HDB to offer me loan?

[ninabey]

Hi there,

Just want to check with you guys..
I am currently looking to buy a 3 room resale flat with my mum.. so i actually tried to apply HLE. i am 25 this year, earning less then 1.8k per month. i know some of you here may think i am not eligible to apply for HLE. but i went to mp to ask them to write a letter for me to help me appeal for HLE. my mum is 60 and i am asking for about 150k loan. I have submitted all the required documents and awaiting for apply. my question is

- will they approve my loan of 150k with my current salary?

I cannot apply for a bank loan because i have a personal loan still repaying.

 

[ninabey]

By the way, i heard if hdb approve the loan. MY cpf will be wipe away.. are they wiping everything i have in my cpf acc??? i only have 26k in my acc leh...

 

[therat]

By the way, i heard if hdb approve the loan. MY cpf will be wipe away.. are they wiping everything i have in my cpf acc??? i only have 26k in my acc leh...

HDB loan, they will clear up your OA account.
Left few dollar and cents for you.

Only OA account will be affected.

Your MA and SA intact.

 

[Silverback84]

if u really need it. just apply lo. bear in mind resale flat u need to pay cov.

 

[cct75]

Hi there,

i know some of you here may think i am not eligible to apply for HLE.

Y would u not be eligible for HLE? HLE currently limit salary ceiling to 5k. The ceiling was 3.5k just almost 3 years back.

 

[OverEasy]

Hi there,

Just want to check with you guys..
I am currently looking to buy a 3 room resale flat with my mum.. so i actually tried to apply HLE. i am 25 this year, earning less then 1.8k per month. i know some of you here may think i am not eligible to apply for HLE. but i went to mp to ask them to write a letter for me to help me appeal for HLE. my mum is 60 and i am asking for about 150k loan. I have submitted all the required documents and awaiting for apply. my question is

- will they approve my loan of 150k with my current salary?

I cannot apply for a bank loan because i have a personal loan still repaying.

i think not easy. why so weird apply with your mum? no current flat?
anyway CPF all must use to reduce the HDB loan, cos government want people to take lower loan and pay less interest. bank loan dun have this rule i think.

 

[tmfwy]

Hi there,

Just want to check with you guys..
I am currently looking to buy a 3 room resale flat with my mum.. so i actually tried to apply HLE. i am 25 this year, earning less then 1.8k per month. i know some of you here may think i am not eligible to apply for HLE. but i went to mp to ask them to write a letter for me to help me appeal for HLE. my mum is 60 and i am asking for about 150k loan. I have submitted all the required documents and awaiting for apply. my question is

- will they approve my loan of 150k with my current salary?

I cannot apply for a bank loan because i have a personal loan still repaying.

From my HLE application, it seems that the max loan is about 100x current pay

If you have existing financial commitments, wouldn't HDB also take that into consideration if declared, thereby sending you back to square 1 with the private bankers?

By the way, i heard if hdb approve the loan. MY cpf will be wipe away.. are they wiping everything i have in my cpf acc??? i only have 26k in my acc leh...

Look at it from another angle. With the minimum sum constantly being raised, the average worker is unlikely to be able to take out his CPF at his retirement age.

 

[ninabey]

i think not easy. why so weird apply with your mum? no current flat?
anyway CPF all must use to reduce the HDB loan, cos government want people to take lower loan and pay less interest. bank loan dun have this rule i think.

My mum just sold off her 4 room flat, my mum is staying with my brother in his 5 room flat for the time being therefore we are thinking of getting a 3 room resale for me and my mum.

 

[ninabey]

From my HLE application, it seems that the max loan is about 100x current pay


If you have existing financial commitments, wouldn't HDB also take that into consideration if declared, thereby sending you back to square 1 with the private bankers?


Look at it from another angle. With the minimum sum constantly being raised, the average worker is unlikely to be able to take out his CPF at his retirement age.

But there are other factors to consider before deciding to borrow u the loan right?

