Questions regarding second HDB loan

[Thoreldan]

Hi all need some advice from anyone with similar experience

I bought flatA recently, using second hdb loan.
after getting flatA, I sold off existing flatB.

As I am taking a second hdb loan, refunded CPF oa (e.g. $10000) from selling of flatB is supposed to be used to offset the loan for flatA. However when oa get returned, I fast hand fast leg did a oa->sa transfer (e.g. $6000 with $4000 balance in oa).

In the end, HDB would not be able to deduct the expected amount from my oa. Would I run into trouble?

My thoughts: if the amount has to be used to offset loan, it should be 'locked up' and not released back to my oa. Furthermore, CPF eServices allows me to do OA->SA without any error nor warning messages.

Anybody?

 

[havetheveryfun]

cant deduct from ur OA then ask u to pay up in cash lor..

no diff what

 

[Mecisteus]

HDB and CPF are 2 separate entities.

 

[wira]

Lol. TS thought he outsmarted HDB?

If HDB can’t deduct from OA means TS need to fork out cash to payback !!!

 

[Thoreldan]

Lol. TS thought he outsmarted HDB?

If HDB can’t deduct from OA means TS need to fork out cash to payback !!!

Doesn't sound too bad then. Just take it as a cash top up of 80k into our sa.

 

[luvalist]

Won’t run into trouble la. Just settle the difference with cash like what others say. Why do u do that btw? Genuine miscalculation?

 

[Thoreldan]

Won’t run into trouble la. Just settle the difference with cash like what others say. Why do u do that btw? Genuine miscalculation?

Wanted to maxed out sa-frs lor.

 

[Thoreldan]

Update to my case: hdb just gotten cpf to deduct whatever we have in our oa. No cash top up required whatsoever..

 

[Value.Matrix]

Update to my case: hdb just gotten cpf to deduct whatever we have in our oa. No cash top up required whatsoever..

Isnt that great? Probably you are allowed the max hdb loan instead (the 80k doesn't matter, so when you did the transfer, they didnt ask you to cash top up. If not, you might need to top up using cash if the loan amount is not enough.

Congrats as your BHS interest (especailly when you are still working) will overflow to OA, and you can use that interest earned to partial payoff.

 

[luvalist]

Remaining will just become part of ur loan?

Update to my case: hdb just gotten cpf to deduct whatever we have in our oa. No cash top up required whatsoever..

 

[Value.Matrix]

Remaining will just become part of ur loan?

I dun mind. 2.6% loan versus 4% interest overflow to OA

 

[Thoreldan]

Isnt that great? Probably you are allowed the max hdb loan instead (the 80k doesn't matter, so when you did the transfer, they didnt ask you to cash top up. If not, you might need to top up using cash if the loan amount is not enough.

Congrats as your BHS interest (especailly when you are still working) will overflow to OA, and you can use that interest earned to partial payoff.

Yup quite relieved now. At least can deploy our 80k cash to other investment.

Yup at max ma now, the interest overflow to oa will come in handy.

 

[sheerinterlude]

[HDB LOAN] Appeal for 3rd loan

Hi! I’m 26 yo single and living with my mom and younger brother (22 yo - currently unemployed). Currently staying in a rental flat for more than 7 yrs but recently rental fees increased alot due to increase in salary ($500 for 2-room flat). Aside from paying rental, I shoulder other responsibilities and am paying other bills which eat up 80% total of my entire salary. Already struggling at the start of every month, so I thought its more worth it to purchase a resale flat - cpf more than $20k. But as I’m single, I have to apply with my mom as the main/co applicant HOWEVER I couldn’t even apply for HLE as they reflected that either one of the applicants had taken 2 HDB loans previously. Obviously my mom’s. I dont plan on getting married anytime soon or within years to come. I’ve heard of appeals for 3rd HDB loan but is it possible based on circumstances? Can someone advise me?

 

[Value.Matrix]

Hi! I’m 26 yo single and living with my mom and younger brother (22 yo - currently unemployed). Currently staying in a rental flat for more than 7 yrs but recently rental fees increased alot due to increase in salary ($500 for 2-room flat). Aside from paying rental, I shoulder other responsibilities and am paying other bills which eat up 80% total of my entire salary. Already struggling at the start of every month, so I thought its more worth it to purchase a resale flat - cpf more than $20k. But as I’m single, I have to apply with my mom as the main/co applicant HOWEVER I couldn’t even apply for HLE as they reflected that either one of the applicants had taken 2 HDB loans previously. Obviously my mom’s. I dont plan on getting married anytime soon or within years to come. I’ve heard of appeals for 3rd HDB loan but is it possible based on circumstances? Can someone advise me?

Go to your MP for review. If you wish to, better to get a BTO 2 room and appeal from there too.

And should do it with your brother (but seems quite obvious you didnt want to). Check out the Fresh Start Housing Scheme too.