Question on HLE and AHG

[YuM_ChA]

hello guys,

tried to clarify with HDB via the phone and they said AHG is based on last 12 months continuous working (even if you work 6 months then the income will not be considered for AHG?)
cos I am fresh grad havent work but I wanna take advantage of the AHG with low income now so wonder if any of you guys ever got the AHG?


also for HLE, lets say my partner's income only allow 250K max loan but if I were to BTO 300K house, there will be 50K diff so we must have the 50k in CPF now? and the 50k +10% has to be downpayment at point of application or when collect keys?


thanks for sharing

 

[logicet]

One of you must be working for 12 months continuously to qualify for AHG. Otherwise, you are not eligible for it. If you're eligible, the AHG amount is based on the average of the past 12 months of income from the month when the BTO is launched for application.

If one of you is under 30, you only have to pay 5% when signing the lease which takes place 2-4 months after selection of your BTO. The other 5% is when you collect the keys. If both of you are above 30, you need to pay the 10% downpayment when you sign the lease.

If your loan amount is unable to cover the leftover 90% of your BTO price, you will need to top it up with either cash or CPF during the collection of the keys, which means you have a good 2-3 years to save up for it.

 

[YuM_ChA]

One of you must be working for 12 months continuously to qualify for AHG. Otherwise, you are not eligible for it. If you're eligible, the AHG amount is based on the average of the past 12 months of income from the month when the BTO is launched for application.

If one of you is under 30, you only have to pay 5% when signing the lease which takes place 2-4 months after selection of your BTO. The other 5% is when you collect the keys. If both of you are above 30, you need to pay the 10% downpayment when you sign the lease.

If your loan amount is unable to cover the leftover 90% of your BTO price, you will need to top it up with either cash or CPF during the collection of the keys, which means you have a good 2-3 years to save up for it.

thanks logic, your reply really helpful.
my partner has been working more than 12 months and i'm only going to start in aug, so i want to get as much AHG as possible now since i havent got an income.

yeah its great to hear that i have 2-3 years to save up for it, but just wondering if we are only entitled to loan lesser than the selling price of the BTO, HDB still willing to sell to us despite not having the difference amount in CPF yet?

 

[bearine]

thanks logic, your reply really helpful.
my partner has been working more than 12 months and i'm only going to start in aug, so i want to get as much AHG as possible now since i havent got an income.

yeah its great to hear that i have 2-3 years to save up for it, but just wondering if we are only entitled to loan lesser than the selling price of the BTO, HDB still willing to sell to us despite not having the difference amount in CPF yet?

Yes, your HLE will be reassessed when the hse is ready.. So the amt u can loan increase as well.

 

[YuM_ChA]

Yes, your HLE will be reassessed when the hse is ready.. So the amt u can loan increase as well.

wow didnt know HDB allows this.
thanks man

 

[babyjyo]

wow didnt know HDB allows this.
thanks man

When you apply for the flat, the main objective is to get the HLE letter, regardless of the amount of loan they will give. But, a caution would be not to overcommit when purchasing a flat, especially when you are just starting out. Purchase something that your finances are comfortable with, and when possible, try to avoid any cash top ups required for monthly loan repayments.

 

[YuM_ChA]

When you apply for the flat, the main objective is to get the HLE letter, regardless of the amount of loan they will give. But, a caution would be not to overcommit when purchasing a flat, especially when you are just starting out. Purchase something that your finances are comfortable with, and when possible, try to avoid any cash top ups required for monthly loan repayments.

thanks man,

i have done the calculations and no problems on the installments. just want to secure the grant now when i am still considered "unemployed"