HLE Eligibility

[jasmintan]

Dear All,

I'm planning to apply for the HLE with my partner (as we are eyeing a May BTO) but I'm not sure if we could successfully get the HLE loan because:

- I've been working since 2009 but took a year-long break last year and only started working again this year January 2015, earning $4.5k a month
- Partner has been working continuously for the past two years, drawing about $4k a month

Saw from HDB site that we would have to furnish latest 3 months of payslips plus last 15 months of CPF Contribution History (but my CPF Contrubution History will only reflect January 2015 onwards).

Will we get rejected because of my part not being able to furnish the full 15 months since I only started working again recently? Getting really worried here.

Do share your advice and stories here!

Thank you!

 

[Gixxerfied]

The approved amount would be lower but they will still give you based on your's partner salary..

Anyway, the 1st HLE is for HDB to know they are willing to give u a loan..The 2nd HLE assessment which is before key collection would be the final approved amount..The drawback is if it happens so that your combined salary exceeds 10k for the 2nd assessment then HDB will only loan you accordingly to your 1st HLE assessment which might be of a lower amount..So any shortfall by then after wiping out CPF O/A has to be top up in cash.

With this, it's still early to apply for HLE..Wait for May's Launch, send in your application and wait till result is release then u apply.

 

[jasmintan]

The approved amount would be lower but they will still give you based on your's partner salary..

Anyway, the 1st HLE is for HDB to know they are willing to give u a loan..The 2nd HLE assessment which is before key collection would be the final approved amount..The drawback is if it happens so that your combined salary exceeds 10k for the 2nd assessment then HDB will only loan you accordingly to your 1st HLE assessment which might be of a lower amount..So any shortfall by then after wiping out CPF O/A has to be top up in cash.

With this, it's still early to apply for HLE..Wait for May's Launch, send in your application and wait till result is release then u apply.

So if I were to wait till the BTO is launched and start applying for the HLE (that makes my CPF contribution history reflect January 2015 to May 2015), they'll still only take my partner's salary to give us the approved loan even if I've been in my company for more than 3 months?

Sigh. That means its so little leh. I thought as long as I'm in current employment for more than 3 months, HDB will add both of our incomes and calculate the loan amount accordingly. $4.5k from my part is quite substantial and I am sure it will warrant us a much higher loan amount

I could try to appeal if they come back with a low loan amount? Or I should'nt be bothered since there's gonna be another assessment of the HLE? But by then, our incomes would probably have exceeded $10k and it sucks to then have to use our first approved loan amount. Argh. This is driving me nuts.

 

[LRH1984]

So if I were to wait till the BTO is launched and start applying for the HLE (that makes my CPF contribution history reflect January 2015 to May 2015), they'll still only take my partner's salary to give us the approved loan even if I've been in my company for more than 3 months?

Sigh. That means its so little leh. I thought as long as I'm in current employment for more than 3 months, HDB will add both of our incomes and calculate the loan amount accordingly. $4.5k from my part is quite substantial and I am sure it will warrant us a much higher loan amount

I could try to appeal if they come back with a low loan amount? Or I should'nt be bothered since there's gonna be another assessment of the HLE? But by then, our incomes would probably have exceeded $10k and it sucks to then have to use our first approved loan amount. Argh. This is driving me nuts.

Don't worry dude, we are almost in the same situation when we apply for Feb BTO. We got full loan, my wife only work 2 months then. You will be fine

 

[Gixxerfied]

Dont worry so much lar...

4.5k can get you quite a gd amt..

Based on both born in 1984, 25 years loan, combined income of 4.5k already have like $297k..

Of cos at 8.5k combined will get u dbl the above..

 

[jasmintan]

Don't worry dude, we are almost in the same situation when we apply for Feb BTO. We got full loan, my wife only work 2 months then. You will be fine

Really??? You don't know how happy I am to know this. Just hope things will go smoothly because I don't want to be the reason for us getting a low loan amount or maybe even not getting the loan...

I'm really concerned because I took a whole long year of break last year and only started working again during January 2015; so I don't know how HDB would view this when they don't see any contributions before January 2015...

 

[vinz]

As long as employed with CPF contribution, usually HDB only need to know you been working there for past 3 month and will take your full salary into consideration for the loan amount.

The 15 months CPF may be for them to verify those who are eligible for additional housing grant. They don't have to waste time calling the buyers to submit their past 12mths - 15 mths contribution again if in the first place every one who apply for HLE submit this document.

