think its best to get all the facts and sit down and see which one suits you more. some people may be okay stretching themselves etc. while others may prefer less stress and less expensive flats.

 

[Sakagamii]

jus buy cheap la. dream location nxt time can buy as resale when u financially stable anyway

 

[almondpoh]

jus buy cheap la. dream location nxt time can buy as resale when u financially stable anyway

I think people should start small and affordable. Like buying a smaller and cheaper HDB flat first if you can before jumping straight into CONDO or EC. Reasons being you can pay off your HDB loan faster, sell off or rent for a profit, then upgrade if you want. If you start off with a private property, you it's not so easy to downgrade...

 

[dustyRoom]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

bank loan roh. loan quantum can almost double because there's no 30% restriction.

Sent from Mars using GAGT

 

[dustyRoom]

I think people should start small and affordable. Like buying a smaller and cheaper HDB flat first if you can before jumping straight into CONDO or EC. Reasons being you can pay off your HDB loan faster, sell off or rent for a profit, then upgrade if you want. If you start off with a private property, you it's not so easy to downgrade...

sometimes it depends on your parents. parents prefer good location and good size, some are willing to top up shortfall.

Sent from Mars using GAGT

 

[tingsters]

TS, should not book for SBF, should book BTO, as BTO need time, and from that time of point can save for 3year to 4 year, at that time the house and keys will be ready, but in SBF, mostly are already up already, hence you might not be able to get your require loans from hdb, hence i strongly disagree with you on going SBF. which you know you started working close to year, sbf is not your cup of tea.

 

[sakuragi14]

most members are trying to be realistic. i suggest TS should get a cheaper flat instead

 

[babyjyo]

Hi All!

A question from a young 1st time buyer for the Nov SBF!

I'd like to ask, if the HDB Loan is not enough to cover for the flat, what are my options for loan of the remainder?

I'm interested in some matured estate units, but as me and my gf just started working over a year ago, our pay = peanuts, so loan = peanut butter.

Thanks!

a) top up in cash
b) buy an affordable SBF. either smaller unit or non-matured estate.
c) consider BTO instead