BTW u mentioned that you manage to borrow from HDB. how long did they take to approve?

i am paying my loan monthly to bank now. i was told by DBS that i have to clear off my current loan before i can apply for the housing loan. but the bank wont be able to borrow up to 80% but only 60%. but my first choice will be hdb loan because the interest is very stable..

 

[OverEasy]

My mum just sold off her 4 room flat, my mum is staying with my brother in his 5 room flat for the time being therefore we are thinking of getting a 3 room resale for me and my mum.

eh, your mum must use a % of her cash proceeds for the next flat if she is going to become a joint owner. so i dun think you need such a high loan. + she must commit her CPF if she can still use.

if occupier hor, i think you better write to HDB to confirm if she need to use her cash proceeds. anyway if your loan not enuff, then become joint owner with your mum la.

 

[ninabey]

eh, your mum must use a % of her cash proceeds for the next flat if she is going to become a joint owner. so i dun think you need such a high loan. + she must commit her CPF if she can still use.

if occupier hor, i think you better write to HDB to confirm if she need to use her cash proceeds. anyway if your loan not enuff, then become joint owner with your mum la.

my mum have only about 10k in her cpf. and she is 60 already. i heard people say when u reach a certain age u cannot take out your cpf to buy house because have to keep for old age. and anyway, hdb has replied me saying i dont have to borrow from them because i have enough to buy.

anyway if anyone know what is resale levy?i ask the office if i could buy directly from hdb and he say my mum has previously taken subsidSE rate from hdb.

 

[therat]

anyway if anyone know what is resale levy?i ask the office if i could buy directly from hdb and he say my mum has previously taken subsidSE rate from hdb.

Resale levy is for those that took 2nd subsidy HDB unit.
As your mother has taken subsidy from her previous HDB unit.
She need to pay the resale levy.
The resale levy is base on the 1st subsidy HDB unit type.
Bigger = higher resale levy

read this for more detail on resale levy
HDB InfoWEB: Resale Levy : Selling Your Flat

First Subsidised Flat Type Amount of Resale Levy Payable under the Revised Policy (From 3 Mar 2006*)
2-room $15,000
3-room $30,000
4-room $40,000
5-room $45,000
Executive Flat $50,000
* only applicable for those who submit their resale application and book a 2nd subsidised flat on/after 3 March 2006.

============
If your mum sold 1st subsidized flat before 3 March 2006.
Then that is another set of cal

U better check with HDB, how much is the resale levy your mum need to pay

Resale levy is paid by CASH. Cannot use CPF

 

[OverEasy]

Resale levy is for those that took 2nd subsidy HDB unit.
As your mother has taken subsidy from her previous HDB unit.
She need to pay the resale levy.
The resale levy is base on the 1st subsidy HDB unit type.
Bigger = higher resale levy

read this for more detail on resale levy
HDB InfoWEB: Resale Levy : Selling Your Flat

First Subsidised Flat Type Amount of Resale Levy Payable under the Revised Policy (From 3 Mar 2006*)
2-room $15,000
3-room $30,000
4-room $40,000
5-room $45,000
Executive Flat $50,000
* only applicable for those who submit their resale application and book a 2nd subsidised flat on/after 3 March 2006.

============
If your mum sold 1st subsidized flat before 3 March 2006.
Then that is another set of cal

U better check with HDB, how much is the resale levy your mum need to pay

Resale levy is paid by CASH. Cannot use CPF

correct. govt dun allow you to "recycle" subsidy. unfair to other taxpayers.

 

[oscar]

What is the yr big issue is HDB loan: whether it will loan u or not (nothing to do with HLE). It’s the no. of time yr mum have got the HDB “subsidy loan”

If she have taken 2 housing subsidies (check with HDB to confirm), than u are not eligible to take any more HDB loan, have to be private. But u could get MP to write in and appeal.

Yr age (25), according to HDB u have to purchase the flat together with yr mum as join owner cos u cannot own a HDB flat if you’re single under 35.

U are tag together with yr mum so not consider as 1st timer.


U mention yr mum over 60, there will be nothing in her OA, all move to RA by now. So all purchase will be on yr CPF OA + loan amount +cash