May BTO 2012

[Jemster311]

anyone has any idea if this wipe out thingy only applies to HDB loan or does it applies to bank loan as well?

 

[tanjhj]

The below is the real case of bad FS under "outside the bow"
The river has obvious curve hence u can see the area near the red X are not doing well. Noel gift was doing well till they situated their HQ there however scrap yard industry are situable there.




now look at MT map. there is no real curve as the "river" is straight and flats are not directly facing the curve hence the "bad" element is not really the case here. also the shape of 113B kind of counter any bad elements. so those wanna buy MT can dun worry too much. if still worried, just buy those away from the "river".

of course consult reputable and tested FS master for piece of mind.

 

[Mihozz]

anyone has any idea if this wipe out thingy only applies to HDB loan or does it applies to bank loan as well?

For bank loan, you can get 80% max, and you don't have to empty your OA account. That's what I understand. I can choose to keep my OA account money as the pay 2.5% int, while the bank charges around 1.5-2% for the first 3 years. Will be more expensive to spend the OA account $$ as later on you have to top up the interest portion back to your OA account. So you don't earn anything from your OA account yet you have to folk up more to make up the int portion, which doesn't make much sense to me.
But of course, if the int goes up significantly, I'll choose to empty my OA account.

A separate question:
Any one know whether we can empty CPF half way to pay back the principle?

 

[jareon81]

anyone has any idea if this wipe out thingy only applies to HDB loan or does it applies to bank loan as well?

Think it only applies if you get a loan directly from HDB. Note however that if you get a bank loan you need to pay a 20% deposit, of which 5% must be in cash.

 

[mariachi]

The below is the real case of bad FS under "outside the bow"
The river has obvious curve hence u can see the area near the red X are not doing well. Noel gift was doing well till they situated their HQ there however scrap yard industry are situable there.




now look at MT map. there is no real curve as the "river" is straight and flats are not directly facing the curve hence the "bad" element is not really the case here. also the shape of 113B kind of counter any bad elements. so those wanna buy MT can dun worry too much. if still worried, just buy those away from the "river".

of course consult reputable and tested FS master for piece of mind.

For real peace of mind, seriously, just use your own judgment and gut feel and go for what you like.

Unless you are the top q numbers and have lots to choose from, by all means go seek advice from various fengshui masters till you find the ideal unit. But if your choices are limited, don't let any more fengshui tips add to your dilemna.

Good fengshui or bad fengshui, if you need a flat, lan lan also must select. So why bother consulting fengshui and what not.. you will only end up being paranoid and blaming fengshui for every bad thing that happen to you.

 

[jareon81]

For bank loan, you can get 80% max, and you don't have to empty your OA account. That's what I understand. I can choose to keep my OA account money as the pay 2.5% int, while the bank charges around 1.5-2% for the first 3 years. Will be more expensive to spend the OA account $$ as later on you have to top up the interest portion back to your OA account. So you don't earn anything from your OA account yet you have to folk up more to make up the int portion, which doesn't make much sense to me.
But of course, if the int goes up significantly, I'll choose to empty my OA account.

A separate question:
Any one know whether we can empty CPF half way to pay back the principle?

For loans from HDB I don't think you can. What some people do is invest the maximum allowable in their OA accounts right before they get the keys.

-- After rereading your question I think you are getting a bank loan. I think then it is possible to use part of your CPF to pay the principal amount. That said if you do qualify for the HDB loan, I would think that is the better option. Rates are at historical lows, which is why we have this thing where bank rates are lower than the 2.6% currently. I would probably expect it to be low for the next 5 years. However it's hard to say how the interest rate environment will be like in 10 years. (Notice how the banks don't seem to have fixed rate interest loans past 5 years?). That said if you do have the capital to repay the full loan in 5 years time if interest rates move north then this may be a better option.

 

[babychanel]

I don't understand your example. The HLE is the maximum amount the HDB will loan you and not the minimum amount.

Lets say the flat costs $500k and your HLE is $300k. This means that after paying off the 10% deposit of $50k (you need an additional of around $10k for stamp duty and misc fees when you book your flat that just disappears into thin air). You still have $450k outstanding. Lets say you have $50k total in your CPF OA amount. After wiping this all out you have $100k remaining that you must pay in cash when you collect your keys or you forfeit your deposit and the flat.

