HDB Loan questions

[NightWish_]

Hi, need some help here.
Say I already applied for my flat since 2 years ago, using HDB loan. So next year, we will be taking key. At that time they will process the loans again, evaluating your income.

1) If I declare over 10k per mth for this yrs income tax, most likely I wont be able to take HDB loan; Have to take bank loan.

2) If i declare over 12k per mth, most likely is bank loan, but will they take away my house? I asked some property agents, they say never encounter before but technically i bought the house already, they cannot take away right.

 

[jareon81]

Hi, need some help here.
Say I already applied for my flat since 2 years ago, using HDB loan. So next year, we will be taking key. At that time they will process the loans again, evaluating your income.

1) If I declare over 10k per mth for this yrs income tax, most likely I wont be able to take HDB loan; Have to take bank loan.

2) If i declare over 12k per mth, most likely is bank loan, but will they take away my house? I asked some property agents, they say never encounter before but technically i bought the house already, they cannot take away right.

The eligibility for the HDB Loan is determined at the time when you applied for the flat. The 2nd HLE is just to determine what is the maximum amount they can loan you.

This means even if your combined income is over 10k a month you can still take the HDB Loan if you want.

 

[vinz]

The eligibility for the HDB Loan is determined at the time when you applied for the flat. The 2nd HLE is just to determine what is the maximum amount they can loan you.

This means even if your combined income is over 10k a month you can still take the HDB Loan if you want.

did you encounter this situation yourself, or your immediate friend and relatives go through the same scenario , and like what you said , still can take HDB loan even if their income is above 10k when they take the keys for the house?! Please let us know where u get this information from?

I have a strong feeling the HLE application will be rejected online when the income declare is more than 10k near the time where they take keys, so how to process the HLE when the system already reject their application? If through appeal I guess maybe there is still some chance.

I suggest T.S to call hdb to ask during office hours.
Tel: 1800-8663066.

Vinz

 

[NightWish_]

yea, i read up on quite afew threads. they seems to support what jareon said. which seems logical too.

but yea, i think i will call hdb on monday. still got afew more days before iras close door.

 

[jareon81]

did you encounter this situation yourself, or your immediate friend and relatives go through the same scenario , and like what you said , still can take HDB loan even if their income is above 10k when they take the keys for the house?! Please let us know where u get this information from?

I have a strong feeling the HLE application will be rejected online when the income declare is more than 10k near the time where they take keys, so how to process the HLE when the system already reject their application? If through appeal I guess maybe there is still some chance.

I suggest T.S to call hdb to ask during office hours.
Tel: 1800-8663066.

Vinz

I e-mailed HDB twice to enquire and clarify and got the same reply. But call/e-mail again is always best bet.

Below is an excerpt of one of the responses.

If you obtained a HLE letter based on the income of $10,000 (after you submitted an application for the BTO/point of selection of a flat), it is okay if the combined gross household income exceeds $10,000 subsequently while waiting to take possession of the flat. HDB will still honour the earlier HLE letter that you are eligible for a HDB loan although there is an increase in the household income (exceeds $10,000).

However, if the income has decreased, then the Officer will reassess the loan.

As the policy/procedure may change from time to time, please enquire with us again for the prevailing policy at the point of your application

 

[vinz]

I e-mailed HDB twice to enquire and clarify and got the same reply. But call/e-mail again is always best bet.

Below is an excerpt of one of the responses.

ok , good that there is proper reply from HDB on this matter to you.

 

[NightWish_]

thanks !!