Only Can Buy Resale...advise Pls

[lemontea78 0]

Hello frens,

Hope I can find some advice from you all here.

Recently my fiancee just got confirmed at her contract position, and with great joy we wanted to go for new HDB flats, higher end ones of 5R as previously we can only go for 4R, given the available budget before she got confirmed...

To our surprise, we realise that with our combined income of > 8k, we are not eligible for new HDB flats, not eligible for HDB loan as well. This is a really big spanner thrown in the works of our planning. Actually we just exceed by a bit, so it is really frustrating for us. My fiancee was unhappy that when she didn't have a perm job, i was saying cannot, when she got one, also cannot.... Shucks...

I now realise that i need to pay 5% downpayment of resale flat in cash, which is not inclusive of the cash-over-evaluation that resale flat seller usually demands. Given our combined cash kitty, it really very tight on our finances.

As it is, may i ask, if anyone here faces the same predicament, how you guys are dealing with it? Is there any chance to appeal to HDB about the Income ceiling? We need to get a new flat as we got no cash, or at least get the HDB loan as the cash downpayment and the high interest rate will kill us....

Looking forward to your advice. Thanks all.

[applefreak 1]

wait for your gf's contract to finish then apply the loan under your income only?

the HLE for monthly around $4k is more than enough to buy a 5R flat bah, if you have enough in your cpf accounts

[lemontea78 0]

wait for your gf's contract to finish then apply the loan under your income only?

the HLE for monthly around $4k is more than enough to buy a 5R flat bah, if you have enough in your cpf accounts

Tks for the reply.... actually i meant that my fiancee just got confirmed....previously just a temp only... Now she's permstaff....

[applefreak 1]

oops sorry i misread

then no choice liao loh

so far dun think anyone appealed successfully for the income ceiling

[applefreak 1]

btw, will you consider staying with your parents?

coz i think there's a 'extended family' scheme where the household income limit for applying new flat is $12k

but still got to take bank loan

Edited September 6, 2007 by applefreak

[Phantom 1]

If basic salary exceeds the 8k level, then pretty unlikely that an appeal is successful. If its more like variable components that exceed the 8k, then quite possible to argue and get it appealed, had a friend who was in such a case.

Consider buying a smaller unit if the amount to fork out is abit out of your budget.

I still think there are properties around that do not require any top up on the valuation. I bought my just around valuation.

Currently, there are alot of sellers for private properties.. buyers are taking a back seat. you could want to wait awhile?

Nonetheless, you can try and appeal with regards to getting hdb loan.

[cheng73 0]

If basic salary exceeds the 8k level, then pretty unlikely that an appeal is successful. If its more like variable components that exceed the 8k, then quite possible to argue and get it appealed, had a friend who was in such a case.

Consider buying a smaller unit if the amount to fork out is abit out of your budget.

I still think there are properties around that do not require any top up on the valuation. I bought my just around valuation.

Currently, there are alot of sellers for private properties.. buyers are taking a back seat. you could want to wait awhile?

Nonetheless, you can try and appeal with regards to getting hdb loan.

Hi Phantom,

U indicate you bought at valuation. which area is it? i m looking for resales in the west zone. I hd this feeling all these are being spolit by the property agents...i call a few agents. some of them take time to explain to you while some immediate ask for more than 50K, if not interested, no viewing of flats....

wewecheng

[Warrior88 0]

btw, will you consider staying with your parents?

coz i think there's a 'extended family' scheme where the household income limit for applying new flat is $12k

but still got to take bank loan

Think "extended family" calculation is based on all the whole family

More applicable for Married Couples with working children.

So, if you are the only single child, then okay, otherwise siblings salary must be included

Quite chim ...the explaination...

[Warrior88 0]

Hi Phantom,

U indicate you bought at valuation. which area is it? i m looking for resales in the west zone. I hd this feeling all these are being spolit by the property agents...i call a few agents. some of them take time to explain to you while some immediate ask for more than 50K, if not interested, no viewing of flats....

wewecheng

Think Phantom bought his around end 2006 in Simei.

