How much shd i bid for COV


thommy

New Member
bedok, with the new rules in place, a lot of sellers are withdrawing from the market now I believe. Tougher for you to look for your house now?
 

powder

Active Member
basically those with less money can do less planning and have less option... but of cos, as i've said many times, local pple lack foresight... so i guess some pple will rejoice now and complain later. implications are seldom thought of prior to decisions... and the usual lingo comes out "i thought...." as usual, ignorance to gain some form of stupid leverage with "i thought...", "i didn't know..."
 

simpleman

Active Member
Whuah-Kueh is not common like chwee kueh.

Normally you would have it with lots of garlic + chilli.. it has fillings too.

the taste is much richer than chwee kueh which is basically the taste of the chye poh + chilli..
 

bedokboy

New Member
wahhhhhhhhhhh lan eh.

I appealed for HDB loan twice, kena rejected. I went to see MP, MP say will write in for me, today I received a letter from HDB, still kena rejected!

And by this person called Wang Liangde. If she's a PR, what does a PR know about life in Singapore to be deciding the fate of its natives? Wtf!!!!!

Anyway the background is, singles scheme can get HDB loan if you earn less than 3k. My stand is who is earning below 3k and buying HDB flat on his own? Most singles circumvent this by doing a joint singles scheme. And the ceiling for households is 8k, just because I'm single I have to be subject to the 3k rule. I earn slightly under in between the 2 figures.

I'm eligible for bank loan but I want the HDB loan so that I can skip the 5% cash. If you take bank loan, out of the 20% DP, you have to do 5% in cash. If you take HDB loan, all 20% can be CPF. The 5% cash that I don't have to fork out saves me a good 20k which I can use for reno or add to COV if I really like the place.

I will write to this Ms Wang Liangde every week if I have to.

Come and gimme some template what empathise with my situation but despite MP appeals there are still no new mitigating grounds for my appeal and the subsidies that are available have to be carefully channelled to the people who really need it etc...

knn...

angry!!!
 

powder

Active Member
how do u know it's a Her?

王å°å§ï¼Œæˆ‘爱中国,你爱新加å¡ï¼Œå¦‚过批准了,我们两å¯ä»¥å–咖啡进一步了解
 

ellentg

New Member
The letter will state clearly if the person is female by putting a (Ms) behind the name mah.... but what makes one so sure that she is a PR?

Anyway, if she is the officer handling the case, dun vent your anger on her la, she just does paper work only... appeal cases are decided by an appeal committee in HDB, not the officer in charge...
 

thommy

New Member
bedok, going to MP to appeal doesn't mean sure successful...u need to understand this point.

also, if your salary exceeds 3k by say 10%, usually still got chance to appeal but if more than that, sorry to say don't waste your time. U appeal 100 times also like that, no difference I can tell u. I went to MP previously also for help cos our combined income was slightly over 10% increase of 8k, also no go. Ended up had to take bank loan and pay the 5% lor. LL suck thumb.

HDB is very strict on all these...their reasoning was, if your combined income is that 'high', u can sure find ways to get that 5% cash.
 

verluv

Member
Ya Bedok... between 3k and 8k is a big range. Furthermore, like what Thomas say, if exceed by 10%, really dun need to appeal.
I appealed 5 times. I told them that my basic salary is still within the limit and they say they also takes into consideration commission. Then I ask them one question, if I have very low income but have high bonus, say 12 months bonus, will they still grant the loan? Their reply is YES coz bonus and commission is different!
They just follow their standard guidelines and no deviation to it. So just think in a way that you are those blessed one who doesnt need our govt's help... Totally ridiculous!
 

verluv

Member
Ya, the bank has a better interest rate than HDB... I understand its really the 5% cash outlay that you have to pay..

For me, i will settle for a small condo and maybe at a not so good area.. no restriction, no need to pay the COV... and you will be happily staying there... hahah
 

simpleman

Active Member
Yes, the government should make the COV illegal.. just like they made the cash-back payment illegal.

There is no such COV in the private property scene.
 

sgbabydoll

Active Member
The whole thing about cov is very strange don't you think?

