HLE enquiry

[Gixxerfied]

Working full time job. Combined monthly income below 4K .. AHG + SHG is around 55k. Still 100k short.. LOL ..GG

Dont you find with a combined income of below $4k now and a combined CPF of $30k is abit of wear big hat which cannot fit you with the selling price of $400k??

Let's assume $400k - $55 Grant = $345k..Your combined CPF has $30k which you need to deduct $6036 for stamp duties = $23964

$345k - $23964 = $321036 loan required

We assume HDB is willing to loan you this amt which you need..

This works out to a monthly installment of $1457 for 25 years..

With a combined income of $5k, O/A contribution is $1150
At $6k is $1380

You need a combined income of $6350 to cover the loan without cash top up..

Do reconsider your option again..

 

[Silvialite]

Working full time job. Combined monthly income below 4K .. AHG + SHG is around 55k. Still 100k short.. LOL ..GG

In this case this hdb price is not affordable for you. Pls consider more affordable options

 

[Raffles88]

Dont you find with a combined income of below $4k now and a combined CPF of $30k is abit of wear big hat which cannot fit you with the selling price of $400k??

Let's assume $400k - $55 Grant = $345k..Your combined CPF has $30k which you need to deduct $6036 for stamp duties = $23964

$345k - $23964 = $321036 loan required

We assume HDB is willing to loan you this amt which you need..

This works out to a monthly installment of $1457 for 25 years..

With a combined income of $5k, O/A contribution is $1150
At $6k is $1380

You need a combined income of $6350 to cover the loan without cash top up..

Do reconsider your option again..

friend, you are good at HDB details. Many couples don't care about the affordability. They only want "big" house and yet to factor in salary income uncertainty. Many people think their salary will keep climbing up not down and wont get retrench from their position regardless of bad economic or company issues etc.

 

[Expert]

Hi,

any encountered or face with such scenario
Applied for HLE, quit existing job and looking for employment elsewhere.

May I know if the above will cause any issue when applying for say SOBF?

as long your working history has been consistent, you have max 3 mths to get employed again...

 

[Expert]

Has been working for 12months alr but one of us still a part time degree student so wonder if isit possible to appeal with HDB for 90% of the loan. Yes bank do give higher loans but we do not have 60Ks in our CPF and 20k cash.. Just submitted the SBF application. I heard MP letter can help to get higher HLE loan amount.. HDB isn't that affordable after all

you can always choose non-matured estate which 4rm cost below 290k.

 

[Expert]

friend, you are good at HDB details. Many couples don't care about the affordability. They only want "big" house and yet to factor in salary income uncertainty. Many people think their salary will keep climbing up not down and wont get retrench from their position regardless of bad economic or company issues etc.

It is common as they have not face such reality before.. The situation where you lose your job and all your bills just keeps piling up, made worse by an expensive purchase (like a car or flat)..

 

[EmPtYsOuLz]

Has been working for 12months alr but one of us still a part time degree student so wonder if isit possible to appeal with HDB for 90% of the loan. Yes bank do give higher loans but we do not have 60Ks in our CPF and 20k cash.. Just submitted the SBF application. I heard MP letter can help to get higher HLE loan amount.. HDB isn't that affordable after all

To out it bluntly, head not so big don't wear so big hat
Not trying to put you down on your hope and dreams but economic forecasts don't look so good for the next few years.


Anyway if you are still looking to stretch beyond your current means, you can try for a BTO which gives you 3-4 to save up more cpf and increase your income for a bigger loan amt

Sent from OnePlus ONEPLUS A3003 using GAGT

 

[fifi_kai]

Hello

During the second HLE application , if either my partner or I are unemployed during the retrenchment or looking for new job . Will HDB allow a delay in the HLE loan application till either person finds a new job .

 

[ceestudent]

I have query for HLE application.

I'm Singaporean but my wife is foreigner holding S-pass.
When I submit my HLE application, HDB only consider my salary to give the loan. They capped the monthly repayment with 30% of my salary only, without considering the combine income. Is this the norm for HDB loan?

How about Bank loan? will they consider combine salary or same as hdb.

Thanks.

 

[Franzz]

I have query for HLE application.

