Nov 2012 BTO

[acetylcholine]

i asked already.

she said in order to get HDB loan, at the point of selection we need to produce employment document to prove that we are working for at least 3 months.

for selection, i know that the downpayment is not an issue for us since our parents will be settling the balance by cash. Can we select for the flat and ask the officer if we can put the hdb loan on hold until May 2013? Because we only intend to get the house after 2016 and we have 4 years to work before paying mah.. right?

worried that we can go down for selection happily only to return disappointed because we cant produce the employment. But actually my bf already secure a job after NS.. and i will be working after my final year exam.

is there still a glimpse of hope?

You need to show documentary evidence of how you are able to afford the flat if you do not qualify for any loan. That was the rule previously. I am not sure if they enforce it nowadays though.

There is a difference between qualifying for a loan but having a shortfall and totally not qualifying for any loan at all. Best if you speak to the HDB officer directly.

 

[charel_ong]

Thanks for the inputs, hmm before my bf serve ns he has a part time job, but because ns tied him down for 1.5 yrs he could not work now, only when he ord then he can start full time work which should be immediately after May 2013.

Im not sure if the officer allow us to put the HLE loan on hold leh

 

[charel_ong]

No. You can't secure a HLE loan if none of you are working. Min 3mths employment period before HDB considers your HLE application.

Since you are able to cough out the full purchase price, then I think whether you can get the HLE loan or not is no longer an issue with regards to your eligibility.

Actually not the full amount for house, im saying the downpayment

 

[gold_eagle36]

There's always bank loan if desperate. But that's provided the bank willing to lend.

 

[wAt3v3r]

Thanks for the inputs, hmm before my bf serve ns he has a part time job, but because ns tied him down for 1.5 yrs he could not work now, only when he ord then he can start full time work which should be immediately after May 2013.

Im not sure if the officer allow us to put the HLE loan on hold leh

I have tried asking the same qn to hdb before cause im pretty much in the same situation, just that my bf and me are both in uni final yeae. Hdb will not grant the loan if we have no income. Its assessed when we apply for hle. So even if we get a queue number, the application will be rejected if hle is rejected. My parents are loaning us the money for the flat so we applied. But only thing is, cant use cpf to repay my parents next time, must use cash. Haha.

 

[lzjlee]

Thanks for the inputs, hmm before my bf serve ns he has a part time job, but because ns tied him down for 1.5 yrs he could not work now, only when he ord then he can start full time work which should be immediately after May 2013.

Im not sure if the officer allow us to put the HLE loan on hold leh

I'm afraid not... HDB is very strict on this min 3mths employment period for the HLE application. If they relax on this requirement, it will open the floodgate to future similar cases.

You need to secure a housing loan or prove that you are able to finance the flat upon the signing of lease. If not, you will not be eligible and the option fee paid during your selection will be forfeited.

 

[Expert]

We both have cpf contribution but definitely not enough. Hence our parents willing to help us pay the remaining in cash then return back once working. So selection of flat issue shouldnt be a problem right?

Regarding the hle loan, i will only be working after may 2013 as well as my bf. can we still be able to get the loan?

I m worried if we declare our income $0 that our ballot will gone to waste.

you need to have consistent cpf contribution for the HLE loan assessment. This means you can only get bank loan (parents as guarantor maybe can work..)so that you are paying cash monthly to be able to qualify.

But if you take bank loan (only up to 80% loan), you need to pay 15% via CPF and 5% cash. But since you guys probably have little CPF, you are probably looking at 20% cash.. This also means your CPF also cannot be taken out to repay your parents.

 

[acetylcholine]

Actually not the full amount for house, im saying the downpayment

If you only have cash for the down payment, I am afraid you won't be eligible to apply as of now. You probably need to supply documentary evidence of how you intend to finance the purchase of the flat.

Banks will never be able to give you a proper Letter of Offer based on your future or anticipated earnings, as they have to work strictly within MAS regulations.

Here are the conditions from the HDB website (see the portion in bold):

2.6 Financing

On or before the exercise of the Option to Purchase, the applicants must have :

(a) a valid HDB Loan Eligibility Letter if they are taking an HDB loan to finance the purchase of the flat; or

(b) a valid Letter of Offer from a bank/financial institution if they are financing the purchase of the flat with a loan from the bank/financial institution; or

(c) documentary proof acceptable to HDB that the applicants have the financial means to buy the flat without an HDB loan or a loan from a bank/financial institution if they will not be taking an HDB loan or a loan from a bank/financial institution to finance the purchase of the flat.

