WaterBay Punggol EC

[peggy76]

Just to highlight taking DPS mean extra 2% on the purchase price.

Haha ... tks for the reminder. I vaguely remembered there's a condition for dps but can't remember what. Another point to note .

 

[wai]

amazing! how can they squeeze all these in 102sqm (the size of 4 room HDB?)

- dual keys with 2 kitchens
- utility room for the maid
- 2 big balconies
- 2 big AC ledges
- 3 toilets with 2 bath-tubs and walk-in wardrobes?!

http://www.waterbay-ec.net/images/WaterbayNet-3brDK1098sfWM.jpg

 

[derong07]

Hi Wai,

There are no bathtubs in the 2 bathrooms. Only 1 big aircon ledge while the other is a much smaller aircon ledge. From the floorplan, you can tell that the whole space is very efficiently maximized with squarish and rectangular-shaped areas and rooms. 102sqm is about the size of a 4A HDB flat which is a very good size for mid-sized family. The reason why the developer is able to squeeze in the utility room and the WC (toilet) is due to the smaller sizes of the 2 kitchens.

You may wanna check out my website for more info on all the various floorplans.
Waterbay | Darren Lim | Your Trusted Real Estate Professional

Darren
(HP: 91443311)

 

[rymchardware]

The 3 room dual key units in Waterbay is small compared to the 3 room dual key units in Qingjian's other developments.

This may be due to the size of the development - just 13,200 plus sqm. Most of the other ECs are at least 15,000 sqm or more.

 

[sandpapa]

Hi Peggy,

1st and foremost, do ensure that the MOP (Minimum Occupation Period) for ur current flat has been fulfilled so that you will be eligible to apply for an EC.

Next, yes you are right. Unless you proceed to fully pay up your current housing loan, you will only be eligible for a 60% loan. However, one way to work around this is to opt for the DPS (Deferred Payment Scheme) offered by the EC developer. With DPS, you may get 80% loan. However, you must sell off your HDB flat about 6 months before the TOP of the EC to settle your outstanding housing loan. And this means that you will have to seek a temporary housing alternative for this 6-month period until the TOP of the EC and the collection of keys for your EC unit.

Hope my explanation is clear to you. =)

Darren

For DPS, I must sell off my current HDB 6 month before TOP? Will I be able to sell off my current HDB just before the TOP so that I do not need to seek Temporary housing?

 

[SKWSMC]

For DPS, I must sell off my current HDB 6 month before TOP? Will I be able to sell off my current HDB just before the TOP so that I do not need to seek Temporary housing?

Is a very tricky question. Most agents I come across tell me can play with time. So do you want to believe them? It is up to you. But black and white stated, you must sell away your HDB under DPS 6 months before the TOP. The developer will let you know when is the date of TOP in this case.

 

[jus]

You can. you are require to sell your HDB within 6 months before TOP and you just need to go for your 1st appointment and show the bank the letter after that you can drag your 2nd appointment (provided the buyer agree) until you have done with your renovation and ready to move.

The reason why you need to sell you HDB within 6 months before TOP is because of the 80% loan. If you have an existing loan, the bank can only loan you up to 60%.

If your outstanding loan is not a lot then i suggest that you take the 2 to 2.5 year to clear your existing loan. That way the bank is able to loan you 80% and you are only required to sell you HDB within 6 months after TOP.

 

[derong07]

For DPS, I must sell off my current HDB 6 month before TOP? Will I be able to sell off my current HDB just before the TOP so that I do not need to seek Temporary housing?

Hi sandpapa,

Yes, if you have an existing housing loan and you opt for the Deferred Payment Scheme, you will have to sell off your current HDB flat 6 months before the TOP as this is the*condition* by which the bank is offering the 80% loan to you.

Playing around with time will not be a good option because marketing and selling your existing HDB flat will take time and you definitely will not wish to be "rushed" into selling it off at a lower than expected price due to time constraint. Let me check with the banks offering DPS for this project and I will get back to you with more details.

Meanwhile, if you need more info on Waterbay, do feel free to give me a call. Thanks. =)

Darren Lim
(HP: 91443311)

 

[derong07]

Double checked with my banker and according to the bank, the completion (2nd HDB appointment) of the sale of your HDB flat will have to be at least 3 months before the TOP of the EC. The bank will conduct a credit bureau check on the loan applicants and if they discover that the existing housing loan has not been fully paid up, they will not grant the 80% loan.

Thus, the safest option is either to fully pay up the outstanding balance of your existing housing loan during the wait for the TOP of the EC or to sell off your HDB flat 6 months before the TOP.

