HLE enquiry

[itedino]

If u loan amount is 80k. Max hdb u can buy is 112,500k exclude cov.

 

[itedino]

Procedure i can explain.

Example:
400k hle approved
U can buy maximum 500k flat exclude cov
Let say cov 30k

1st pay 1k deposit to grant otp
Within 14 days Pay 4k

1st appointment
Hdb will put 30k grant to you and spouse OA acc
30k grant can be used for remaing 10% downpayment
Stamp fee 3% deduct from your OA first

2nd appointment
U need to pay 5% cash + cov 30k total + lawyer hdb 170 = $80,170
IF YOUR 5% (50k) CPF payable not enluff let say deduct stamp fee including grant u left 30k combined
You need to topup cash of 20k.

Dun forget valuation report fee, agent commission, hps

 

[itedino]

Dun try to wear a big hat if your head is small. U may end up paying extra cash for your installment over 26 years. 25 year commitment. Consider wisely

 

[JuMbOfaT]

Hi guys, I have a question.

My wife just started work 1 week ago and I am trying to apply for HLE.
The system insist I declare how much she earn the past 3 months but the problem is that she havent gotten her 1st pay check.

I wanted to select April but cant.. only can put up till March.
Anyone can help?

 

[Gixxerfied]

Hi guys, I have a question.

My wife just started work 1 week ago and I am trying to apply for HLE.
The system insist I declare how much she earn the past 3 months but the problem is that she havent gotten her 1st pay check.

I wanted to select April but cant.. only can put up till March.
Anyone can help?

Check with hdb but likely would need supporting document from hr stating her commencement date, position and gross salary

 

[tinkerbot]

For HLE, will HDB check your existing debts ie car loan, tuition fee loan, credit cards, credit ratings etc?
When I applied for HLE, they never ask for all these details except for salary.

Will they ask during the selection/key handover appointments?

 

[tingsters]

For HLE, will HDB check your existing debts ie car loan, tuition fee loan, credit cards, credit ratings etc?
When I applied for HLE, they never ask for all these details except for salary.

Will they ask during the selection/key handover appointments?

I believe they will check thru by using CBS which started early this month..
all secure loans unsecure loans and etc.. will stated in the report. once hdb receive the report it send to loans departments. will screen all existing loans, etc and follow their guild line..

with cbs around, think they will not ask all this, as they have reports for all your loans etc.. as all this will reflect in the cbs report which include loan repayment on time or will you be always defaulted.

Selection is only to see how much is your approval HLE, i believe will not ask as the report should be in the HDB database liao, before they released the approval amount for the HLE to u. during key selection there will one round of HLE to really reaccess your final HLE amount. but i belive HDB will then go cbs to get your lastest loans before releasing the final of your HLE.

if your HLE approved amount is able to cover then not a issue, if the approved HLE amount is lesser then the amount then you have pay cash for the shortfall.

 

[tinkerbot]

I believe they will check thru by using CBS which started early this month..
all secure loans unsecure loans and etc.. will stated in the report. once hdb receive the report it send to loans departments. will screen all existing loans, etc and follow their guild line..

with cbs around, think they will not ask all this, as they have reports for all your loans etc.. as all this will reflect in the cbs report which include loan repayment on time or will you be always defaulted.

Selection is only to see how much is your approval HLE, i believe will not ask as the report should be in the HDB database liao, before they released the approval amount for the HLE to u. during key selection there will one round of HLE to really reaccess your final HLE amount. but i belive HDB will then go cbs to get your lastest loans before releasing the final of your HLE.

if your HLE approved amount is able to cover then not a issue, if the approved HLE amount is lesser then the amount then you have pay cash for the shortfall.

Wow thanks.

For example, let's say the HLE that was approved for me is 400k, and I am currently debt free. My selection is in May. Between this period, let's say I take a car loan of say 50k.

Will they at any appointments ie: selection/financial appointments say hey, we detected you took at 50k car loan recently so will be subtracting 400-50 = 350k as your new HLE?

 

[tingsters]

Tinkerbot bro,

they access your HLE in 2 phase,

when you select a unit your 1st HLE is 400K and is Debt free..

when near completion, they ask you resubmitting a new HLE.
and when now you a in debt or personal loans or cars loans or study loans etc. this might affect your 400k in when 1st HLE was issue, unless for salary is keep on increase if not will have to follow MAS TSR ruling.. but confirm will not be 400k, it depends to your salary and cpf. any shortfall in the 2nd HLE apporval amount you need to pay cash before you can collect the keys.

