HDB loan rejected

[CFC]

oops sorry. i edited my previous post.

I see I see..

 

[alpc]

Banks may be cheaper now since SIBOR is still so low... But remember, your loan only kicks in 2017 or even in 2018 when you finally get the key. By then, who knows what is the SIBOR rates will be?

Take HDB loan, you still have the opportunity to switch to bank loan at the later stage. If you take bank loan now, I doubt you will get to go back to HDB loan again.

One more thing for bank loan IIRC, you have to pay at least 5% cash for the 20% down payment. So if your flat is 500K, you need to pay $25K cash.

 

[hazel_ice]

hmm from my knowledge is 12 months record...so should be fine bah

 

[1stlove]

Let's say I apply for HLE on the day of my flat selection day, and pay my $2k option fee. What if few weeks later my HLE is rejected.... Can I get back my $2k option fee and cancel my flat application? or I have to go ahead with the signing of lease and take bank loan? Appreciate your advise.

 

[rollbread]

Let's say I apply for HLE on the day of my flat selection day, and pay my $2k option fee. What if few weeks later my HLE is rejected.... Can I get back my $2k option fee and cancel my flat application? or I have to go ahead with the signing of lease and take bank loan? Appreciate your advise.

If not wrong, u have to produce the HLE as a requirement before booking the flat. Only after having the HLE then you can book the flat and that is the time when u have to pay the $2K. If you don't have HLE means cannot book the flat.

 

[1stlove]

If not wrong, u have to produce the HLE as a requirement before booking the flat. Only after having the HLE then you can book the flat and that is the time when u have to pay the $2K. If you don't have HLE means cannot book the flat.

Are you sure?? I heard from most of my friends that you don't have to produce a HLE during selection. The staff will help you apply for HLE on day of selection. You only need to produce HLE during signing of agreement of lease.

 

[glamorousdrama]

Are you sure?? I heard from most of my friends that you don't have to produce a HLE during selection. The staff will help you apply for HLE on day of selection. You only need to produce HLE during signing of agreement of lease.

I actually think 1st love is right. If I'm not wrong you can have the option to select to apply for HLE loan on selection day itself. but you will be risking it because after you've paid the option fee on that day itself, you wouldnt know if your loan will be approved. if it's not approved you have till signing of agreement of lease to find a bank loan, else you have to forfeit the option fee.

so my suggestion is to apply for the HLE loan 2-3 weeks before your selection day itself. so that you hav the approval letter on the day already, and you dont have to worry. Also, hle approval is valid for 3 months and can be revalidated after review if it expires. so no harm doing it ahead of time.


my personal worry is just whether my loan will get approved anot. and I really dont want to have to submit my bank statements. mine job is commission based but i have steady basic pay and together with my bf using the est calculation (some app)found on HDB website we can actually afford to get a max loan up to 550k. but i am very SIAN that i have to submit bank statements cos i requested for no more statements to be sent to me (save paper maaa) then now i end up having to pay $20 for each months statement, and HDB wants 12 months leh!!! $240 go down drain, and I dont even know for what purpose. If they want to verify that I have a stable income they can base it on my payslip and cpf contribution. WHY NEED MY BANK STATEMENTS FOR! later if I dont submit they dont approve i will be very sian. then have to take more time for approval again. back and forth. hai.

 

[Infested_fred]

Are you sure?? I heard from most of my friends that you don't have to produce a HLE during selection. The staff will help you apply for HLE on day of selection. You only need to produce HLE during signing of agreement of lease.

You are absolutely right.

 

[1stlove]

I actually think 1st love is right. If I'm not wrong you can have the option to select to apply for HLE loan on selection day itself. but you will be risking it because after you've paid the option fee on that day itself, you wouldnt know if your loan will be approved. if it's not approved you have till signing of agreement of lease to find a bank loan, else you have to forfeit the option fee.

so my suggestion is to apply for the HLE loan 2-3 weeks before your selection day itself. so that you hav the approval letter on the day already, and you dont have to worry. Also, hle approval is valid for 3 months and can be revalidated after review if it expires. so no harm doing it ahead of time.


my personal worry is just whether my loan will get approved anot. and I really dont want to have to submit my bank statements. mine job is commission based but i have steady basic pay and together with my bf using the est calculation (some app)found on HDB website we can actually afford to get a max loan up to 550k. but i am very SIAN that i have to submit bank statements cos i requested for no more statements to be sent to me (save paper maaa) then now i end up having to pay $20 for each months statement, and HDB wants 12 months leh!!! $240 go down drain, and I dont even know for what purpose. If they want to verify that I have a stable income they can base it on my payslip and cpf contribution. WHY NEED MY BANK STATEMENTS FOR! later if I dont submit they dont approve i will be very sian. then have to take more time for approval again. back and forth. hai.

Thanks. I'm in a similar postion as you. I already knew that I will face problems with the HLE due the the combined salary cap of slightly over $10k. (my salary has alot of overtime and shift allowances, and even though HDB website says that they won't count it in the salary calculatons, the officer incharge told me that it will be counted as it is regular payments and its part of working shift jobs!) I immediately applied for HLE in end Feb when I got my ballot number, even though my appt with HDB is mid Apr and till now still waiting for HDB approval. They asked me to submit bank statments and credit bureau report, which I did. Now they want payslip for last year which I don't have.

