therat 18 Report post Posted December 3, 2010 This garanteed will be a GE rally topic. Why MAS's letter to seller comes "late"? This directly forces the HDB seller(sell & buy hdb)(seller has only this property)to "rent" to stay put before his next purchase of hdb unit is ready for occupation. This is to "deter" hdb sellers from buying hdb again. Tio bo? My questions: 1. Does this "letter" effect to those sellers with existing loan yet wish to enjoy 80% loan for next purchase ? 2. This letter applies to those sellers(sell hdb & buy hdb)who take 70% loan as well? 3. Applicable to hdb sellers who buy private ? base on my understanding 1. yes. They need to proof that they had sell away their present house which still having loan service on it. In order to enjoy 80% loan for their next purchase 2. Don't think. this letter applies to those taking 70% loan 3. My guess.. yes. Since the 70% for 2nd property is across all board Share this post Link to post Share on other sites
Plastic3 0 Report post Posted December 3, 2010 hi mr plastic3 !!! immenseness of HDB's facts, figures and details notwithstanding,(....ooh brother they are really mindboggling...takes me months trying to break the "code", and still brother mah bow tan come up with yet another slew of HDB rules and regulations...) it continues to stump me how some ah sohs and aunties can still get into this industry and broker a few deals....well of course with CEA rules, and the demands of the RESALE CHECKLIST only true warriors will prevail.... Yes, Mr. Mah making us work hard for our commission Looks can be deceiving, some Aunties are able to do all the things stated by bepgof, I really admire them....being a professional Agent yet still able to take care of their family...it is not easy at all. Some other Aunties honestly, don't know much...some can't piece a proper sentence of english together, these Aunties may not be able to survive pass 2011. Share this post Link to post Share on other sites
Plastic3 0 Report post Posted December 3, 2010 some agent take less than 5 sec to answer my question. But wrong answer, they also lost 1 customer. Want to smoke me... From my time in this forum reading all this posts, I can tell therat & bepgof know more than enough.....new Agents won't be your match Share this post Link to post Share on other sites
Plastic3 0 Report post Posted December 3, 2010 (edited) 3. My guess.. yes. Since the 70% for 2nd property is across all board As long as they have an outstanding loan, private or hdb, can only get 70% financing. Edited December 3, 2010 by Plastic3 Share this post Link to post Share on other sites
11eleventh 0 Report post Posted December 3, 2010 Hi everyone ! I'm back !!! I'm glad that to find a lot of good answers to the topic which i raised earlier. Brothers and sisters, thanks a million..... About that 'LETTER' ( proof of sale ) again, i must say that the journalist who wrote that piece of article may have put it the wrong way. When i read the full text ' HDB flat sellers left in tight spot by new rules ' , and i came to the sentence = ' only with this letter can the seller exercise an option to buy his next flat ' , it truly gave me the idea that this letter is a PREREQUISITE to exercising the OTP, when really it is not. This letter is a PREREQUISITE to getting a 80% bank loan for the seller's next flat purchase, as it tells that the seller has sold his flat. Having or not having this letter does not stop the seller in any way from exercising the OTP. Just that without it, he will not be getting the 80% bank loan, but 70%. HELP everyone....pls feedback..... Share this post Link to post Share on other sites
Plastic3 0 Report post Posted December 3, 2010 Those who are selling their existing home and buying another home and wish to take 80% financing instead of 70% financing, must show proof of sale of their home by providing the Exercised Option To Purchase for the sale and the Stamp Duty Certificate showing that the buyer has paid the stamp duty. For HDB flats, they have to produce the Principal Approval Letter from HDB for the sale of their flat (issued within 2 weeks from 1st Appointment Date) and a letter from the bank showing that the outstanding loan will be discharged. Share this post Link to post Share on other sites
11eleventh 0 Report post Posted December 3, 2010 hmmm great points !! thanks plastic3 ! My best bet is that the journalist must be thinking about pte res prop in a news article principally about HDB. Share this post Link to post Share on other sites
