Official May 2017 SBF

[doubleJJ]

Is normal, mine got approved immediately as well even though it was my first time

Mine usually takes about 2 weeks so was shocked when it was approved immediately. Thanks for replying!

 

[ngweixiong.89]

Still didn't receive any letter other than the 9x/131 slots at Punggol.

Waiting for the appointment date/invitation packages. Up till now they only release the 2room sales of balance available flat selection.

 

[EEYOUR]

Quite a number of you applied HLE already **** .

 

[mssynice168]

Quite a number of you applied HLE already **** .

We haven't applied HLE, cos with the low bank rate, we are still considering taking bank loan.

 

[EEYOUR]

Bank loan interest is like sitting roller coaster too right ? Up and down

We haven't applied HLE, cos with the low bank rate, we are still considering taking bank loan.

 

[mssynice168]

Bank loan interest is like sitting roller coaster too right ? Up and down

Think depends on what package u take. When I bought my existing flat, many pp told me not to take bank loan cos rate is going up. Tat was about 10 yrs ago and even till now, my rate is at the highest point, which is 3M sibor +0.75%, is still less than 1.8%, and definitely lower than the 2.6% than the HDB loan charged.

Currently the sibor rate seems to be going up, tats why we likely may not get those loan w rates based on sibor, w be going more those tie with FD rates or fixed rates loan. Cos FD rates is always v v slow in going up. Anyway, we have kept reserves, so if one day when the bank rates is more than 2.5%, we will either do a repricing/ refinance, or maybe hopefully by then we can do loan redemption.

 

[xladyksf]

Yea, previously I never received any letter informing me to apply for HLE. But just last week, I got it. On top of that, I came across an article saying that we will be required to produce the HLE letter during selection appt. This is to ensure that we have enough to finance the flat we selected. Previously, the HLE is only needed when we sign the agreement (2nd appt, after selecting).

The problem with bank loan is the fluctuating interest rate and the 20% downpayment. As compared to HDB loan, fixed interest rate and 10% downpayment

 

[mssynice168]

Yea, previously I never received any letter informing me to apply for HLE. But just last week, I got it. On top of that, I came across an article saying that we will be required to produce the HLE letter during selection appt. This is to ensure that we have enough to finance the flat we selected. Previously, the HLE is only needed when we sign the agreement (2nd appt, after selecting).

The problem with bank loan is the fluctuating interest rate and the 20% downpayment. As compared to HDB loan, fixed interest rate and 10% downpayment

Part of the reason we try not to take bank loan as it w wipe out our CPF. we will like to keep some reserves and also used it to earn the CPF interest of 2.5%. Currently bank deposit rates r v low, in addition, my hubby is reaching 55 in less than 5 years time, so we are hoping to keep as much of his CPF in tact so that it can remind in his CPF account to earn interest beyong 55 yo. Tats why we are hoping to use my CPF / cash / bank loan to cover as much as possible, using his CPF will be our last option.

 

[arm4da]

Part of the reason we try not to take bank loan as it w wipe out our CPF. we will like to keep some reserves and also used it to earn the CPF interest of 2.5%. Currently bank deposit rates r v low, in addition, my hubby is reaching 55 in less than 5 years time, so we are hoping to keep as much of his CPF in tact so that it can remind in his CPF account to earn interest beyong 55 yo. Tats why we are hoping to use my CPF / cash / bank loan to cover as much as possible, using his CPF will be our last option.

what do you mean? if you take a HDB loan your CPF will be wiped anyway?

 

[mssynice168]

what do you mean? if you take a HDB loan your CPF will be wiped anyway?

If I understand correctly, HDB will have to use whatever you have in your CPF account to pay for the house, the remaining balance then will be covered by HDB loan. They do not allow you to keep reserves. Meaning if you have 30% CPF to cover the house price and you eligible to borrow 80%, HDB will take the 30% than loan you the lesser amount.

As for bank loan, so long as you cover the min down payment, and you can borrow the max amt within your loan eligibility.

 

[xladyksf]

Part of the reason we try not to take bank loan as it w wipe out our CPF. we will like to keep some reserves and also used it to earn the CPF interest of 2.5%. Currently bank deposit rates r v low, in addition, my hubby is reaching 55 in less than 5 years time, so we are hoping to keep as much of his CPF in tact so that it can remind in his CPF account to earn interest beyong 55 yo. Tats why we are hoping to use my CPF / cash / bank loan to cover as much as possible, using his CPF will be our last option.

Yea, HDB will wipe out CPF for the loan. But can also, transfer out the funds to an investment account or something then let them take whatever left inside. then those you take out for investment, can just leave in that account and let it collect interest.

 

[mssynice168]

Yea, HDB will wipe out CPF for the loan. But can also, transfer out the funds to an investment account or something then let them take whatever left inside. then those you take out for investment, can just leave in that account and let it collect interest.

the investment account u mentioned is outside of CPF account right? We are not those type who r good in investment, earning the 2.5% CPF interest are good enough for us liao.

