Housing Board Loan (hle) & Job Switching

[velv 0]

Hi do anyone happen to be able advise me on this.

I got an offer from another company and is considering abt a job switch. (but to stay in the same company for at least an year is one of the requirement for hdb loan)

And also my husband-to-be had also change to a new company in Dec and we are grateful that HDB let us through when we appeal aft they rejected our application.

Now that we have not effect 2nd appointment and get the house key. Will there be any problem if I resign?

I am worried that when the payment start to process, the loan department will do a profile search and found out that I actually quit. Then they start to give us problems. = /

Edited February 27, 2010 by velv

[Phantom 1]

Hi do anyone happen to be able advise me on this.

I got an offer from another company and is considering abt a job switch. (but to stay in the same company for at least an year is one of the requirement for hdb loan)

And also my husband-to-be had also change to a new company in Dec and we are grateful that HDB let us through when we appeal aft they rejected our application.

Now that we have not effect 2nd appointment and get the house key. Will there be any problem if I resign?

I am worried that when the payment start to process, the loan department will do a profile search and found out that I actually quit. Then they start to give us problems. = /

There might sometimes be issues, Check with the HDB to get confirmation. Much better then asking people on the forum. LOL>

[asoon88 0]

Hi do anyone happen to be able advise me on this.

I got an offer from another company and is considering abt a job switch. (but to stay in the same company for at least an year is one of the requirement for hdb loan)

And also my husband-to-be had also change to a new company in Dec and we are grateful that HDB let us through when we appeal aft they rejected our application.

Now that we have not effect 2nd appointment and get the house key. Will there be any problem if I resign?

I am worried that when the payment start to process, the loan department will do a profile search and found out that I actually quit. Then they start to give us problems. = /

Both of you already have an approved HLE. As long as you borrow below the loan quantum and the companies that you both worked for have been contributing to your CPF regularly and on time, HDB will grant you the loan.

HDB will only be cautious when your CPF contribution is irregular. The other thing is when you borrow to the maximum limit of your HLE. Then they will check on your job history, present or future job to determine if they need to revise the HLE limit downwards.

My buyer is a smiliar case to yours. He got retrenched as some high-flying sales guy earning about $5~6K/mth. HDB approved his HLE and gave him a $260K limit. He found a new job 3 months before securing 1st appt. His pay was $2.8K. He feared HDB would lower the loan quantum. However, since OTP was signed within the timeframe before HLE expiry. HDB maintained the limit. The only thing was that HDB required his new payslips as well as a letter from his company's HR that he is a permanent staff and not on contract basis.

Eventhough he is the sole-breadwinner, I told him not to repay his loan by stretching to the max 30 years. However, he was looking at the smallest monthly repayment which included a cash payment as well. I would urge you and your husband-to-be to plan based on a single-income to repay your housing loan. If both of you need to cough up cash on top of the CPF repayments, then you are living on the edge.

[velv 0]

hi thanks for the advices =) decided not to go for the new offer cause quiet scared of any implication. Especially with the new hdb rule of min 3 year occupation. .

got to give priority to the process of buying a new house.

[asoon88 0]

hi thanks for the advices =) decided not to go for the new offer cause quiet scared of any implication. Especially with the new hdb rule of min 3 year occupation. .

got to give priority to the process of buying a new house.

I think you made a wise choice.

Better to settle into your resale flat, get the flat done up and take things one at a time. If you take up a new job now, you will be worrying about many things at the same time.

The 3 year rule should not affect you at all if you are not hard pressed to sell it off by that time. If you intend to sell it, you will lose money because the future gain minus the present price you paid will be very small. That's the reality of staying in JW. Prices move very, very slowly.