When Do We Start Paying For Monthly Instalment?

[narf 0]

Hi,

Just like to know after we book the house, we will need to pay 10% downpayment using CPF.

After that when will HDB start deducting the monthly instalment from our CPF? Immediately or after the flat is built and keys collected?

Need to know so that we can plan if we should use up our CPF and get the minimum loan or save a portion for 'just in case' scenario. Cos if HDB only start deducting after key collected, there is still at least 2 yrs for us to accumulate the 'just in case' funds.

Thanks in advance!

[Yang Guo 7]

hmm if i m not wrong

- collect key, pay 1mth installment already

- then the following mth they start to deduct the 2nd mth

[Zc31 0]

Wat i experienced was 1 wk before 2nd appointment for 1st instalment.

[narf 0]

hmm..if both Yang Guo & zc31 are new flats then HDB like no standard procedures..

don't know how now, browse through HDB website but found no info on this..

[applefreak 1]

hmm think new flat WIS got no 2nd appt

first time i went down to hdb is to submit application

second time already take key and sign everything liao

[BunBun 5]

For WIS like what applefreak mentioned, Just that once signed, HDB will wipe out whats left of the balance in the CPF account. Untill next cpf contribution is credited by your employer into your cpf account for the following month will be deducted accordingly for the MI.

hmm think new flat WIS got no 2nd appt

first time i went down to hdb is to submit application

second time already take key and sign everything liao

Edited May 27, 2008 by BunBun

[narf 0]

For WIS like what applefreak mentioned, Just that once signed, HDB will wipe out whats left of the balance in the CPF account. Untill next cpf contribution is credited by your employer into your cpf account for the following month will be deducted accordingly for the MI.

That means cannot so fast 'release' full amount of OA investment back to CPF ... got to 'keep' some for 'just in case' scenario..lucky mine was divided to a few investments..too bad for SO..whatever he has now gotta go right back into CPF then HDB liao

Edited May 27, 2008 by narf

[herbman76 0]

think when collect key we already pay first installment. during my first apptment they gave me a finanical plan (I had my HLE then) when the letter to collect key comes, there is a workout financal plan without your CPF yet. When you go for the appointment they will work it out and show to you.(if i rem correctly)

HDB Loan they will clear everything of the OA account. during collecting key, think the first installment is also deducted.

I saw this finanical planning from HDB Link

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...w?OpenDocument#

hope the above is useful

[applefreak 1]

actually it depends on how helpful your hdb case officer

mine actually took out the 20% and 1st installment, and left enough to pay the 2nd installment before wiping out the balance

i collected my keys on 5 Mar, first deduction was on 10 Apr (2nd installment as 1sst installment paid on 5 Mar)

the rest of the installments are deducted around 10th of every month

[xaleysan 2]

Mine is a resale unit and my 2nd appt was nearing end Feb.

loan commencement date is 1 Mar, but they already started charging interest on 4 Feb and that was even before i got the keys! Was there something wrong?

[applefreak 1]

huh? interest charged since 4 Feb?

did you check with your case officer?

that cannot be right

[turborama 0]

hmm think new flat WIS got no 2nd appt

first time i went down to hdb is to submit application

second time already take key and sign everything liao

hi applefreaks,

i know hdb says collect keys within 3 mths of 1st appt. in ur case, how long did it takes u after 1st appt?

[narf 0]

think when collect key we already pay first installment. during my first apptment they gave me a finanical plan (I had my HLE then) when the letter to collect key comes, there is a workout financal plan without your CPF yet. When you go for the appointment they will work it out and show to you.(if i rem correctly)

HDB Loan they will clear everything of the OA account. during collecting key, think the first installment is also deducted.

I saw this finanical planning from HDB Link

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...w?OpenDocument#

hope the above is useful

I looked at the link..but very general guide nia, never say when first intstalment will commence.

From what applefreak says..really heng or suay get what officer..if can "cham siong" anot, right.

Anyway..I just applied for Compassvale Pearl..number eight also not one stroke..haha..but I quite like the layout and location (near bro's EC and near parents flat (but just out of the 2km ) ..hope I get it and a good Q number...*fingers crossed..toes too*

Edited May 28, 2008 by narf

[BunBun 5]

Hmm but that time when I got the keys & signed paperwork, HDB had not yet wiped out on the day itself. It was only wiped out a few days later when check on the cpf account again.

Ya there is a financial workout plan by HDB but you got to suss out yourself if you can meet the MI every month through your CPF contributions for the tenor period that the loan is being repaid back.

[applefreak 1]

hi applefreaks,

i know hdb says collect keys within 3 mths of 1st appt. in ur case, how long did it takes u after 1st appt?

erm, mine don't have 1st appt

it's just got to personally submit the application form for WIS

it was about six weeks to my key collection date

but my flat was one of those surplus flats that were vacant for 6yrs