Hope this info helps.

 

[jus]

No offence bro, but you might want to check with a banker who is more well verse with EC loan or check with your company.

All you need is the HDB 1st appointment letter 1 month before TOP to show to the bank and they are able to release the 80% loan.

But as i said before, if the outstanding loan amount is not a lot, take the 2 to 2.5 year to clear your existing loan.

Double checked with my banker and according to the bank, the completion (2nd HDB appointment) of the sale of your HDB flat will have to be at least 3 months before the TOP of the EC. The bank will conduct a credit bureau check on the loan applicants and if they discover that the existing housing loan has not been fully paid up, they will not grant the 80% loan.

Thus, the safest option is either to fully pay up the outstanding balance of your existing housing loan during the wait for the TOP of the EC or to sell off your HDB flat 6 months before the TOP.

Hope this info helps.

 

[icebaby1_98]

Hi,

Any idea what showflat they are showing? i.e. 4 bedrooms? 3 bedrooms?

 

[jus]

Yes.

3bedrooms - 936sqft to 1130sqft
4bedrooms - 1173sqft to 1345sqft
5bdrooms - 1474sqft

 

[derong07]

No offence bro, but you might want to check with a banker who is more well verse with EC loan or check with your company.

All you need is the HDB 1st appointment letter 1 month before TOP to show to the bank and they are able to release the 80% loan.

But as i said before, if the outstanding loan amount is not a lot, take the 2 to 2.5 year to clear your existing loan.

Hi Jus, yeah thanks for the advice. What I said was the advice given from 1 bank. Will definitely check with other banks as well and compare the info given by the other banks.

Btw are you a banker or an agent as well?

 

[peggy76]

So at which point of time shld we indicate our choice of payment ? During deposit?e

Say i opt for dps so dat i can get 80% loan, but must make sure i sell off my flat aft EC top and will incur additional charges for using this scheme.

Wat if during this 2.5 yrs i pay up fully for my hdb flat, can i revert to normal payment scheme withot incurring the addional % charged for using dps?

 

[jus]

So at which point of time shld we indicate our choice of payment ? During deposit?e

Say i opt for dps so dat i can get 80% loan, but must make sure i sell off my flat aft EC top and will incur additional charges for using this scheme.

Wat if during this 2.5 yrs i pay up fully for my hdb flat, can i revert to normal payment scheme withot incurring the addional % charged for using dps?

you will have to decide on which payment mode you are going for at the point of booking the unit. Generally, price for the DPS scheme is always higher than the NPS by about 2-3%.

The Normal Payment Scheme is also known as the Normal Progressive Payment Scheme is paying your mortgage progressively with the progress of the construction stage of the development.

for example.

for $800k property

after the 20% downpayment based on NPS 80% loan 1.5%interest rate and 35 year loan.

after Notice of foundation work has been completed, the bank will disburse 10% of the Purchase price (which is $80k in these example) to the developer. This is where you start paying your monthly instalment of about $191(est)

after Notice of concrete framework of the unit has been completed, the bank will disburse another 10% of the Purchase price to the developer. The monthly instalment will add on and become $382(est).

After this 2 10% there's another 4 5% and TOP -25% and 15% after CSC.

For DPS after the 20% downpayment. you basically pay nothing until TOP.

Depending on developer, some will allow you to change payment scheme on the same day of the booking (will have to re-do all the paper work) or latest before they bank in the chq the next day. After they bank in the chq, it is very difficult and almost all developer will not do the refund of the difference of the 5%.

 

[jus]

Hi Jus, yeah thanks for the advice. What I said was the advice given from 1 bank. Will definitely check with other banks as well and compare the info given by the other banks.

Btw are you a banker or an agent as well?

Hi Darren,

I'm a fellow agent. Just trying to share info here, not completing.

 

[peggy76]

you will have to decide on which payment mode you are going for at the point of booking the unit. Generally, price for the DPS scheme is always higher than the NPS by about 2-3%.

The Normal Payment Scheme is also known as the Normal Progressive Payment Scheme is paying your mortgage progressively with the progress of the construction stage of the development.

for example.

for $800k property

after the 20% downpayment based on NPS 80% loan 1.5%interest rate and 35 year loan.

after Notice of foundation work has been completed, the bank will disburse 10% of the Purchase price (which is $80k in these example) to the developer. This is where you start paying your monthly instalment of about $191(est)

after Notice of concrete framework of the unit has been completed, the bank will disburse another 10% of the Purchase price to the developer. The monthly instalment will add on and become $382(est).

After this 2 10% there's another 4 5% and TOP -25% and 15% after CSC.

