forgotten 1 Report post Posted December 1, 2009 (edited) currently the next 1st appointment is march 2010. thats why i thought of looking for a flat now... then do Hle later cos Feb i wld be getting pay rise and promotion so that my loan wld be higher thats why i thought book 1st appointment first then just before the appointment do the HLE. is it confirm that i can't book 1st appointment without HLE ? Yes, you cannot book 1st appointment without HLE approval letter. See below. http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...et?OpenDocument Extracted from HDB Website: "Home purchase is a long-term financial commitment. Hence, it is important that financial planning is carried out before you buy a flat. From 1 Jan 2007, HDB requires all potential flat buyers who intend to obtain an HDB loan to apply for an HDB Loan Eligibility (HLE) letter before committing to buy a flat. Resale flat buyers taking an HDB loan must obtain the HLE letter before exercising the Option to Purchase. To assist you in financial planning, you can approach our HDB officers for financial advice or counselling. The HLE letter provides you information on your loan eligibility, eligible maximum loan amount, eligible maximum loan repayment period and the monthly instalment to service the HDB loan. This is to ensure that you are able to pay for your home and service the loan without overstretching your finances. Resale flat buyers taking a bank loan must obtain a Letter of Offer from the bank before exercising the Option to Purchase." Edited December 1, 2009 by forgotten Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 Flowchart about the procedures: http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...Menu=Procedures Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 (edited) If u take HLE, you should (i m not sure whether is it a must) apply HLE in Feb once your pay increased, in order to have a higher HLE loan. It is only when you submit for resale appt this month (Dec) then you will have 1st appt in next Mar. So by the time you OTP, I doubt you will get 1st appt in Mar. However, you can submit an appeal letter to HDB to ask for early execution of 1st appt, provided all parties agreed. (I did that and instead of 26 Jan, i got it on 17 Dec but was played out by seller again, she threaten not to sell anymore. when in the 1st place, she agreed) Nesh, Agree with Berry's point... If one exercises OTP this month, 1st appointment will probably be in March. If one exercises OTP in Jan, 1st appointment will probably be in April (3 months later). Which town are u looking at? U can browse the property ads for that town and gauge the average COV amount that the sellers are demanding. 10K COV is likely insufficient for most towns now sigh. U must also be prepared that another buyer outbids your offer and u need to increase your offer to the seller. Edited December 1, 2009 by forgotten Share this post Link to post Share on other sites
nesh 0 Report post Posted December 1, 2009 Nesh, Agree with Berry's point... If one exercises OTP this month, 1st appointment will probably be in March. If one exercises OTP in Jan, 1st appointment will probably be in April (3 months later). Which town are u looking at? U can browse the property ads for that town and gauge the average COV amount that the sellers are demanding. 10K COV is likely insufficient for most towns now sigh. U must also be prepared that another buyer outbids your offer and u need to increase your offer to the seller. any property websites to look through... since i plan to use mcps grant of 40k ..it wld be near my dad's place which is either admiralty or woodlands. kinda sad... wld be definitely signing the OTP this Feb end... then after that i am not sure when my first appt wld be... then 2nd appt don't know when... life is becoming a misery for me... Share this post Link to post Share on other sites
berry_surprise 0 Report post Posted December 1, 2009 any property websites to look through... since i plan to use mcps grant of 40k ..it wld be near my dad's place which is either admiralty or woodlands. kinda sad... wld be definitely signing the OTP this Feb end... then after that i am not sure when my first appt wld be... then 2nd appt don't know when... life is becoming a misery for me... you may try Singapore Lettings, it is a database collected from both current newspaper and online ads. Some ads stated their asking COV and you can make comparisons. when i viewed flats at wdlands ring and wdlands circle, the minimum COV i encountered was 20k in the month of late Sep/early Oct. I hope by the time when you OTP, the price will be lowered. I wld say..if u OTP in end Feb/early Mar, the waiting time for 1st appt is at least 2 mths then another 6-8wks to 2nd appt. So most probably you be able to move in during July/Aug? Unless you appeal for early 1st appt and the seller already vacant his place then you move in right away. May i ask you is your current HLE enough to buy a flat in your area? If yes then you dont have to wait until your pay increment. Share this post Link to post Share on other sites
nesh 0 Report post Posted December 1, 2009 you may try Singapore Lettings, it is a database collected from both current newspaper and online ads. Some ads stated their asking COV and you can make comparisons. when i viewed flats at wdlands ring and wdlands circle, the minimum COV i encountered was 20k in the month of late Sep/early Oct. I hope by the time when you OTP, the price will be lowered. I wld say..if u OTP in end Feb/early Mar, the waiting time for 1st appt is at least 2 mths then another 6-8wks to 2nd appt. So most probably you be able to move in during July/Aug? Unless you appeal for early 1st appt and the seller already vacant his place then you move in right away. May i ask you is your current HLE enough to buy a flat in your area? If yes then you dont have to wait until your pay increment. my current HLE is not enough for me o buy a flat right now..so have to wait till end Feb for OTP to be done...hope i cld appeal for an early 1st appt ,then hope that the seller vacant his flat earlier. Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 (edited) any property websites to look through... since i plan to use mcps grant of 40k ..it wld be near my dad's place which is either admiralty or woodlands. kinda sad... wld be definitely signing the OTP this Feb end... then after that i am not sure when my first appt wld be... then 2nd appt don't know when... life is becoming a misery for me... Haiz I understand your pain. I've renting a room with hb for a year due to the high property prices for us, first-timers. I also tried HDB balloting for more than 2 years. I used http://www.iproperty.com.sg/ & http://www.propertyguru.com.sg/. I recently bought a unit around Woodlands. My agent specialises in Woodlands, Admiralty, Marsiling and Sembawang areas. She actually filtered out the unsuitable units accordingly to our requirements (condition, COV etc). She saved me a lot of time. I took less than a week to find my unit. PM me if u are interested in my agent's contact no. Edited December 1, 2009 by forgotten Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 (edited) my current HLE is not enough for me o buy a flat right now..so have to wait till end Feb for OTP to be done...hope i cld appeal for an early 1st appt ,then hope that the seller vacant his flat earlier. 3-room units are around 230K at Woodlands. HLE of 160K should be sufficient for u. After combining with your spouse, the HLE loan is less than 160K? Edited December 1, 2009 by forgotten Share this post Link to post Share on other sites
nesh 0 Report post Posted December 1, 2009 Haiz I understand your pain. I've renting a room with hb for a year due to the high property prices for us, first-timers. I also tried HDB balloting for more than 2 years. I used http://www.iproperty.com.sg/ & http://www.propertyguru.com.sg/. I recently bought a unit around Woodlands. My agent specialises in Woodlands, Admiralty, Marsiling and Sembawang areas. She actually filtered out the unsuitable units accordingly to our requirements (condition, COV etc). She saved me a lot of time. I took less than a week to find my unit. PM me if u are interested in my agent's contact no. currently residing with dad... thought of getting a unit b4 i become a dad.. but looks likely it really can't be...actually can i know... how much is ur COV ? what is ur experiences in finding a unit in woodlands...as i wld be getting in woodlands too... is it too demanding ? or the unit is too expensive ? Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 you may try when i viewed flats at wdlands ring and wdlands circle, the minimum COV i encountered was 20k in the month of late Sep/early Oct. At that time, u were looking for low, mid or high floor? I realise COV goes up when floor goes up lol. Share this post Link to post Share on other sites
forgotten 1 Report post Posted December 1, 2009 (edited) currently residing with dad... thought of getting a unit b4 i become a dad.. but looks likely it really can't be...actually can i know... how much is ur COV ? what is ur experiences in finding a unit in woodlands...as i wld be getting in woodlands too... is it too demanding ? or the unit is too expensive ? I paid 15K COV as my unit is only 2nd floor. My agent filtered out the units that exceeded 20K COV for me, so she brought me to see units that were within 20K COV. I cannot take up HDB loan and 30K HDB grant. I have to take up bank loan, so I have to pay another 5% downpayment in cash (about 20K). In total, I need to pay 44K cash for COV, downpayment and agent commission. My heart is very pain lor. Edited December 1, 2009 by forgotten Share this post Link to post Share on other sites
nesh 0 Report post Posted December 1, 2009 3-room units are around 230K at Woodlands. HLE of 160K should be sufficient for u. After combining with your spouse, the HLE loan is less than 160K? spouse not working.... never worked as in a company but did business .. ... but that was 5 yrs back.. now she is a housewife.no cpf contribution from her. cpf comes only from me... Share this post Link to post Share on other sites
nesh 0 Report post Posted December 1, 2009 I paid 15K COV as my unit is only 2nd floor. My agent filtered out the units that exceeded 20K COV for me, so she brought me to see units that were within 20K COV. I cannot take up HDB loan and 30K HDB grant. I have to take up bank loan, so I have to pay another 5% downpayment in cash (about 20K). In total, I need to pay 44K cash for COV, downpayment and agent commission. My heart is very pain lor. why didn't u get a hdb loan ? no need to pay 5% cash down payment. why u take bank loan ? is this ur first house ? Share this post Link to post Share on other sites
berry_surprise 0 Report post Posted December 1, 2009 I paid 15K COV as my unit is only 2nd floor. My agent filtered out the units that exceeded 20K COV for me, so she brought me to see units that were within 20K COV. I cannot take up HDB loan and 30K HDB grant. I have to take up bank loan, so I have to pay another 5% downpayment in cash (about 20K). In total, I need to pay 44K cash for COV, downpayment and agent commission. My heart is very pain lor. wow that a lot of $ at once. what about reno? if u r 1st-timer, why cant u take HLE? Share this post Link to post Share on other sites
berry_surprise 0 Report post Posted December 1, 2009 spouse not working.... never worked as in a company but did business .. ... but that was 5 yrs back.. now she is a housewife.no cpf contribution from her. cpf comes only from me... when i applied for hle, they only consider 1 person contribution because must have at least 3mth of payslips from the company. so only consider 1 person income and was granted with 351k and when our purchased flat is less than this amount, at first i thought i can still take the remaining as a loan. I was too hopeful can your parents help u with ur flat? Share this post Link to post Share on other sites