If HDB don't approve my HLE before my selection, I don't think I will go for my selection next month. Don't want to take the risk of losing my $2k option fees or having to take bank loan and paying 5% cash deposit, which I can't afford.

 

[alpc]

@glamorousdrama you can don't submit your bank statements if you don't want to as long as you have pay slip to show at least your base pay.

Sorry, I don't see why they will not approve the loan, but they might not approve for the entire amount.

 

[glamorousdrama]

@glamorousdrama you can don't submit your bank statements if you don't want to as long as you have pay slip to show at least your base pay.

Sorry, I don't see why they will not approve the loan, but they might not approve for the entire amount.

cos on the website it says to submit your bank statements too. but i'm gonna try submitting it without the statements. Hope they'll close one eye on it. And no worries about the amount. I'm sure we will be able to get something decent. Hoping to get woodlands bto which is still quite a while away. but I guess the prices wouldnt be too high. hopefully about 300kish?

 

[vinz]

cos on the website it says to submit your bank statements too. but i'm gonna try submitting it without the statements. Hope they'll close one eye on it. And no worries about the amount. I'm sure we will be able to get something decent. Hoping to get woodlands bto which is still quite a while away. but I guess the prices wouldnt be too high. hopefully about 300kish?

As long as you declared self employed or commission based job, they will ask for the bank statements.

They won't close one eye on it, most likely just put aside your "file" as incomplete document and leave it aside till all the documents are submitted.

It will just delay your HLE , instead of two weeks, it can be only ready when you "finally" decided to submit the bank statement.

good luck.

 

[glamorousdrama]

As long as you declared self employed or commission based job, they will ask for the bank statements.

They won't close one eye on it, most likely just put aside your "file" as incomplete document and leave it aside till all the documents are submitted.

It will just delay your HLE , instead of two weeks, it can be only ready when you "finally" decided to submit the bank statement.

good luck.

hmm wont they at least prompt me to submit the documents? If they ask for it i will.

 

[CFC]

hmm wont they at least prompt me to submit the documents? If they ask for it i will.

I suggest u read thru my previous post explaining my experience.

 

[glamorousdrama]

I suggest u read thru my previous post explaining my experience.

oooo. sorry i had no idea why i missed out that post! that helps!
but anyways, i'll see if theres a way to get my pay justified based on my payslips and cpf contributions, which already shows my stable income. moreover i am basic + commission with 2750 basic, and not self employed. should i feel that the max loan amount granted is insufficient, I submit my bank statements But from what I understand, actually my bf's income itself is enough to justify for sufficient loan for the hdb units we are looking at. I have 3 bank accounts. fml. lol.

thanks!!!

 

[Kenny23]

oooo. sorry i had no idea why i missed out that post! that helps!
but anyways, i'll see if theres a way to get my pay justified based on my payslips and cpf contributions, which already shows my stable income. moreover i am basic + commission with 2750 basic, and not self employed. should i feel that the max loan amount granted is insufficient, I submit my bank statements But from what I understand, actually my bf's income itself is enough to justify for sufficient loan for the hdb units we are looking at. I have 3 bank accounts. fml. lol.

thanks!!!

3 bank accounts but if each of them only has a few hundreds or a few thousand also no point..unless u got 3 account & each of them has 50k then its something to shout about & say y isnt the loan granted gd enough (no offence but i m sure thats what they want to see to help justify the approval)..hows is both of yr credit standing? Any credit card bills that are not paid in full, late payment or you partially pay only? personal loans/car loans etc?

 

[CFC]

oooo. sorry i had no idea why i missed out that post! that helps!
but anyways, i'll see if theres a way to get my pay justified based on my payslips and cpf contributions, which already shows my stable income. moreover i am basic + commission with 2750 basic, and not self employed. should i feel that the max loan amount granted is insufficient, I submit my bank statements But from what I understand, actually my bf's income itself is enough to justify for sufficient loan for the hdb units we are looking at. I have 3 bank accounts. fml. lol.

thanks!!!

No problem. Happy that it helps.

 

[Lunnie]

Hi,

I hope this information reaches anyone who is going to pay that $240 unwillingly. I found a solution!

Simply login into your ibanking account (i suppose its POSB/DBS Bank), at the left column there is a clickable link "eStatement". Over there you can Enrol in or if you had earlier selected to have eStatement, you can "View eStatement".

I managed to find the 12months statements I needed for my HLE application without paying the $240.

 

[glamorousdrama]

Hi,

I hope this information reaches anyone who is going to pay that $240 unwillingly. I found a solution!

Simply login into your ibanking account (i suppose its POSB/DBS Bank), at the left column there is a clickable link "eStatement". Over there you can Enrol in or if you had earlier selected to have eStatement, you can "View eStatement".

I managed to find the 12months statements I needed for my HLE application without paying the $240.

unlucky me uses UOB. emo much

 

[sunsunsun]

i saw from UOB website that they also got estatements now for m'sia. maybe they will implement here soon?
regarding loan, i think it'll be cheaper to get loans from some banks than from HDB... like i was seeing for posb, their HDB loans rates is capped at 2.5% p.a over 10 years, lower than HDB's 2.6%. but also bear in mind that rate has not changed since 1999 as it's pegged to the cpf rate. so it's really up to you - whether you want a 'stable' rate or you want to take your chances with a floating rate...