 

[arm4da]

If I understand correctly, HDB will have to use whatever you have in your CPF account to pay for the house, the remaining balance then will be covered by HDB loan. They do not allow you to keep reserves. Meaning if you have 30% CPF to cover the house price and you eligible to borrow 80%, HDB will take the 30% than loan you the lesser amount.

As for bank loan, so long as you cover the min down payment, and you can borrow the max amt within your loan eligibility.

so you mean to say you prefer to take bank loan i/o HDB loan, as HDB loan will wipe CPF.

 

[mssynice168]

so you mean to say you prefer to take bank loan i/o HDB loan, as HDB loan will wipe CPF.

This is our own preference based on our family financial profile. We prefer bank loan cos

1) the rate is much lower than the 2.6% HDB loan charged. Even tho many said that the bank loan rate is going up soon, but there are some fixed rate loan package. Like I mentioned earlier, when I bought my first 3 rm resale w my dad about 20 yrs ago, I took a HDB loan cos everyone said the bank interest w go up. So my CPF account was wipe out, leaving no reserves at all. I was very scare for the first few years cos no reserve, and I am the only one paying for the house, scare I lost my job and who is going to service the loan.

2) when I got my current resale w my hubby about 10 yrs ago, many pp advised me to take CPF loan. This time, I decided to take the "risk", I took up a bank loan. I took a loan of about $200k for about 30 to 35 yrs (can't recall 30/ 35). My rate was 3M sibor + 0.75%. So far, if I recall correctly, I have not paid more than 1.8% or $800 pm for my housing loan. We actually have sufficient to do partial payment of loan but we never did. Cos our CPF is paying us interest of 2.5% yet our loan is charging less than 1.8%. By keeping our CPF, we earning 0.7% extra.

3) Though my hubby earn more than me, but we have been using our CPF to service our home loan. Our family plan is to let my hubby accumulate as much CPF as possible as he is the older one and he w reach 55 sooner than me. Hopefully he would have accumulated more than the minimum sum and the excess we can withdraw any time yet the balance keep in CPF will be earning 2.5% which is way higher than many bank deposit rates.

I am not an agent, nor a financial adviser. This is what we are planning based on our own family financial situation using my own understanding.

 

[xladyksf]

the investment account u mentioned is outside of CPF account right? We are not those type who r good in investment, earning the 2.5% CPF interest are good enough for us liao.

no, is using CPF money to invest. leave there, let it grow. then when you take out, it goes back to CPF account de. this is what some ppl suggested me to do la. haha. more details on this, i not sure le.

 

[mssynice168]

no, is using CPF money to invest. leave there, let it grow. then when you take out, it goes back to CPF account de. this is what some ppl suggested me to do la. haha. more details on this, i not sure le.

We already have our own investment based on our comfort zone. We not good in investment, so for our CPF, we are comfortable w the 2.5% interest fr CPF.

 

[foreveru13]

Still didn't receive any letter other than the 9x/131 slots at Punggol.

Waiting for the appointment date/invitation packages. Up till now they only release the 2room sales of balance available flat selection.

HDB will no longer issue paper, you have to login to myHDB to view your appoitment letter, printout & sign all the forms, scan and upload to MyDoc which will be shown towards your appointment date.

Timeline of Results of Ballot to Appointment:
1.5week: after results of ballot for the appointment date to be out on myHDB
+1-2week: appointment letters, list of units with flat prices, sales brochure, forms such as Declaration of Income, Essential Occupier , sales application form will appear on MyHDB.
These forms you need to sign and scan. if your queue is far off, it comes out a little later. my appointment was 2 months away but after about 2 weeks it showed up.

The MyDoc will appear in your myHDB page, same page as the appointment details page, you click the link, upload your outstanding documents and the forms. check in once in a while to make sure there are no other documents requested from HDB - they don't notify one, you need to login to check incase any forms not clear or missing e.g. payslip from may 2017 etc.

Please bring all these forms, payslips, family member & parents(if parent scheme) and your HLE approval letter to your appoinment.

Note: please apply for your HLE before your appointment.
For Housing grants, AHG, SHG & etc, please print out the forms and bring to your appointment.

 

[EEYOUR]

Just called up the HDB hotline to check if which scheme we've applied under for the SBF .

I rmb that we applied under MCPS but the CSO told me is under public scheme.

Meaning that my parents can move anytime without the 5years bond.

Am I right ?

 

[definel0ve]

Still didn't receive any letter other than the 9x/131 slots at Punggol.

Waiting for the appointment date/invitation packages. Up till now they only release the 2room sales of balance available flat selection.

Did anyone else that have not even receive the letter stating the results outcome. Till date i still havent receive it.

 

[Infmi91]

Did anyone else that have not even receive the letter stating the results outcome. Till date i still havent receive it.

I received email about the ballot results. No letter at all.