Jtis 4th Gear May 21, 2008 Share May 21, 2008 Actually, i think the couple was pretty silly and naive, not deserving of scorn like everyone heaped upon them, but just amazingly naive. There is such a thing known as HLE letter, HDB Loan Eligibility Letter. You download the form, fill in the form, submit your income documents, and within 2 weeks, you will know how much HDB is willing to loan you. I will be damned kiasu and get the HLE letter in hand before doing anything rash like signing the option and placing a deposit. I hate uncertainty when i am plonking down my money. It is something like, you are 21 years old, you can afford a TC sports car. But did you find out whether there is any insurance company willing to take you in the 1st place, and for how much premium per annum? 7-8k insurance premium per annum is not unheard of... ↡ Advertisement Link to post Share on other sites More sharing options...
Typhoonz 4th Gear May 21, 2008 Share May 21, 2008 Nothing but the best kinda thinking for this fella... Must be the face value thing again here... Link to post Share on other sites More sharing options...
Mustank Hypersonic May 21, 2008 Share May 21, 2008 now i know why you go see see look look too ex lah bro buy senkang/ponggol near ne line, take to serangoon then walk to office loh Link to post Share on other sites More sharing options...
Nine_eleven 2nd Gear May 21, 2008 Share May 21, 2008 his parents, parents-in-law and uncles and aunties who loaned him the cash to put downpayments should have advised him against it. if u have to borrow from relatives to buy house, it just means you cannot afford it! Link to post Share on other sites More sharing options...
Keithhiap 1st Gear May 21, 2008 Share May 21, 2008 (edited) I think because of HDB policy la. You see ha, it stated cannot exceed $8000, so $6000 earner sure attempt to apply one mah. i also dont dare to apply although i really love the location cause my mum and mother in law all lived there. nevertheless, we actually already gotten Seng Kang liao, so we this temptation is ceased. hehe Edited May 21, 2008 by Keithhiap Link to post Share on other sites More sharing options...
Damienic 5th Gear May 21, 2008 Share May 21, 2008 Was there a rule by banks which stipulate the max loan for first hdb is 60%? I tried to buy first flat from hdb flat last yr using pte bank loan and dun think there was any such rule. they were quite ok to lend me 80% then (unless of cos the rules have changed) after assessing my credit status. We shld also know that the banks dun necessary always loan the full sum based on our income level. Beside income, they would also look at your credit standing(how much oustanding bills with credit card banks), how much car loan you borrowing at the moment and etc etcbefore deciding the final amt to lend. If someone is on high car loan and also on some other loans at the same time, the bank is likely to reduce the figure which they willing to loan. We dun really know what is the full story behind it. On the fact that the bank are willing to loan only 400K on his 6K monthly income could be due to some other reasons which we do not know. The person trying to seek a loan cannot always assume just becos I earn a particular sum of salary every month also means Iam definitely guaranteed of certain sum of loan. it doesn't always work this way. Like I say, someone did screwed up along the way and did not advise him properly. BUT HDB did remind many home buyers time and time again to have our credit status assessed and determine how much money we can loan first before signing on the dotted line. It is obvious he jumped into it assuming there would be no problem at all for him to get a loan of over 500K. Someone did screw up and it was unfortunate for him, but at end of the day, he shld have done all the necessary checks first before committing on such a hefty purchase. If he is buying a 400K flat with a 6K income and din bother to do any prior checks, I would still say it is understandable. But for him to earn 6K and jump into buying a 675K flat without ascertaining whether he could get sufficient loan is really Link to post Share on other sites More sharing options...
Typhoonz 4th Gear May 21, 2008 Share May 21, 2008 It's probably a good investment but afterall, it's still a HDB flat... To pay so much for a HDB flat just basing on the almost central location and it's condo like facilities is not worthwhile IMHO... Link to post Share on other sites More sharing options...
Puffer_fish Clutched May 21, 2008 Share May 21, 2008 (edited) no point saying got flyer view and blar blar blar, my living room got flyer view and unblock too, every year can see fireworks but soon the view get a bit dull, property is about location location location, not view view view Edited May 21, 2008 by Puffer_fish Link to post Share on other sites More sharing options...
Kianbeng Clutched May 21, 2008 Share May 21, 2008 I think it's weird. the income ceiling for 5Rm HDB is still 8k/mth right? Since they got 6k/mth household income, HDB say they qualify for only 150k loan from them. So what does that mean? Can those with household income of 8k loan, say 80% of 675k? (540k). Those with 9k household income not eligible for applying right since it's higher than income ceiling stipulated by hdb. Or does that mean those ppl buying this 675k hdb flats need to be cash rich? only earning max 8k / mth but got like 500k lying in the bank? Wah I confused leh. Link to post Share on other sites More sharing options...
Damienic 5th Gear May 21, 2008 Share May 21, 2008 haha..I din go down with serious intention to consider...its within walking distance to my office and after lunch with some colleagues, I thought why not take a look and see wat's the big deal? anyway I alr got my flat last yr.. Link to post Share on other sites More sharing options...
Nov1mom Neutral Newbie May 21, 2008 Share May 21, 2008 nowadays so many pple loan money to buy hse, take money from parents to do reno, use credit card to pay for bridal package / wedding dinner... they are just one of the many. life today is diff liao... this guy 30 liao, still cannot think / plan financially, really pity him and his wife. upset over the 8k? gosh, she will lose way more money than that by getting the hse lor. Link to post Share on other sites More sharing options...
Damienic 5th Gear May 21, 2008 Share May 21, 2008 Think kene smoke liow ... I don't think can see the flyer, suntec/marina from CityView erm...I'm not dead sure...but the SE is dead certain can see the flyer, suntec/marina and etc etc.. Link to post Share on other sites More sharing options...
Scoots 3rd Gear May 21, 2008 Share May 21, 2008 Actually... you sound to be of very clear mind leh ... It's the HDB that's confused. They are still employing a criteria that was designed at a time when a bowl of noodles cost 50cents, families income is from a sole breadwinner andpolicemen wore shorts. Link to post Share on other sites More sharing options...
Jayzee Neutral Newbie May 21, 2008 Share May 21, 2008 orh.. the amount of $$ is still alot.. hehe. Link to post Share on other sites More sharing options...
Tarzan666 2nd Gear May 21, 2008 Share May 21, 2008 Dunno y the media report such article siah.. tis person deserves it... My combined income more than his salary..i got sleepless nites tinking whether wanna buy a 450k apartment..although the monthly repayment is covered by CPF OA contribution. Link to post Share on other sites More sharing options...
Scoots 3rd Gear May 21, 2008 Share May 21, 2008 Citylights is in the line of sight .. Link to post Share on other sites More sharing options...
Damienic 5th Gear May 21, 2008 Share May 21, 2008 By right he shld be able to obtain loan of more than 150K from HDB with his declared income of 6K. I suspect HDB is sceptical abt the source of his income or have some reason to believe he is borrowing high on some other stuff...that's why only agree to loan so little.. Link to post Share on other sites More sharing options...
Rncw 5th Gear May 21, 2008 Share May 21, 2008 over priced government housing.... ↡ Advertisement Link to post Share on other sites More sharing options...
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