Either he got them from a desperate seller or he see pai heng at that time no "BOOM"

I am also looking for a valuation unit

[Phantom 1]

Hi Phantom,

U indicate you bought at valuation. which area is it? i m looking for resales in the west zone. I hd this feeling all these are being spolit by the property agents...i call a few agents. some of them take time to explain to you while some immediate ask for more than 50K, if not interested, no viewing of flats....

wewecheng

Hi cheng73, I bought at simei and warrior is correct.. i bought around end 2006.

problem now is private market has alot of ppl selling but not really alot buying.. hence this has caused a conumdrum whereby we see ppl who were initially looking at private coming over to the resale HDB markets.

thus, hdb prices today ar still looking for COV esp in prime areas.. its just a really bad time to look for properties now in my humble opinion

Think Phantom bought his around end 2006 in Simei.

Either he got them from a desperate seller or he see pai heng at that time no "BOOM"

I am also looking for a valuation unit

you are correct.

1) seller was desperate to sell due to getting a condominium. I offered him a take it or leave it deal. Expires moment I leave the house.

2) i thought that private market was moving quite fast and I had to make a decision asap.

where around are you looking at?

[Earthie 0]

To our surprise, we realise that with our combined income of > 8k, we are not eligible for new HDB flats, not eligible for HDB loan as well. This is a really big spanner thrown in the works of our planning. Actually we just exceed by a bit, so it is really frustrating for us. My fiancee was unhappy that when she didn't have a perm job, i was saying cannot, when she got one, also cannot.... Shucks...

It is still possible to get a new HDB flat when your combined income exceeds 8k. My combined income with my fiancee exceeded 9k and we wrote an appeal letter to HDB to participate for the Feb 07 ballot. From my understanding from HDB, they do allow couples to buy new HDB unit if the combined income exceeds 8k by not more than 5%. You can try talking to a HDB staff to find out more.

For my case, my appeal was approved and I managed to purchase an EA unit in BP. However, my HDB loan is not approved and I had to get a commercial loan instead.

[applefreak 1]

Think "extended family" calculation is based on all the whole family

More applicable for Married Couples with working children.

So, if you are the only single child, then okay, otherwise siblings salary must be included

Quite chim ...the explaination...

actually it's quite simple

either

parents with one single child <$8k

remaining single sibling <$8k

total <$12k

or

parents with all single child <$8k

married couple <$8k

total <$12k

[Warrior88 0]

where around are you looking at?

I am looking at Tampines blk 842 , around St Hilda's Pri Sch.

Got my agent to contact them, but seller agent all says no co broke

cause that area sell like hot cakes, they want both sides commission.

So boh pian, call myself, seller agent told me if offer at 15~20k

no need to find, cos don't have, min 30k. So I wait loh, hope to find a desperate seller

actually it's quite simple

either

parents with one single child <$8k

remaining single sibling <$8k

total <$12k

or

parents with all single child <$8k

married couple <$8k

total <$12k

So, I think cannot qualify even if my parents stay with me.

both our combine already exceed 8.

Cos all my other 4 married brother have hse liao

Last time, gong gong join the que for EC in Tampines, took the brochure

then realized cannot buy. So, take the mineral water & left without even viewing the showroom.

[bigbird 0]

I am looking at Tampines blk 842 , around St Hilda's Pri Sch.

Got my agent to contact them, but seller agent all says no co broke

cause that area sell like hot cakes, they want both sides commission.

So boh pian, call myself, seller agent told me if offer at 15~20k

no need to find, cos don't have, min 30k. So I wait loh, hope to find a desperate seller

So, I think cannot qualify even if my parents stay with me.

both our combine already exceed 8.

Cos all my other 4 married brother have hse liao

Last time, gong gong join the que for EC in Tampines, took the brochure

then realized cannot buy. So, take the mineral water & left without even viewing the showroom.

New EC income ceiling is $10K. http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...ubMenu=Policies

[Warrior88 0]

New EC income ceiling is $10K.

Thanks bigbird,

You a fan of the Sesame Street.

Thanks for the info, now really confirm liao why Uncle & Auntie

always not updated with hdb & cpf, cos the rules keep changing.

Even, I myself not updated.

Will check again whether eligible or not.

cos now private hse, new hdb flats sold 8 years ago.