HLE enquiry

[giraffey]

Need help.

NOA 2018 income for year 2017 is below income ceiling

Say I apply for Nov SBF, probably result will be out in Feb or March 2019?

When I select for flat, probably May or June 2019? By then the new NOA 2019 will be out. My income alone will exceed the ceiling. Will that be an issue? Or they will look upon my application date for my income?

its at time of application. they would request for recent payslips prior to application date as well; not just NOA

 

[vinz]

My income alone will exceed the ceiling. Will that be an issue? Or they will look upon my application date for my income?

your income alone is $12k monthly? Why are u still looking at sobf?

If self employed they may look at noa and maybe monthly commission based slip, and. Calculate the average etc few months prior to application based on it. Not 100% they just look at your NOA.

So maybe it's a chance or fate whether u get it or not.

Imagine getting a good queue number, and then the agony of being rejected due to income issue then just before u chose a dream unit.

Good luck.

-vinz

 

[kuro]

its at time of application. they would request for recent payslips prior to application date as well; not just NOA

I am self employed. So I supposed NOA will give an actual annual income?

your income alone is $12k monthly? Why are u still looking at sobf?

If self employed they may look at noa and maybe monthly commission based slip, and. Calculate the average etc few months prior to application based on it. Not 100% they just look at your NOA.

So maybe it's a chance or fate whether u get it or not.

Imagine getting a good queue number, and then the agony of being rejected due to income issue then just before u chose a dream unit.

Good luck.

-vinz

Yes alone is more than 12k/m for this year. I am self employed so I supposed NOA will be more fair? SBF is because I don't think I am that rich to afford a condo

They if not wrong will base income ceiling eligibility on date of flat application, not selection.

thanks

 

[koganei123]

I am self employed. So I supposed NOA will give an actual annual income?



Yes alone is more than 12k/m for this year. I am self employed so I supposed NOA will be more fair? SBF is because I don't think I am that rich to afford a condo


thanks

why not resale? if your income alone is above 12k, quite sure cannot buy subsidy flats

 

[vinz]

Yes alone is more than 12k/m for this year. I am self employed so I supposed NOA will be more fair?

Fair? It's not up to us to dictate which income statement is more fair (or more advantageous) to yourself.

Self employ income, HDB can request for every single transaction (which generate income) to be submitted to them. and if assume your past few months before the application you had many deals which average out to be more then $12k a month, very slim chance they will even let you apply. They will ask for a lot of document,especially for self employed.

Seriously speaking, you can try, but don't have too high hope of it going through. If successful then good for you.

-vinz

 

[s_Toe_15385]

HDB Loan Enquiry

Hi Fellow HWZ-Experts,

Appreciate your assistance on the following enquiries:
1. HDB loan interest is now fixed at 2.6%, lets say we took the HDB loan, will the interest stay 2.6% for us forever? In case the Ordinary Account interest increased to 3%, will our HDB loan interest increase apply to us? or only apply to those who just gonna get their HDB loan?

2. After HLE approved, do we still can get the loan with bank instead?

Thanks

 

[eng61043]

Hi Fellow HWZ-Experts,

Appreciate your assistance on the following enquiries:
1. HDB loan interest is now fixed at 2.6%, lets say we took the HDB loan, will the interest stay 2.6% for us forever? In case the Ordinary Account interest increased to 3%, will our HDB loan interest increase apply to us? or only apply to those who just gonna get their HDB loan?

2. After HLE approved, do we still can get the loan with bank instead?

Thanks

1. HDB loan interest rate review together with CPF rate every 3 months and will always be 0.1% above CPF ordinary account interest rate.

2. You could switch to bank loan before key collection or anytime after you take over the ownership of the house.

 

[s_Toe_15385]

1. HDB loan interest rate review together with CPF rate every 3 months and will always be 0.1% above CPF ordinary account interest rate.

2. You could switch to bank loan before key collection or anytime after you take over the ownership of the house.

Thanks for the feedback, so basically HDB loan interest is not really 'Fixed', just it is really stable (close to fixed), but who can foreseen what its in the future.

I got mislead by the 'Fixed' term.