I understand what you trying to say. So there's this case whereby we need to do a cash top up before collecting of keys, instead of getting the whole lump sum of remaining amount as loan after wiping the CPF acc. That's why I find it not right when I heard people say HDB will loan us THE amount after wiping the CPF. You get what I mean?

 

[jareon81]

I understand what you trying to say. So there's this case whereby we need to do a cash top up before collecting of keys, instead of getting the whole lump sum of remaining amount as loan after wiping the CPF acc. That's why I find it not right when I heard people say HDB will loan us THE amount after wiping the CPF. You get what I mean?

They are saying that because they assume that the HLE is enough to fully cover 90% of the purchase price. Therefore after wiping out their CPF, the amount that HDB loans them is lower than what is stated on their HLE.

 

[Jemster311]

anyone has any idea if this wipe out thingy only applies to HDB loan or does it applies to bank loan as well?

Thanks for the reply Mihozz and Jareon. Saves me time calling hdb hotline only to talk to ppl equally blur as me. =)

 

[tanjhj]

For real peace of mind, seriously, just use your own judgment and gut feel and go for what you like.

Unless you are the top q numbers and have lots to choose from, by all means go seek advice from various fengshui masters till you find the ideal unit. But if your choices are limited, don't let any more fengshui tips add to your dilemna.

Good fengshui or bad fengshui, if you need a flat, lan lan also must select. So why bother consulting fengshui and what not.. you will only end up being paranoid and blaming fengshui for every bad thing that happen to you.

that what i feel too. many so call advice only give headaches and unwarrented fear. seriously ur house is ur fate . lucky ppl will get lucky house even he dunnoe anything but bad luck ppl, even get FS master also can make mistakes or worst get a con master who ask u buy so many expensive but not effective FS stuff. These are the real suay ppl.

 

[princessofcups]

anyone has any idea if this wipe out thingy only applies to HDB loan or does it applies to bank loan as well?

Bank loan only fund up to 80% of the house price. So the 20% of the house price can be paid by cash or CPF monies. The CPF wipe-out also applies (if i am not wrong), so your loan amount from the bank will be lower. It will be best for you to double-check this with your bank before you confirm the loan.

 

[babychanel]

From what I know, depending on the amount you have in your CPF OA, the loan amount after collection of keys should be much lesser than the amount quoted in the first HLE.

The sums should be like this for a first timer like me:

2012
Assuming House Price: $500,000
HLE based on 90% of house price: $450,000 (in your HLE letter, they will mention that they will loan you UP TO the amount stated in the letter)
CPF OA before signing of lease: $100,000

First 5% payment using CPF: $25,000 (balance in CPF: $75,000)

2017, after taking keys

House Price after initial 5% deduction: $475,000
CPA OA in 5 year's time: can assume to have at least $175,000 combined?
Loan Amount will be: $475,000 - $175,000 = $300,000 (remember that the maximum amount HDB is willing to loan is $450k, so $300k is a lower amount compared to the earlier loan amt)

Therefore, depending on the balance in your CPF OA, the loan amount will be much lesser by the time you get keys. So within the next few years while they are building your house, you cannot be jobless as you need to continue to contribute to your CPF OA to pay off as much as possible and reduce the loan amount.

Ohh thanks for your input/explanation.
Have yet to receive the HLE letter thus don't know about the maximum and minimum loan amount

but is there a case whereby HDB loan up to a full 90%?
I know is a case to case basis, will it be more "possible" if the applicant is from the higher income range? Or lower?

 

[jareon81]

Ohh thanks for your input/explanation.
Have yet to receive the HLE letter thus don't know about the maximum and minimum loan amount

but is there a case whereby HDB loan up to a full 90%?
I know is a case to case basis, will it be more "possible" if the applicant is from the higher income range? Or lower?