You pay cov but the bank doesn't recognise cov as part of the value of the property. Yet, it is included in the value of the property on paper.
 

thommy

New Member
oh ya forgot to mention, appealing will drag a long, long time bedok. that's IF you have the patience to wait. Mine ding donged here and there for 6months before I finally got a reply from HDB.

wonderful way they work, don't u think?
 

bedokboy

New Member
1. owner's nego with other buyer was unsuccessful. I like the place so no choice, Wang Liangde (MS) will be let off this time.

2. All 3 times I appeal all 3 times she wrote back to me. I don't get the idea my case is looked at fairly and comprehensively because it's been handled by this one person all along.

3. COV41k. As usual just gotta work (even) harder from now on.

4. The singles scheme really doesn't make sense. I don't believe there is a considerable number of singles appealing for HDB because if you really earn 3k and below it would really really be a stretch for you to consider owning HDB much less having to appeal for an HDB loan. Of course it would look like no one appeals lah!

5. Just wanna get it done and over with. Every weekend see 3-4, weekday see 1-2 I think I have seen close to 50 units already.

6. Now to look for a bank loan. Sigh.

7. Nonetheless I'm glad I went thru this exercise. To be asked to elab why would be opening a can of worms and I'm tired...

zzz...
 

thommy

New Member
"I don't get the idea my case is looked at fairly and comprehensively because it's been handled by this one person all along."

don't blame the officer, blame the committee that sits behind the scenes to review your case. she's only doing her job to relay the results to you bedok.
 

ellentg

New Member
as i mentioned, the person sending out the letter is just doing the paper work... she doesn't have the power to decide your case.

if you wish to have a change of officer, you can re-submit a fresh application and it will be assigned to another officer, though the result will be the same (i have tried that before).
 

verluv

Member
so Bedok, you paid $41k COV for the flat? then plus 5% cash, est to be ard 12,500 to 15,000 then you will be paying more than 50k for a 3 room flat? + reno cost.... OMG.... okok, i better stop here....

Anyway, a big CONGRATS on the first step to your new HOME!
 

simpleman

Active Member
bedokboy,

OK.. At least now you got yours. I am just wondering why you took so long.

My ex-wife just took a weekend before she bought a 3-room resale in AMK. That was last month. I was just advising her to buy one and the next moment she said she bought one - like going to the market.
 

powder

Active Member
bedok,

i highly suggest u dun do it... just becos u're tired n rundown, u wanna make this huge financial decision? and time hasn't even been given for the mkt to cool off abit, which is not unexpected.

the 1st step to making money is at your point of entry... dun give in to mental fatigue and give in to losing money. the implications of the decison may come back and haunt u.

i think this is Not a good decision.
 

thommy

New Member
powder, I can understand how he feels cos I went thru the same thing also when I was househunting. Really wornout every weekend viewing so many units. Then again, he already bought so never mind lah.

doll, not so fast, he still gotta settle his bank loan part haha.

bedok, time to source around for the best rates!
 

powder

Active Member
thomas,

being worn-out is no excuse to throw good money which u spent years earning, away! if worn-out is part of the trigger-point to buy the property, then u gotta assess this part, when years down the road u wonder Why others can make money via property, whilst u can't. it all dates back to this very point where u decided to throw caution to the win...

this is the same with not wearing a condom, not asking a girl to be your gfren... it all boils down to that moment. i'm just targetting the emotion taking a big part in the decision, if this is really true.

alot of things date back to the 1 moment. and looking at the climate to expect, i think he can save a good 25k just by making a decision Later. 25k is 1 year's worth of savings... saved by fighting few weeks of fatigue.
 

verluv

Member
Just like in the past, ringgit is pegged to USD but the exchange rate is not the same as USD. When USD goes up, Ringgit will also go up and if USD comes down, ringgit will come down too.

Pegging to CPF rate is good cos it is quite stable and it is transparent.. i cant remember when was the last time CPF change their interest rate.
 

bedokboy

New Member
thanks for concern powd. I never been a penny wise kinda guy. I know the money being talked about is not small but at the same time, every month I don't buy I am throwing rent money too. You have also mentioned before that my rent is a small sacrifice in return for the possibility of a much softer market. But I really like the place also .

Probably will go for Citi because their fixed rate not bad.

valuation 418. COV 41k. Total val 459. 4 room flat. Haig Road.

Now scared reno no money. Doll, what's a good reno budget? haha.