 

[snowblaze]

Hello everyone, need advice from people who have been similar experience.
We are collecting key for BTO soon. However our recent HLE from HDB doesn’t provide the full 90% loan which we need.
Anyone knows the probability of extending the time to collect the key? Or the chances for HDB to increase the loan amount to us? Thank you!

 

[eng61043]

Hello everyone, need advice from people who have been similar experience.
We are collecting key for BTO soon. However our recent HLE from HDB doesn’t provide the full 90% loan which we need.
Anyone knows the probability of extending the time to collect the key? Or the chances for HDB to increase the loan amount to us? Thank you!

If the gap is big, unlikely HDB will change the loan amount in such a short time.

Would you be considering bank loan instead?

 

[converse2010]

Any idea if I gotten a HLE previously, will getting a car loan affect the HLE in anyway prior to the final transaction?

 

[eng61043]

Any idea if I gotten a HLE previously, will getting a car loan affect the HLE in anyway prior to the final transaction?

If I recall correctly, HLE is not determine by TDSR. You may like to confirm this in HDB website.

 

[snowblaze]

If the gap is big, unlikely HDB will change the loan amount in such a short time.

Would you be considering bank loan instead?

Thanks for the reply! to be honest, i haven’t look into it and i am afraid of the rising interest rate too.

 

[midfielder]

Hi all!

Like to check with you all if HDB consider our 13th month bonus, variable bonus and performance bonus into consideration when applying for HLE?

Have been getting mixed answers especially when HDB website state that bonus are not considered. But my friends who applied for HLE before say HDB look at NOA to determine how much to loan.

Thank you in advance

 

[oz_yuber]

Hi all!

Like to check with you all if HDB consider our 13th month bonus, variable bonus and performance bonus into consideration when applying for HLE?

Have been getting mixed answers especially when HDB website state that bonus are not considered. But my friends who applied for HLE before say HDB look at NOA to determine how much to loan.

Thank you in advance

Nope, i did the HLE application last year around this time and I didn't include the bonus in for my wife's portion. My job is fixed pay but not hers.

You can also refer to https://www.hdb.gov.sg/cs/infoweb/r...rom-hdb/income-guidelines-and-other-documents for details.

The following types of income/ allowance will not be considered for credit assessment:

Alimony/ maintenance fee
Bonuses
Claims/ reimbursement/ expenses
Director's fee
Dividend income/ interest from deposit accounts
Income from overtime work
National Service allowance
Occupier’s income
Overseas cost of living allowance*
Pension*
Rental income
Scholarship overseas allowance

 

[kenpachi82]

Just wanted to vent - HLE expired and I was trying to renew. Thing is I just changed to a new job, but I already have 3 new payslip so I thought it was going to be ok. End up hdb reject my application due to extra cpf contribution from ex-company from leave encashment. I called hdb to explain, and was told to go hdb branch to make a statutory declaration to confirm that. So I did, and then reapplied again. AND they still reject my application again. There is just so much unnecessary red tape even though I obviously am qualified to get a loan. I'm just venting my frustration. Thanks for reading.

Sent from Pluto using GAGT

 

[eng61043]

Just wanted to vent - HLE expired and I was trying to renew. Thing is I just changed to a new job, but I already have 3 new payslip so I thought it was going to be ok. End up hdb reject my application due to extra cpf contribution from ex-company from leave encashment. I called hdb to explain, and was told to go hdb branch to make a statutory declaration to confirm that. So I did, and then reapplied again. AND they still reject my application again. There is just so much unnecessary red tape even though I obviously am qualified to get a loan. I'm just venting my frustration. Thanks for reading.

Sent from Pluto using GAGT

What is the reason they gave for rejection? Isn’t your higher CPF contribution be calculated as higher loan eligibility?

 

[kuro]

if upon second HLE the income is higher than 12k, still can take hdb loan?

 

[eng61043]

if upon second HLE the income is higher than 12k, still can take hdb loan?

Shouldn’t HDB still granting you the 1st HLE loan amount ?

 

[veer26]

I understand to qualify for HDB loan the income ceiling is 12k. If my fiancee is leaving her job overseas to join me in Singapore, and we purchase resale HDB when she is in Singapore and unemployed, will her previous salary overseas be taken into consideration when calculating the ceiling for HDB loan? Thanks.