HLE enquiry

[Weeli85]

You are confused between HDB loan interest and CPF accrued interest.

Even if you take a bank loan, as long as you service the loan using your CPF OA, you are liable for accrued interest (to your CPF) too.

HLE stands for HDB Loan Eligibility. HLE is not a loan. It determines your eligibility and loan quantum from HDB.

I know HLE is hdb loan eligibility, no need to wrote till so former right Normally people apply HLE is equal to hdb loan....

Majority people are using cpf to service the mortgage, why people always use bank vs cpf interest 2.6%? People confuse? I still wondering, if use bank loan still need to paid interest plus accrued interest, why not fully use hdb loan better right?

 

[g_t2006]

I know HLE is hdb loan eligibility, no need to wrote till so former right Normally people apply HLE is equal to hdb loan....

Majority people are using cpf to service the mortgage, why people always use bank vs cpf interest 2.6%? People confuse? I still wondering, if use bank loan still need to paid interest plus accrued interest, why not fully use hdb loan better right?

Why are you comparing CPF vs bank interest rate? You use whichever loan, HDB or bank, as long as you use your CPF to make payment, you can't run away from the accrued interest.

You take HDB loan, you pay interest on the loan at 2.6%. You use your CPF to service the HDB loan, there's accrued interest of 2.5% on the amount of CPF used.

Let's put this super straightfoward. Cannot be a whole bunch of people plus all the banks are so stupid right? People take bank loans becos the rates were lower than HDB's 2.6%.

 

[cmd_throw]

Knowing their financial is tight yet go and buy 5 room and go loan from bank due to lower interest rate... every mth save $100, where got alot....

HLE loan 2.6% interest is your own interest, next time you purchase another flat, the interest can be use for offset the next purchase while bank interest is the bank makan it....

Lastly added, accrued interest u only paid is when u purchase another flat than the interest u need to paid. If u no intend to purchase another flat than the accrued interest won't really affect u.

Youngster ah Youngster

No. HDB lends you money based on 2.6% rate. Bank rates go up and down over the years. End of day if you used your own cpf to service the loan, you need to return your cpf used + accrued interest after sale of your hdb. Over the past 18 years you actually paid less using bank loan compared to HDB loan

 

[GMThans]

Hi all, any idea what will happen if you exceed the income ceiling during the HLE re-assessment just before key collection? Will they accept it, reject entirely (means unable to get hdb loan), or based it on your first HLE? Thanks

 

[davidtanwei]

When initially we make the 2nd payment for the hdb. The cpf OA was wiped out to make the payment and the outstanding loan borrow from hdb.
The initial wipe plus accurred interest will accumulate. The amount can check from cpf site.
However, monthly payment deduction from cpf to hdb need to continue for outstanding loan. So this monthly which supposed to be in cpf if I don't buy flat. They don't considered the monthly I paid with interest ? Confused

 

[AlanKohCD]

When initially we make the 2nd payment for the hdb. The cpf OA was wiped out to make the payment and the outstanding loan borrow from hdb.
The initial wipe plus accurred interest will accumulate. The amount can check from cpf site.
However, monthly payment deduction from cpf to hdb need to continue for outstanding loan. So this monthly which supposed to be in cpf if I don't buy flat. They don't considered the monthly I paid with interest ? Confused

I think the monthly payment deduction is to reduce the principle of the loan. correct me if i am wrong.

 

[diminishin]

When initially we make the 2nd payment for the hdb. The cpf OA was wiped out to make the payment and the outstanding loan borrow from hdb.
The initial wipe plus accurred interest will accumulate. The amount can check from cpf site.
However, monthly payment deduction from cpf to hdb need to continue for outstanding loan. So this monthly which supposed to be in cpf if I don't buy flat. They don't considered the monthly I paid with interest ? Confused

Got ah, the monthly you paid with cpf to HDB includes interest

 

[McFadden]

Does hle have anything to do with grant?

 

[GMThans]

Hi all, any idea what will happen if you exceed the income ceiling during the HLE re-assessment just before key collection? Will they accept it, reject entirely (means unable to get hdb loan), or based it on your first HLE? Thanks

anyone got any idea on this?

 

[Bam25th]

anyone got any idea on this?

They will only revise if it is lower. If it exceeds the eligibility, they will ignore it.

As quoted from their website “ If you have purchased an uncompleted flat from HDB, we will review your financial position nearer the completion of the flat. This is to confirm that there are no adverse changes in your ability to service the housing loan, otherwise the loan amount may be reduced.”

In other words, they are not checking for eligibility again….

 

[windwaver]

Yes, income eligibility is only at point of application.

 

[Signager]

Can I know how much is recommended to get for HLE? 80 % or 90 of the total balance of the price ( after minus grant and deduction of ordinary account )?

 

[chaotah]

anyone applied recently, what is the turn around time for HLE approval?
On paper officially is 14 days.

 

[sgboy85]

anyone applied recently, what is the turn around time for HLE approval?
On paper officially is 14 days.

14 day max.

 

[sgboy85]

anyone applied recently, what is the turn around time for HLE approval?
On paper officially is 14 days.

Hdb can do it in 1 day. It depends on the staff or ur IO take leaves or MC or nt.

 

[NoTimeToWaitAr]

Hi all, we got our HLE approved last Dec. This year, we have a substantial increase in monthly salary. Wondering if anyone has tried to inform HDB to review their HLE again, and successful to obtain a higher loan amount? Thank you.

 

[justintch11]

From my experience, HLE cannot be reviewed again. The officer will advise you to reapply for a new HLE based on updated income to see if you can get a higher loan amount. For my case, I wanted to extend the HLE as my selection date was few weeks past the expiry date of HLE. But I was told no extension. HDB can cancel the current HLE and I apply for a new one so that I have a valid HLE during selection.

 

[NoTimeToWaitAr]

Thank you. My case is i will need to do the submission in few days time, and just happened that i have a significant change in our salary, therefore we would like HDB to review again, without cancelling the current HLE, otherwise we are unable to do the submission

 

[Evil_Boss]

Thank you. My case is i will need to do the submission in few days time, and just happened that i have a significant change in our salary, therefore we would like HDB to review again, without cancelling the current HLE, otherwise we are unable to do the submission

is either cancel and apply new one or submit with old one.

no revision.