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..."
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...
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.
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!
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...
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!
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.
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.
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.
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.
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.
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?
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.