-vinz

 

[lanzhu60]

Hi vinz , hw bout the below query

-hhle already apply n approved , but spouse resign , will it affect the loan when doin hdb completion for resale n bto

-if spouse is on unpaid leave , will it also affect the loan application though the hle already approved as they might need the past few mths salary docs ?

Thks alot

 

[Gixxerfied]

As long as employed with CPF contribution, usually HDB only need to know you been working there for past 3 month and will take your full salary into consideration for the loan amount.

The 15 months CPF may be for them to verify those who are eligible for additional housing grant. They don't have to waste time calling the buyers to submit their past 12mths - 15 mths contribution again if in the first place every one who apply for HLE submit this document.

-vinz

For the grants portion, they still ask me to submit the cpf portion even though i already have a valid hle..

 

[vinz]

Hi vinz , hw bout the below query

-hle already apply n approved , but spouse resign , will it affect the loan when doin hdb completion for resale n bto

Resale : yes it will be affected as HDB officer on the HDB first appt "MAY" ask whether you income is still the same or not, and maybe even ask for the lastest payslips + CPF statememt if you applying for grant etc.

Since the income status on HLE already changed , and the exact loan is still not calculated and dispersed to you, I think HDB have the right to ask for the latest income status again. So if a spouse resign, then the max loan amount may goes down quite a bit, and hopefully don't affect the purchase.

BTO : I dont deal with BTO so better not give you inaccurate information. Pls check with HDB officer 1800-8663066

-if spouse is on unpaid leave , will it also affect the loan application though the hle already approved as they might need the past few mths salary docs ?

As above. I believe this will be subjective on a case by case basis. Usually those who are going through the purchase will try not to change anything to their job status.

-vinz

 

[cookiemonster89]

another situation:
Got BTO queue number, selecting flat 3rd week of May.
Changing jobs, starting in new company 1 June.
Still with previous company until 29 May.
No gap in between.

Will they want to reevaluate our HLE? Only take 1 person's income into account? Or will they consider my income in the new company? Need to tell them that I'm changing jobs?

 

[duo8668]

My case is, I need to appeal for that so that they took my wife's salary into consideration, unless the increment is significant, eg 30%.

 

[haiyato]

HDB based your HLE on your income for the past 1 year. Anyways, it doesn't matter because this is the first evaluation to 'inform' HDB that you are eligible to take the loan. When you are getting your keys, they will do a second evaluation to confirm the loan amount.

 

[dreamcatcher19]

Hi Guys,

Just to check if we still have outstanding loans on hand, will this affect the HLE approval?

Me: having a $13K study loan with OCBC, monthly pay: $423
Earning $3.8K per month

BF: having a $26K car loan with DBS, monthly pay: $675 & $4K credit card loan with HSBC.
Earning $3.3K plus an average of $800 commission per month

Thanks.

 

[duo8668]

You will for sure get HLE Approved but the amount may not fall in your desired value. Although you don't hit the MSR but HDB may adjust your loan quantum to play safe with their credit liquidity.

 

[lazypix]

i have a similar concern with some of the bros here.

me and my gf took a 2 weeks break between our previous job and present job. so for 1 month, we earned lesser than usual.

now that we see hdb requires a submission of 3 months pay slip...i think we may get a lower loan amount.

to make matters worse, my gf's new company (which she has been working for 1.5 mths) does not issue payslips...like that how ah? get the HR to write a letter for that 1.5 mths?

 

[Gixxerfied]

i have a similar concern with some of the bros here.

me and my gf took a 2 weeks break between our previous job and present job. so for 1 month, we earned lesser than usual.

now that we see hdb requires a submission of 3 months pay slip...i think we may get a lower loan amount.

to make matters worse, my gf's new company (which she has been working for 1.5 mths) does not issue payslips...like that how ah? get the HR to write a letter for that 1.5 mths?

Get HR to write a official letter stating how much her salary is monthly breaking down into OT, allowance and such if any..

 

[lazypix]

Thanks for the advice!

Anyone knows how long does it take for a HLE application to be approved? we just applied for the May BTO exercise and there are some confusion as to when should we apply for the HLE.

 

[pinkibeee]

Thanks for the advice!

Anyone knows how long does it take for a HLE application to be approved? we just applied for the May BTO exercise and there are some confusion as to when should we apply for the HLE.

According to Gixxerfield, apply after the results is out. The HLE will take 1 week to be approved.

 

[lazypix]

thanks so much for the advice. some ppl were telling me to apply as soon as i ballot because it takes awhile for the application to be approved.

guess i shall just take this time to gather all the documents i need.