HLE enquiry

[toxxic]

Received an auto-renew for my HLE which showed that along with combined CPF, was short $13k for covering the house price. Not sure why they didn't even ask for reassessment as the first HLE was based only on 1 income so I requested for reassessment. Anyone know how long it takes to reassess?

 

[teacuppig]

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.

Hi Gixxerfied!

Thank you for your reply!

 

[hwaa]

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

car loan wont affect much one i think. basically if the monthly OA can cover the loan then basically wont be much of an issue.

but of cos this are some of the so called factors they look into.

 

[Ginn21]

Hi All

Would like to ask a couple of questions:

1. My HLE has just expired, is there a chance that the HLE be auto renewed until signing of my lease agreement? I'm a first timer and my selection is in Oct.

2. What is the average waiting time between selection and signing of lease agreement? Will it be less than 4 months?

3. Do I need to produce latest 3 months pay slip during signing lease agreement?

4. If both my partner and I are retrenched during signing of agreement, will I not be able to take HDB loan and HDB will forfeit my flat?

Would appreciate your kind advice!

Thanks!

 

[Jorgensen]

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.

Hi,

Mind sharing what does wiping out cpf means exactly based on the below 2 scenarios? :

Scenario 1
Flat cost : 300k
combine cpf oa : 320k
loan period : 25 years

Scenario 2
Flat cost : 300k
combine cpf oa : 80k
loan period :25 years

Thanks lot

 

[hwmook]

Hi,

Mind sharing what does wiping out cpf means exactly based on the below 2 scenarios? :

Scenario 1
Flat cost : 300k
combine cpf oa : 320k
loan period : 25 years

Scenario 2
Flat cost : 300k
combine cpf oa : 80k
loan period :25 years

Thanks lot

It's mean every single bloody cent in your CPF OA will be used to pay for the flat before any HDB loan is given so in your first case, the CPF OA is more than the flat price so no loan will be given as OA is more than enough. 2nd case, they will use up 80k to pay off the flat before giving you 220k loan to cover the remaining.

 

[Ariestrella]

Hello, if it let's say HDB is willing to loan us 322k and we are aiming for a bto flat that is 350k max, currently we have a combined cpf of 50k+, and the house will b ready in 2022, will there be a shortfall that we have to top up cash? How do we know how much we could afford based on the amount of hdb loan?

 

[Gixxerfied]

Hello, if it let's say HDB is willing to loan us 322k and we are aiming for a bto flat that is 350k max, currently we have a combined cpf of 50k+, and the house will b ready in 2022, will there be a shortfall that we have to top up cash? How do we know how much we could afford based on the amount of hdb loan?

You will only know how much shortfall u might have during key collection after the 2nd hle assessment.

So my advice?? Choose a flat that is within current approved hle loan amt. Or perhaps 10-20k more..

 

[DEStiNI]

Does anyone knows, if the previous hle approved is 30 years, and I am intending to re-apply hle, will it be shortened to 25 years (given that the new HDB policy has kicked in)?

 

[Gixxerfied]

Does anyone knows, if the previous hle approved is 30 years, and I am intending to re-apply hle, will it be shortened to 25 years (given that the new HDB policy has kicked in)?

Still 30 years since the new policy comes with revised SHG ceiling..

Any launches before the revision would be subjected to the old regulation

 

[Hyruga]

I already paid 5% downpayment using cpf but I haven't get key for my bto yet. Can I switch to bank loan?

Is it advisable to switch to bank loan?

 

[Gixxerfied]

I already paid 5% downpayment using cpf but I haven't get key for my bto yet. Can I switch to bank loan?

Is it advisable to switch to bank loan?

Likely you can during key collection but you have to make another 5% DP in cash + another 10% DP using CPF if enough as HDB would require 20% DP(5% Cash + 15% CPF) for those taking bank loans..

You can call up HDB credit to ask more about it..

 

[Poor old man]

I have about 105K in CPF ..and over 200K cash in saving bank so do l need to apply for HLE if l have successfully obtain a Q no for 2 rm bto ?

 

[Steong]

I have about 105K in CPF ..and over 200K cash in saving bank so do l need to apply for HLE if l have successfully obtain a Q no for 2 rm bto ?

Poor old man 07:59 AM 13-07-2016
Originally Posted by Steong:
So u get a queue no. this round?
No ..l go for SOBF

 

[noel13]

I have about 105K in CPF ..and over 200K cash in saving bank so do l need to apply for HLE if l have successfully obtain a Q no for 2 rm bto ?

Are u using your cash to pay the house only?
If yes. Than no need

 

[Poor old man]

Are u using your cash to pay the house only?
If yes. Than no need

But can l pay the balance with cash after offset my CPF ?

 

[noel13]

Than u need the hle. They will advise u the financial plan.

 

[Gixxerfied]

But can l pay the balance with cash after offset my CPF ?

Yes you can and i believe you are still required to produce a valid hle during selection for formalities/sop..Before collection of keys, they will inform you how much u need(To loan or pay) after wiping out ur CPF, then u can call in and ask them about cashing it out during collection and they will probably ask u to get a cashier's order address to who..

 

[popegg]

Hello guys, when I applied for HLE I listed my wife as co-applicant, my mom as occupier as she is and will be staying with us. So question is, does my mom consider as essential occupier or just normal occupier? Cos my mom already taken 2 hdb loan before, scare it might affect my HLE application.

 

[Poor old man]

Yes you can and i believe you are still required to produce a valid hle during selection for formalities/sop..Before collection of keys, they will inform you how much u need(To loan or pay) after wiping out ur CPF, then u can call in and ask them about cashing it out during collection and they will probably ask u to get a cashier's order address to who..

Noted ..thanks