They will only loan you money if they think you are able to repay it. Therefore the higher your income, the more they will be willing to loan you. A general rule of thumb seems to be Combined Gross Salary x 100 should give you close to the max they will lend you. Realistically though, I think it will be hard to support the loan with anything less than a combined income of $5500. That said I am told there are a lot of parents willing to sponsor $100k-$200k in wedding gifts to help pay for the flat.

You can use the e-Service from HDB to get a better estimate. http://services2.hdb.gov.sg/webapp/BP27MaxLoan/BP27SClsSesHome?action=back

 

[babychanel]

They will only loan you money if they think you are able to repay it. Therefore the higher your income, the more they will be willing to loan you. A general rule of thumb seems to be Combined Gross Salary x 100 should give you close to the max they will lend you. Realistically though, I think it will be hard to support the loan with anything less than a combined income of $5500. That said I am told there are a lot of parents willing to sponsor $100k-$200k in wedding gifts to help pay for the flat.

You can use the e-Service from HDB to get a better estimate. http://services2.hdb.gov.sg/webapp/BP27MaxLoan/BP27SClsSesHome?action=back

Ya quite true, anything less than that seem barely enough..

So what if lets say now the combined income is $4000 and 5 years later it's $6000, will they re-access the loan amount?
though I've heard that the 2nd HLE is usually same/lower than the 1st.

 

[princessofcups]

Ohh thanks for your input/explanation.
Have yet to receive the HLE letter thus don't know about the maximum and minimum loan amount

but is there a case whereby HDB loan up to a full 90%?
I know is a case to case basis, will it be more "possible" if the applicant is from the higher income range? Or lower?

I've not applied for a HLE for my current BTO application yet, but we applied once for DBSS because we were considering Pasir Ris ONE before we decided to ballot. HDB agreed to loan us 95% of the DBSS price because we don't have outstanding loans and earning a steady income. So the loan amount depends on your credit-worthiness.

 

[princessofcups]

BL #39-111 Chinese

 

[wdblazer]

HDB will only loan you 90% if

1. Both couple are earning enough to pay back that amount within X year with Y interest rate.
2. They will alway WIPE OUT your CPF, so if after wiping out CPF and just nice the balance is 90%, they will loan you that amount.

The reason why second HLE is lower is because by the time you apply for a second one, your CPF at that time will offset the initial amount more. Thus they will not loan you that much since you don't need it.

 

[wdblazer]

What is the current total no of unit and their location taken for 4rooms at KW?

 

[keithster]

What is the current total no of unit and their location taken for 4rooms at KW?

Updated as of 12th July 2012
======================

Total MT Units Taken Up: 29
Total BL Units Taken Up: 11
Total Number Of Units Taken Up: 40
Last Queue Number Of The Day: 60
Number Of Drop Outs: 20
% Of Drop Outs: 33.33333333

Malay Quota Allowable: 197
Malay Quota Remaining: 196
Chinese Quota Allowable: 747
Chinese Quota Remaining: 710
Indian-Others Quota Allowable: 107
Indian-Others Quota Remaining: 105

 

[keithster]

What is the current total no of unit and their location taken for 4rooms at KW?

Updated as of 12th July 2012
======================

Taken-up units (BL)
===================

#07-109 Chinese
#18-109 Malay
#25-109 Chinese
#28-109 Chinese
#38-109 Chinese
#39-109 Chinese
#34-115 Chinese
#18-117 Chinese
#30-117 Chinese
#35-125 Chinese
#35-127 Chinese

Taken-up units (MT)
===================

#03-230 Chinese
#15-230 Chinese
#18-230 Chinese
#26-230 Chinese
#27-230 Chinese
#18-250 Chinese
#15-252 Chinese
#20-252 Indian-Others
#28-252 Chinese
#22-256 Chinese
#17-264 Chinese
#20-266 Chinese
#16-270 Chinese
#19-270 Chinese
#18-274 Chinese
#27-274 Chinese
#33-274 Chinese
#18-276 Chinese
#24-276 Chinese
#26-276 Chinese
#28-276 Chinese
#33-276 Chinese
#14-278 Chinese
#28-280 Chinese
#20-284 Chinese
#21-284 Indian-Others
#24-284 Chinese
#03-286 Chinese
#30-286 Chinese