 

[tinkerbot]

Hi, mine is Sales of balanced flat and will be picking a ready-made unit (have vv good Q number)
So after selection in May, probably take 3 months to process, and get key in around Sept/Aug.

In this case will they ask for a re-accessment (and re-look into new debts) since the HLE have not expire (validity of 6 months)?

 

[tingsters]

Hope this answers your question.

If hdb needs you to reapply then they will send u a letter to inform you.

If not they would automatically extend it for you..

 

[Gixxerfied]

Hi, mine is Sales of balanced flat and will be picking a ready-made unit (have vv good Q number)
So after selection in May, probably take 3 months to process, and get key in around Sept/Aug.

In this case will they ask for a re-accessment (and re-look into new debts) since the HLE have not expire (validity of 6 months)?

This kind of case unlikely to have 2nd assessment..

Even for those BTO applicants now, they might not have to do a 2nd assessment before key collection next time..It depends on the amt of the first HLE which they have gotten(If more than what is required and no drastic reduction in pay) then very high chance no need to do 2nd assessment.

 

[tinkerbot]

Thanks tingster and Gixxerfield bros.
Deeply appreciated.

Will of course play safe, and not take additional loan until key collection (or any other future).
But will keep this option in mind

 

[Gixxerfied]

Just to add for anyone applying for a credit acct(credit card etc etc), can get the cbs report for free..I just retrieve my copy ytd..

Score 2000
Risk Grade AA
Risk Grade Description Score 1911 - 2000: Prob of Default <= 0.27%
Probability of Default 0.08%

 

[caniggia]

guys, I received hle letter lately showing my 1st hle details years back and the letter show its validity till September 2016.
As i am collecting keys between April and June 2016, am i right to say i do not need to reapply hle based on that letter?

And since we're still fiancée/fiance status and has obtain AHG, does producing bridal and banquet receipts suffice?

 

[Gixxerfied]

guys, I received hle letter lately showing my 1st hle details years back and the letter show its validity till September 2016.
As i am collecting keys between April and June 2016, am i right to say i do not need to reapply hle based on that letter?

And since we're still fiancée/fiance status and has obtain AHG, does producing bridal and banquet receipts suffice?

If need to apply, they would have send u a letter asking you to do so..Since they auto extend your 1st HLE until Sept 2016, it would mean they dont need you to resubmit a new HLE assessment. Speaking of which, HDB on their discretion might decide not to waste time to make applicants go for a 2nd assessment unless of cos your income has drop drastically..

It would suffice in delaying the need to produce your ROM cert..Best to confirm with them but usually no issue..

 

[caniggia]

If need to apply, they would have send u a letter asking you to do so..Since they auto extend your 1st HLE until Sept 2016, it would mean they dont need you to resubmit a new HLE assessment. Speaking of which, HDB on their discretion might decide not to waste time to make applicants go for a 2nd assessment unless of cos your income has drop drastically..

It would suffice in delaying the need to produce your ROM cert..Best to confirm with them but usually no issue..

Thanks. Do I need to notify hdb if there's a change of job since my 1st hle?

 

[Gixxerfied]

Thanks. Do I need to notify hdb if there's a change of job since my 1st hle?

Unless there's a drop in income(I believe they would beable to see from your CPF contribution), i believe there's no need to inform them about a change in employer..

 

[teacuppig]

help!

Hi all,

i need some help here!

I received my HLE letter, with max loan of 310k. I'm looking at a flat that costs about 410k.

1. Based on experience, what is the amount of loan that we will most likely receive?
2. Does the HLE have to cover about 90% of the flat purchase price?
3.
If I manage to get a 90% of the max loan (~280k),
and 90% of purchase price (369k), my short fall is 90k. Is this amount payable by CPF or does it have to be full cash payment?

I really hope someone can help with this. Thank you in advance.

 

[Gixxerfied]

Hi all,

i need some help here!

I received my HLE letter, with max loan of 310k. I'm looking at a flat that costs about 410k.

1. Based on experience, what is the amount of loan that we will most likely receive?
2. Does the HLE have to cover about 90% of the flat purchase price?
3.
If I manage to get a 90% of the max loan (~280k),
and 90% of purchase price (369k), my short fall is 90k. Is this amount payable by CPF or does it have to be full cash payment?

I really hope someone can help with this. Thank you in advance.

1) Likely to be the same at $310k by the time u collect keys.
2) No. The rules is max 90% of flat selling price but subjected to ur income assessment.
3) Should be 90% of flat selling price and not max loan.Dont forget they have to wipe out ur combined CPF first before knowing the required loan amt. If required amt vs approved HLE got shortfall then top up in cash before key collection can proceed.