hearts
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Hi all,
I am new to loans and I have quite many doubts on HDB loans. Please advise on whether my following understandings are correct or not. Thanks in advance.
I need to ask these questions because we are planning to have 5 rooms BTO and it's expensive, and we've tried to apply for BTOs for a year already and no luck so far. We will consider DBSS too, and DBSS is even more expensive. I doubt that we will have to apply for a very large amount of loan. My wife is having a baby and she's not working so I have to probably apply for loans on my own behalf. My current salary alone may not support such high amount of loans but I believe that the loan will be within our financial capability (my wife is Ph.D. graduated and she can earn even more than me).
1) For BTO, during selection date, I have to pay for 5%/10%/20% down-payment by CPF or Cash, and I have to pay another 95%/90%/80% after several years (during key collection process). Does it mean that I only need to apply for HDB loan after I collect my key? And does it mean that I only need to start paying the monthly installment after I collect my key?
2) It's said that I have to apply for an HLE letter during BTO selection process, what's the use of this letter if I need to apply for HDB loan after several years? Can I still successfully sign the agreement even if currently the HLE letter can't grant me the loan I wants? What will happen if say I need S$400,000, but HDB only grants me S$300,000 in the HLE letter during BTO selection process? Will HDB grant me more during key collection? Or I have to pay another S$100,000 in CPF or cash during key collection (or during BTO selection?)
3) What will happen if say I need S$400,000, but HDB grants me S$300,000. And after several years when I collect my key, my income is reduced. Will HDB reduce my loan amount during that time?
4) If I will take loan from bank other than HDB, what will happen if the granted loan is not enough currently but are enough after several years?
Thanks again.
Vincent H.
Bto And Hdb Loans
in Finance and Insurance
Posted
Thank you for answering this. I am clearer about the rules now. One more question, does BTO deferred payment impose more cost on me? I think DBSS deferred payment requires 2% or 3% more on the current price.
I didn't go for voting. I move almost once a year and I have really no interests to vote for a district that I just moved in。