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ninabey

Bank Loan/hdb Loan

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Hi Everyone.

If i still have a personal loan still repaying and i use to have credit card default payment but i have already make the full settlement. how are the chances of getting a housing loan?

I have tried applying for HLE loan but they are very inflexible.. keep saying we will have enough so they dont want to borrow us.. I am still trying to appeal and this is my third time.. do you all think i should give up appealing?? or appeal till they willing to borrow us??

 

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Most banks are Very Inflexible, once you have a little mark ... they'll never loan you.

I tried most major banks and got turned down. Went with Hong Leong Finance eventually.

When I started to bank in big amounts to DBS, their loan department came calling asking

why I didn't choose DBS for their housing loan. Told her to check with her department on

why DBS didn't trust me, and to also check my old application.

 

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For what i know Hong Leong Finance has already changed their rules. As in if i and my mum were to apply for the flat, she will take my mum's age to loan the amount and not me. So i doubt i could borrow much from them.

U mean DBS also won't consider the housing loan?

Most banks are Very Inflexible, once you have a little mark ... they'll never loan you.

I tried most major banks and got turned down. Went with Hong Leong Finance eventually.

When I started to bank in big amounts to DBS, their loan department came calling asking

why I didn't choose DBS for their housing loan. Told her to check with her department on

why DBS didn't trust me, and to also check my old application.

 

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Banks are very particular about your credit history, one small mark and they will either reject or offer lower than what you need.

Try credit companies instead.

 

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Hi,

i am getting my flat soon sometime at the end of this year probably. Can somebody briefly explain what are the advantages and disadvantages of a HDB loan vs bank loan? I do know that HDB loan interest rate is higher than bank loan, which means paying more for interest…

 

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It is a financing decision, ie. cost of borrowing which come after an investment decision (buy a house)

No such thing as 'briefly' for one needs know details while making comparison for decision to be made.

Rules play a part but keep changing till I blur blur too, so, if I'm wrong (rule part), make correction please:

1. Interest rate difference: save $ or uncertainty?

Say HDB loan $200k, 25yrs repayment, interest = 2.6%

Interest payment alone (HDB loan) per month = $433.33

Bankloan $200K, 25yrs repayment, interest = 1.5%(now average)

Interest payment alone (Bank loan) per month = $250

One month saves $183!

However, WHO can guaranteed bank interest rate will stay <2.6%? A professor in Economic or Financial also can't tell

I'm confident to say that global interest rates are inching up (much QE3 taper & debt ceiling dependent)

Banks provide 5yr fixed interest lock-in but still lower than 2.6%.

Once choose bank, sorry can't go back to HDB

Save $ or 'dare to face uncertainty' decision model to make.

How much to borrow, to save for how long....need to do home work.

Please study SOR/Sibor rates history....

Bankloans so far provide , 3, 4 max 5 yrs contract then 'auto' renew or players can exercise right to be 'partnership' with another financial institution.

2. Rules: LTV

Young playful but no money, old forgetful but got money.

HDB loan: 90%, Bankloan: 80%??70%?? 1st loan, 2nd loan?

OA account will be emptied for HDB loan

Go to HDB loan if 'reserve' not strong to face the uncertainty

3. Redemption

HDBloan is easier. Once OA build up over years and suffice for o/s loan amount, just go to HDB and say "i want to redeem my house'.

100% ownership done within minutes!

Good to have 'hand on' experience with banks/lawyers at young, preparing one for the 'private property' venture with confidence in time to come.

Ok?

 

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Hi Everyone.

If i still have a personal loan still repaying and i use to have credit card default payment but i have already make the full settlement. how are the chances of getting a housing loan?

I have tried applying for HLE loan but they are very inflexible.. keep saying we will have enough so they dont want to borrow us.. I am still trying to appeal and this is my third time.. do you all think i should give up appealing?? or appeal till they willing to borrow us??

what is "we will have enough"? Mean your CPF is more than enough to pay off the full flat? if yes then they will not lend you..cos HLE is after HDB clear out all your CPF OA..

 

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