keltan8 0 Report post Posted April 27, 2012 Hi , need experts to answer my queries ...intend to purchase DBSS for my 2nd HDB loan, bcos 1st HDB loan was a 5-room flat ... so now 2nd time must either BTO or DBSSbut i quite blur on the payment for the DBSS developer ...they have this payment schedule for how percent must pay them when they completed certain phase of their project ?question is :1)when is my loan with HDB start ?2)so when pay developer, who to pay them ? developer take from HDB or me ?i am blur on the HDB loan portion, if i book a DBSS now, when is the loan started ?? i am worried because CPF definitely not enough ...thanks ! Share this post Link to post Share on other sites
jonchar 0 Report post Posted April 27, 2012 Hi , need experts to answer my queries ...intend to purchase DBSS for my 2nd HDB loan, bcos 1st HDB loan was a 5-room flat ... so now 2nd time must either BTO or DBSSbut i quite blur on the payment for the DBSS developer ...they have this payment schedule for how percent must pay them when they completed certain phase of their project ?question is :1)when is my loan with HDB start ?2)so when pay developer, who to pay them ? developer take from HDB or me ?i am blur on the HDB loan portion, if i book a DBSS now, when is the loan started ?? i am worried because CPF definitely not enough ...thanks !Your loan with HDB will start the moment they start building. At certain phrases, the developer will collect more money from HDB which HDB will disburse to them accordingly. On your end, you do not have to do anything and the developer/hdb (either, cant remember) will send you a letter to inform. Hence progressively, your loan installment will increase slowly till you pay the full installment upon collection of keys.For DBSS, you need to pay 5% cash 1st. ie $600k flat, pay $30k upon booking. Subsequently based your HLE, they will determine how much you can borrow. Assuming again, if you have combined CPF + grants of 20%, ie $120k, you will take back your 5% cash, $30k you paid earlier in full via a cheque. Above is if i recall correctly. Hope that helps. Share this post Link to post Share on other sites
keltan8 0 Report post Posted April 27, 2012 Your loan with HDB will start the moment they start building. At certain phrases, the developer will collect more money from HDB which HDB will disburse to them accordingly. On your end, you do not have to do anything and the developer/hdb (either, cant remember) will send you a letter to inform. Hence progressively, your loan installment will increase slowly till you pay the full installment upon collection of keys.For DBSS, you need to pay 5% cash 1st. ie $600k flat, pay $30k upon booking. Subsequently based your HLE, they will determine how much you can borrow. Assuming again, if you have combined CPF + grants of 20%, ie $120k, you will take back your 5% cash, $30k you paid earlier in full via a cheque. Above is if i recall correctly. Hope that helps.hi jonchar, thanks for the reply ...what do u mean " your loan installment will increase slowly till you pay the full installment upon collection of keys" ??i thought my loan with HDB is going to pay in full in either 20 to 25 yrs ?? depending on how long i want ?and also not understand what u mean "if you have combined CPF + grants of 20%, ie $120k, you will take back your 5% cash" ?can u elaborate more ?xie xie Share this post Link to post Share on other sites
jonchar 0 Report post Posted April 27, 2012 (edited) hi jonchar, thanks for the reply ...what do u mean " your loan installment will increase slowly till you pay the full installment upon collection of keys" ??i thought my loan with HDB is going to pay in full in either 20 to 25 yrs ?? depending on how long i want ?and also not understand what u mean "if you have combined CPF + grants of 20%, ie $120k, you will take back your 5% cash" ?can u elaborate more ?xie xieHi. Hdb will withhold everything and pay the developer in stages. Hence for example your full installment say is $2k. Upon building, you could be paying $300 a month, then when the developer build to a certain stage few months later, they will ask hdb to disburse more money to them, then u may be paying $500/mth and progressively step-up till upon TOP you will be paying $2k. It is similar to condo and unlike normal hdb where u will only start paying upon collection of keys. I meant so long as your combined cpf with your wife plus all grants exceeds 20% of flat purchase price ie 600k x 20% = 120k, whaever you paid upfront to book the Flat will be refunded. ie to say, if your combined cpf is 110k, you can take back 20k in cash that you have paid earlier but 10k cash will remain to make up total $120k..hope I'm making sense to you. Haha Edited April 27, 2012 by jonchar Share this post Link to post Share on other sites
keltan8 0 Report post Posted May 3, 2012 Hi. Hdb will withhold everything and pay the developer in stages. Hence for example your full installment say is $2k. Upon building, you could be paying $300 a month, then when the developer build to a certain stage few months later, they will ask hdb to disburse more money to them, then u may be paying $500/mth and progressively step-up till upon TOP you will be paying $2k. It is similar to condo and unlike normal hdb where u will only start paying upon collection of keys. I meant so long as your combined cpf with your wife plus all grants exceeds 20% of flat purchase price ie 600k x 20% = 120k, whaever you paid upfront to book the Flat will be refunded. ie to say, if your combined cpf is 110k, you can take back 20k in cash that you have paid earlier but 10k cash will remain to make up total $120k..hope I'm making sense to you. Hahaokok , made -ed sense to me ... hehexiexie, kam-siah, terima kasij ... Share this post Link to post Share on other sites