Have yet to check with Verge's bro on OCBC. Thanks for the PM Verge, you are a good sister.
 

powder

Active Member
if u really like the place, well.. tat more than makes up. just wanted to tell u my frank opinions.. never one to say nice things anyway. i personally feel u should be expecting to sell in future for abt 380k levels with No cov. tat's manageable anyway, just tat nobody goes buying a hdb expecting to lose money, most times they go for gains.

But tat said, it's still a milestone for u so congrats!

for bank loans, my suggestion is to explore floating for the next 1-2yrs, for tat check HSBC or CIMB. for fixed, DBS pretty ok. Ask around frens who have taken loans... u will realise that whilst some banks offer slightly better rates, they are Quick to revise up, and slow to revise down. for fixed, less such exposure.

reno-wise, learn to save on things u use less, and pay more for things u tend to use regularly. pay for mattresses, not beds... everything else dun need to spend too much... the key to saving money is Not to Give Up (tired, dun wanna see anymore etc), the reason why some pple remain financially-challenged is becos they are flamboyant when they can least afford to. for example - Sofas... pple are all so used to it costing 1.5-2.5k, but actually u can get a decent one for under $800. it makes little difference between leather, half-leather, PU, PVC, etc when u are buying below 3k... it is mostly marketing. if u really into good sofas, u need at least 3.5k, which should be heavily discounted already.

tv wise unless u need slim, dun need LED, anyway LED tvs are not really full LED but only LED-edged. so watever energy savings is kinda gimmicky. it's like selling u the world's most. economical engine, but they sell u on an SUV... u think u really gonna save much petrol?

basically u need to be pretty hands-on and aunty-ish on the reno works to save anything.

good luck
 

sgbabydoll

Active Member
Hi Bedokboy, I am on DBS and I chose fixed rate (1.75%) mainly because there's no tie-in. In two years I may look into refinancing the loan.

Is the flat in good condition? Flooring is the most expensive part of the reno, followed by built-in things like wardrobe and kitchen cabinet, etc.

Do you intend to rent out two bedrooms to recoup from your investments?
 

bedokboy

New Member
thanks powd. your last piece quite a bit to take in, I'll need some time to digest.

doll, my friend said citi not bad. fixed rate. 1.2 1st year, 1.6 2nd year and 1.9 3rd year. Then yet to explore Verve's brother's package from OC.

Flat is generally ok but still would like to do up as much as I can possibly afford. Won't rent out lah. So funny, spend money make as nice as I can afford then rent out to share with strangers.
 

powder

Active Member
bedok,

u should use a broker. the service is free cos the banks pay them the comm... u just tell them your considerations etc, then get them to run u a comparison chart where u just need to take a look. the fine-prints would have been advised to u too... they represent your interest and not the bank's, so it's better. i not in habit of recommending but if need then sms me. Else u should have frens who are in this field as well.

lawyer-wise, pls use the one that is under the panel of the bank u wish to take the loan from... so tat u dun pay for 2 sets of legal fees.
 

sgbabydoll

Active Member
Bedokboy

To meet the 14 calendar day OTP deadline, you should apply with a few banks and get their in-principle approval first and then review their rates as you go along with or without a broker (depends on if you have the time). Lawyer-wise, like Powder has said, use one that is on the bank's panel of law firms for savings. They all do the standard stuff, so not much difference who you use. Most banks will subsidise a portion of the legal fee and it can be paid from your CPF. Likewise your stamp duty.
 

thommy

New Member
bedok, I took stan chart's floating sibor rate that time cos it was quite good. only thing needs to monitor once 1st year is over, worried abt spiralling rates only.

reno budget will depend on what u wanna do...like doll said, flooring and built-in stuff like cabinets, feature walls etc are the main killers. if on budget, do those important ones first, the rest can come later, no hurry.

how big is your 4room? age of flat? haig road I believe no new flats right?
 

sgbabydoll

Active Member
Actually, flooring, built-in's, wiring, painting, piping, plastering are the ones you will not do after move in. As for aircon, if there is existing piping, then there is no urgent need to replace. If like me, I wanted to air-condition my living room which seller didn't, I decided to replace the entire air-conditioning system. This is because the piping isn't something you want to do after moving in.

By the way, don't save on toilet bowl/s. Must change! Haha.
 


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