HLE enquiry

[d9_lives]

Guys, we applied for 3 rooms BTO 4 years ago. HLE approved.
We will collect our keys in this Mar'17.
Our incomes have exceeded 13k.
Are we still eligible for HDB loan?
We prefer Hdb loan over bank loan.

 

[hwaa]

hdb is affordable, sinkies chooses those that's unaffordable then kpkb say hdb is ex.

if every good location is affordable then what makes u think that u stands a very good chance of getting it?

it will be so heavily over subscribed.

 

[kahwai87]

hello

Hi i had bto in 2014 as sole owner and my mother is the occupier. we have approve HLE loan at a rate of $198000. Purchase flat is $224000, 10% down payment by cpf is $22400. balance of purchased price is $200000.

my question is with the 1st approve HLE amount that can be loan is 198000 the shortfall with the purchased price is only $2000 and what i know is they will wipe out my cpf balance which is sure more then the shortfall.

Will HDB approve the loan rate as what we have?
i been very stable in my job and recently salary is higher then

if anyone have any clue about my situation

 

[Franzz]

Any shortfall is to be paid with cash if cpf cannot cover.

Can appeal for higher loan to cover that $2k if you want. Try your luck.

 

[Darwinson]

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.

MSR 30% is based on gross pay or take home pay ?

cos gross pay 30% is in cpf. Whether buy house or not this 30% does not affect one's credit score

 

[FluffyCreamy]

Hi, I have a question regarding HLE. I'm currently a full time student while my other half had already worked more than 2 years. So currently, there will only be 1 source of income and I guess it means the loan amount will be lower.

However, 4 years later when our BTO is completed, I would have already been working for around 3 years. I read that I will have to submit a new HLE when rhe project completes right? Does rhis mean we will be able to get higher loan amount?

And regarding the loan, is it possible to pay the instalment fully by cpf (w/o taking out any cash)? How does the loan actually works?

Sorry first time applying and I am so confused by so much information...

 

[Ysatis]

Hi, I have a question regarding HLE. I'm currently a full time student while my other half had already worked more than 2 years. So currently, there will only be 1 source of income and I guess it means the loan amount will be lower.

However, 4 years later when our BTO is completed, I would have already been working for around 3 years. I read that I will have to submit a new HLE when rhe project completes right? Does rhis mean we will be able to get higher loan amount?

And regarding the loan, is it possible to pay the instalment fully by cpf (w/o taking out any cash)? How does the loan actually works?

Sorry first time applying and I am so confused by so much information...

Hle loan valid for 6mths only. Yes you will be able to get a higher loan amount. You can pay fully using cpf provided your mthly cpf is sufficient to deduct.

 

[Darwinson]

Hle loan valid for 6mths only. Yes you will be able to get a higher loan amount. You can pay fully using cpf provided your mthly cpf is sufficient to deduct.

Hle is based on 30% of monthly income


But most of the 30% is from cpf. So my take home is still relatively untouched. So there is no way to get higher lone?

 

[Darwinson]

Can anyone share their rough salary and the hdb/bank loan they got

I am planning to buy with my father since I forever alone.

Only using one person income. 5k salary including bonus/ot.no other loan(car loan bike loan)for myself .father still got 30k left from previous hdb housing loan (should I pay back this loan before applying new loan?)

 

[ussr_1991]

Guys, we applied for 3 rooms BTO 4 years ago. HLE approved.
We will collect our keys in this Mar'17.
Our incomes have exceeded 13k.
Are we still eligible for HDB loan?
We prefer Hdb loan over bank loan.

HDB Loan max ceiling is $8,000.

Only Bank Loan allowed and why would you prefer HDB loan when Bank interest is way lower?

 

[leungchunghong]

HDB loan, they are slight more flexible for due payment than bank loan. If i apply HDB loan, i can change to bank loan once. But if bank loan, i cannot go back to HDB loan. Correct me if i am wrong... ^^

HDB Loan max ceiling is $8,000.

Only Bank Loan allowed and why would you prefer HDB loan when Bank interest is way lower?

 

[Gixxerfied]

HDB loan, they are slight more flexible for due payment than bank loan. If i apply HDB loan, i can change to bank loan once. But if bank loan, i cannot go back to HDB loan. Correct me if i am wrong... ^^

Correcto...

 

[Gixxerfied]

Guys, we applied for 3 rooms BTO 4 years ago. HLE approved.
We will collect our keys in this Mar'17.
Our incomes have exceeded 13k.
Are we still eligible for HDB loan?
We prefer Hdb loan over bank loan.

Not an issue. Hdb will just use the 1st hle u applied for during ur signing of lease agreement few years back..

 

[blurryJY]

Hi, could I just check..

So the HLE letter for the 1st appointment doesn't really matter much right? Cause before you're collecting the key, we'll then re-submit the HLE application again?

Would also like to check when will we start paying for the house if I'm applying for a BTO and I just got a queue number to select the flat, house completion in 2020..

 

[Tormented Soul]

HDB Loan max ceiling is $8,000.

Only Bank Loan allowed and why would you prefer HDB loan when Bank interest is way lower?

The person at the counter told me doesn't matter what my income ceiling is in future when i went to sign the lease agreement, they will use the one you used to apply and then recalculate.

 

[Tormented Soul]

Hi, could I just check..

So the HLE letter for the 1st appointment doesn't really matter much right? Cause before you're collecting the key, we'll then re-submit the HLE application again?

Would also like to check when will we start paying for the house if I'm applying for a BTO and I just got a queue number to select the flat, house completion in 2020..

Correct. It's just to prove you can get a HLE.

Things that you will need to pay:
-When choosing, 2k deposit.

-When signing lease of agreement 5 or 10% depending on your choice, + all the stamp fees which is quite costly, add up to almost 10% anyway even if you chose 5%. At this juncture, they will credit you back the 2k cash or if you don't want cash you can use it to offset the 5%.

-When collecting keys, they will recalculate your HLE and you will start paying when you move in. If you decide not to move in yet and defer, you still have to pay the s & cc fees per month.

 

[oatmealsquares]

This thread has been helpful!

To clarify, so for the first time round if the HDB loan amount is not enough, then perhaps the second HLE application (at the key collection) there's a possibility that they would increase the loan amount?

But if by the second application, the income goes above 12k, then they would give you the loan amount based on the first HLE application.

Currently my first HLE loan amount doesn't cover 90% of the flat. Hoping to get more in the future..

 

[blurryJY]

Correct. It's just to prove you can get a HLE.

Things that you will need to pay:
-When choosing, 2k deposit.

-When signing lease of agreement 5 or 10% depending on your choice, + all the stamp fees which is quite costly, add up to almost 10% anyway even if you chose 5%. At this juncture, they will credit you back the 2k cash or if you don't want cash you can use it to offset the 5%.

-When collecting keys, they will recalculate your HLE and you will start paying when you move in. If you decide not to move in yet and defer, you still have to pay the s & cc fees per month.

Thanks.. It's helpful.. Cause right now, my HLE can't cover the full cost of the house. But taking into consideration of future career advancement and stuffs, I should be able to get a higher HLE loan 4 years later..

 

[Coupe811]

Hi experts,

For freelance tutor, to apply HLE, what are the income docs to prove?

 

[meshpenstand]

Hi experts,

For freelance tutor, to apply HLE, what are the income docs to prove?

It will be like self-employed.