For DPS after the 20% downpayment. you basically pay nothing until TOP.

Depending on developer, some will allow you to change payment scheme on the same day of the booking (will have to re-do all the paper work) or latest before they bank in the chq the next day. After they bank in the chq, it is very difficult and almost all developer will not do the refund of the difference of the 5%.

I c. Tks for the explanation but i'm abit confused here.

- If i have existing hdb loan, i can only get 60% loan for the EC. So in order to get 80% loan, i either opt for the dps or pay up my hdb loan before i book a EC unit?

But u and derong mentioned it's better to use the 2.5yrs while waiting for EC to top to clear the existing loan, where does this come into the pic since we need to indicate payment choice during booking?

The reason why you need to sell you HDB within 6 months before TOP is because of the 80% loan. If you have an existing loan, the bank can only loan you up to 60%.

If your outstanding loan is not a lot then i suggest that you take the 2 to 2.5 year to clear your existing loan. That way the bank is able to loan you 80% and you are only required to sell you HDB within 6 months after TOP.

I mean, it's either i get 60% loan cos i have existing loan to serve, or i get 80% loan by opting for dps/pay up all my loan now. I can't be telling the bank that i want u to give me the 80% loan becos i'll clear my existing loan within this 2.5 yrs?

Sorry if my question sounds kuku cos i'm a real noob with all this property rules/regulations. Need to really understand before we can commit.

 

[derong07]

I c. Tks for the explanation but i'm abit confused here.

- If i have existing hdb loan, i can only get 60% loan for the EC. So in order to get 80% loan, i either opt for the dps or pay up my hdb loan before i book a EC unit?

But u and derong mentioned it's better to use the 2.5yrs while waiting for EC to top to clear the existing loan, where does this come into the pic since we need to indicate payment choice during booking?


I mean, it's either i get 60% loan cos i have existing loan to serve, or i get 80% loan by opting for dps/pay up all my loan now. I can't be telling the bank that i want u to give me the 80% loan becos i'll clear my existing loan within this 2.5 yrs?

Sorry if my question sounds kuku cos i'm a real noob with all this property rules/regulations. Need to really understand before we can commit.

Hi Peggy,

Understand that you are a little confused due to the sudden influx of so much info.

Yep, Jus is correct that you will have to opt for either the Progressive Payment Scheme (PPS) or the Deferred Payment Scheme (DPS) at the point of booking the unit.

As for your other question, let me clarify:

As you have an existing housing loan, the only way to get a 80% loan from the bank now is to opt for the DPS. Thereafter, you will be faced with 2 scenarios:

1) If you managed to fully pay up your existing loan within 2.5yrs (estimated) before the TOP of the EC.
==> Will only need to sell your HDB WITHIN 6 months from the TOP of the EC

2) If you still have not fully pay up your existing loan
==> Will need to sell your HDB BEFORE TOP of the EC

Hope this is clearer to you now.

 

[derong07]

Hi Darren,

I'm a fellow agent. Just trying to share info here, not completing.

Hi Jus,

Cool. No worries. Maybe we can work together in future. =)

 

[jus]

I c. Tks for the explanation but i'm abit confused here.

- If i have existing hdb loan, i can only get 60% loan for the EC. So in order to get 80% loan, i either opt for the dps or pay up my hdb loan before i book a EC unit?

But u and derong mentioned it's better to use the 2.5yrs while waiting for EC to top to clear the existing loan, where does this come into the pic since we need to indicate payment choice during booking?

You can opt for DPS if you want to 'buy' time to fully redeem existing loan. That way upon TOP of the EC the bank can loan you up to 80% of the Purchase Price.

If you opt for DPS and did not do full redemption of your current loan. you will either have to sell your HDB within 6 month before TOP, show the bank you 1st appointment letter at least 1 month before TOP or pay another 20% of the Purchase Price as the bank can only loan you up to 60% of the Purchase Price.

If you want to go for NPS with your existing loan you will need to have 5%(cash)+15%(Cash/CPF)+10%(Cash/CPF)+10%(Cash/CPF)

on top of that of cos the Stamp Duty as well which is about 3%

I mean, it's either i get 60% loan cos i have existing loan to serve, or i get 80% loan by opting for dps/pay up all my loan now. I can't be telling the bank that i want u to give me the 80% loan becos i'll clear my existing loan within this 2.5 yrs?

Sorry if my question sounds kuku cos i'm a real noob with all this property rules/regulations. Need to really understand before we can commit.

Whether the bank loan you 60% or 80% is all depending on whether you have any existing before the 1st disbursement from the bank to the developer.

Hope this helps.