 

[charel_ong]

That means lets say i cannot apply now.. If i have alr ballot for sbf sep and got a number, and i didnt manage to get a flat, means 1 chance gone.

If now apply for nov bto n i got a no. And i cant choose cus no stable income, means another 1 chance gone and we become 2nd timer?

 

[acetylcholine]

That means lets say i cannot apply now.. If i have alr ballot for sbf sep and got a number, and i didnt manage to get a flat, means 1 chance gone.

If now apply for nov bto n i got a no. And i cant choose cus no stable income, means another 1 chance gone and we become 2nd timer?

If you are asked to select a flat on both occasions and you didn't, then yes you will lose your first timer status. In any case, why not just head down to HDB and speak to them before making a decision. They will probably be able to give your a clearer, and more definitive, answer on whether you are eligible to apply given your current situation. If it really turns out that you are not eligible, you might just want to withdraw your application before it goes on to the balloting stage (assuming you have already submitted your application).

 

[charel_ong]

If you are asked to select a flat on both occasions and you didn't, then yes you will lose your first timer status. In any case, why not just head down to HDB and speak to them before making a decision. They will probably be able to give your a clearer, and more definitive, answer on whether you are eligible to apply given your current situation. If it really turns out that you are not eligible, you might just want to withdraw your application before it goes on to the balloting stage (assuming you have already submitted your application).

Oh ok.. I think i shall go down on monday.. Sep sbf might lose a chance alr

 

[catwhisperer]

Oh ok.. I think i shall go down on monday.. Sep sbf might lose a chance alr

May I ask why you are not considering a bank loan? From what I understand, if you have no income, you can apply for a bank loan by adding one of your parents as a guarantor.

 

[charel_ong]

May I ask why you are not considering a bank loan? From what I understand, if you have no income, you can apply for a bank loan by adding one of your parents as a guarantor.

Hmm i thought bank also need to see if we are able to pay or not? I shall google the difference between hle and bank loan..

 

[catwhisperer]

Hmm i thought bank also need to see if we are able to pay or not? I shall google the difference between hle and bank loan..

Bank Loans (We are back!) « Our Journey to a HDB
I found this on google as I was researching for myself not so long ago.
Another suggestion is to just wait a few months before applying; Good BTO spots will still come around, and you can save yourself so much trouble!

 

[charel_ong]

Bank Loans (We are back!) « Our Journey to a HDB
I found this on google as I was researching for myself not so long ago.
Another suggestion is to just wait a few months before applying; Good BTO spots will still come around, and you can save yourself so much trouble!

Thanks, u are so kind

Hmm guess theres still a glimpse of hope .. But i agree that we can wait for a few months then apply.. But then i alr balloted once in sep sbf and got a no. If this time nov bto also get to choose a flat but both also nv select i scare we will be second timer...

 

[acetylcholine]

Hmm i thought bank also need to see if we are able to pay or not? I shall google the difference between hle and bank loan..

If you can get any of your parent (or any other willing party with a reasonable credit rating) to be the personal guarantor of your bank loan, you will be able to get a proper Letter of Offer to satisfy HDB's requirement. Otherwise, the bank will not be able to offer you a loan purely based on your future earnings. Do also note the different requirements pertaining to bank loans (e.g. down payment and interest rates).

 

[victorian07]

anyone like me still torn between TPY and SK?

 

[tulipkiss]

can't decide between ghim moh and tpy crest.

SO prefers a more centralized area. and tpy seems to have more amenities & schools around. but that would make it more 'crowded' and noisy i feel.

ghim moh has necessary amenities around and seems slightly more 'peaceful'? of coz that means further away from mrt.. but it has more available units than tpy crest.

capital appreciation according to HDB website
for ghim moh is 155k-76k.
for tpy is 137k-179k.

 

[p00p00]

can't decide between ghim moh and tpy crest.

SO prefers a more centralized area. and tpy seems to have more amenities & schools around. but that would make it more 'crowded' and noisy i feel.

ghim moh has necessary amenities around and seems slightly more 'peaceful'? of coz that means further away from mrt.. but it has more available units than tpy crest.

capital appreciation according to HDB website
for ghim moh is 155k-76k.
for tpy is 137k-179k.

Tpy includes joo seng bto.. get a lousy ballot number and u will be one step closer to being a 2nd timer..

 

[slothbal]

How my wife describes tpy bto is...
If you get tpy crest, you are one step closer to heaven as its 40 storeys and situated at a good location.
But if you get joo Seng, you are one step closer to hell as its 12-18 storeys with its close proximity to mount Vernon