I'm Singaporean but my wife is foreigner holding S-pass.
When I submit my HLE application, HDB only consider my salary to give the loan. They capped the monthly repayment with 30% of my salary only, without considering the combine income. Is this the norm for HDB loan?

How about Bank loan? will they consider combine salary or same as hdb.

Thanks.

Technically you are the only owneras foreigner are not eligible, that is till your wife co-owns the flat as a SPR.

 

[ceestudent]

Technically you are the only owneras foreigner are not eligible, that is till your wife co-owns the flat as a SPR.

That's right, my wife will only listed as essential occupier.
Is bank loan also work the same way? or they will give loan based on combine salary?

 

[lusunshine]

That's right, my wife will only listed as essential occupier.
Is bank loan also work the same way? or they will give loan based on combine salary?

Bank loan is same as HLE, only base on your own salary.

 

[henrylbh]

I have query for HLE application.

I'm Singaporean but my wife is foreigner holding S-pass.
When I submit my HLE application, HDB only consider my salary to give the loan. They capped the monthly repayment with 30% of my salary only, without considering the combine income. Is this the norm for HDB loan?

How about Bank loan? will they consider combine salary or same as hdb.

Thanks.

Whether HDB or Bank, the lender will only lend money to the property owner based on the income of the property owner. Since your spouse is not an owner, no loan will be granted based on her income. Listing her as an essential occupier only qualifies you to buy the flat and nothing more except disqualifying her from buying any property during MOP.

 

[microtek]

If you already have the HLE Letter and then you suddenly get retrenched before you buy a resale flat, does that void the HLE letter or you can still use it to get a HDB loan?

 

[thecat21]

If you already have the HLE Letter and then you suddenly get retrenched before you buy a resale flat, does that void the HLE letter or you can still use it to get a HDB loan?

Hi, it is still valid for the 6mths. But its better to ask the HDB officer for their recommendation on what to do.

Furthermore, if taking grant, you have to make sure that your co-applicant or yourself have 12mths continuous employment from date of application of flat.

 

[straw753]

Hi, would like to check with you guys.
My portable completion date is end of March and most likely I will get my key mid April. My HLE both were approved previously. And my combined CPF able to deduct like say 100k. However, I want to resign now from my job. Will this affect my loan as this means they only can depend on my spouse's salary now if I have not found a job till April right? And if say my spouse's salary is 4K And my house is 430k. Already pay down payment of 20k through CPF which means balance is around 410k. Any advise from you guys? How much can we borrow then? I really want to resign. In a delimma. Thanks.

 

[hwmook]

Hi, would like to check with you guys.
My portable completion date is end of March and most likely I will get my key mid April. My HLE both were approved previously. And my combined CPF able to deduct like say 100k. However, I want to resign now from my job. Will this affect my loan as this means they only can depend on my spouse's salary now if I have not found a job till April right? And if say my spouse's salary is 4K And my house is 430k. Already pay down payment of 20k through CPF which means balance is around 410k. Any advise from you guys? How much can we borrow then? I really want to resign. In a delimma. Thanks.

HLE is base on salary not house price. Base on a salary of 4k, you are limited to paying 30% or 1.2k so max loan you can take is 265k or so. You still got a gap to cover, borrow from parents to cover the gap.

 

[Raffles88]

Hi, would like to check with you guys.
My portable completion date is end of March and most likely I will get my key mid April. My HLE both were approved previously. And my combined CPF able to deduct like say 100k. However, I want to resign now from my job. Will this affect my loan as this means they only can depend on my spouse's salary now if I have not found a job till April right? And if say my spouse's salary is 4K And my house is 430k. Already pay down payment of 20k through CPF which means balance is around 410k. Any advise from you guys? How much can we borrow then? I really want to resign. In a delimma. Thanks.

job market is not too good. pls re-consider your decision. secure another new one before leaving the current one.

 

[straw753]

job market is not too good. pls re-consider your decision. secure another new one before leaving the current one.

I will. But my work is suffocating.

 

[lusunshine]

I will. But my work is suffocating.

If you can afford to come out with 5% cash, go apply a bank loan NOW and problem solved, because banks only check your income at point of application.