50% Of Cash Proceeds From Sale To 2nd Hdb Loan

[therat 18]

this kind of ppl,

Just force sell the HDB.

[elaine_sg 0]

This is the type of people that makes HDB want to 'outsource' more loans to banks so that it has less people to chase.

Edited June 23, 2010 by elaine_sg

[bepgof 20]

This is the type of people that makes HDB want to 'outsource' more loans to banks so that it has less people to chase.

Assuming monthly instalment = $1k, $30k meaning 30 instalments ~ 3 years, wow, HDB is really very nice and patient. Got pay util bills? Got water/gas/electricity? Never kena cut?

I don't mind receiving red letters if without paying interest, somemore can use letter to make red-colour paper aeroplanes and fly....

Edited June 23, 2010 by bepgof

[therat 18]

Assuming monthly instalment = $1k, $30k meaning 30 instalments ~ 3 years, wow, HDB is really very nice and patient. Got pay util bills? Got water/gas/electricity? Never kena cut?

I don't mind receiving red letters if without paying interest, somemore can use letter to make red-colour paper aeroplanes and fly....

that's why I don't understand why should we help such ppl.

They ask for it.

Don't bother

Don't care

Just bochap.

Then when things happen, go to newspaper and cry father cry mother.

Say HDB force them to sell unit. Now they had no place to stay.

1 word for them

O-BI

[davidbslee 1]

What to do...

Edited June 24, 2010 by davidbslee

[jucky 0]

HDB rejected our appeal. But we are still trying to negotiate with them..hope it will work out right. keeping our fingers crossed*

Hi Jn teng,

what is the outcome now?

[manutd1972 1]

HDB rejected our appeal. But we are still trying to negotiate with them..hope it will work out right. keeping our fingers crossed*

Still nego? HDB's appeals committee only sits once a month. By the time they look at your case again, your 2nd appt will probably be due or only a couple of weeks away, leaving you no time to source for another loan should the HDB reject your 2nd appeal.

Go take a bank loan as one of the members here suggested. Besides, the interest rates are so much lower than HDB's. And if you don't take one that locks you in for too long, you can re-finance after only 1-2yrs and keep re-financing until your outstanding amount doesn't allow you to do so anymore. By then, you would have saved tons of money just through the interest rates over the initial years, when compared to HDB's 2.6%.

[bennzi 0]

Still nego? HDB's appeals committee only sits once a month. By the time they look at your case again, your 2nd appt will probably be due or only a couple of weeks away, leaving you no time to source for another loan should the HDB reject your 2nd appeal.

Go take a bank loan as one of the members here suggested. Besides, the interest rates are so much lower than HDB's. And if you don't take one that locks you in for too long, you can re-finance after only 1-2yrs and keep re-financing until your outstanding amount doesn't allow you to do so anymore. By then, you would have saved tons of money just through the interest rates over the initial years, when compared to HDB's 2.6%.

Hi all,

does it mean that if I take Bank loan and not HDB loan, i get to keep the cash proceeds and not come out the 50% for my purchase? if that is possible to keep 100% of my cash proceeds

My scenario:

after selling. Total cash proceeds is $200K. Using HDB loan i will get to keep $100k due to the rule of 50%

even if my next purchase flat price of $660K, after 5% payment, I think it is still worth it.

[davidbslee 1]

Hi all,

does it mean that if I take Bank loan and not HDB loan, i get to keep the cash proceeds and not come out the 50% for my purchase? if that is possible to keep 100% of my cash proceeds

My scenario:

after selling. Total cash proceeds is $200K. Using HDB loan i will get to keep $100k due to the rule of 50%

even if my next purchase flat price of $660K, after 5% payment, I think it is still worth it.

If you are taking bank loan for yr next HDB flat, you dun have to come out the 50% proceeds. All the cash proceeds will be inside yr pocket.

[Roflmaoxz 0]

If you are taking bank loan for yr next HDB flat, you dun have to come out the 50% proceeds. All the cash proceeds will be inside yr pocket.

What abt buying new flat direct from HDB, like BTO exercise?

I need to pay 50% of my cash proceeds?

I saw some information from HDB website. HDB says after 30 Aug 2010, I need to pay 20% of purchase price, 10% cash, 10% CPF for the downpayment? Simi lai de?

Edited September 3, 2010 by Rof|maoxz

[bepgof 20]

What abt buying new flat direct from HDB, like BTO exercise?

I need to pay 50% of my cash proceeds?

I saw some information from HDB website. HDB says after 30 Aug 2010, I need to pay 20% of purchase price, 10% cash, 10% CPF for the downpayment? Simi lai de?

50% cash proceed issue applies when you take 2nd (2nd time)hdb concessionary loan.

10% cash refers to when you have take > 1 loan package.

Edited September 3, 2010 by bepgof

[Roflmaoxz 0]

50% cash proceed issue applies when you take 2nd (2nd time) hdb concessionary loan.

10% cash refers to when you have take > 1 loan package.

Hi bepgof, I understand your first answer.

But if I have an existing HDB resale flat, surely I have to stay until I get the keys and sell within 6 mths period. So you mean I have to sell my resale before I get the keys in order to siam the 10% cash downpayment? If like that, I will be paying 50% cash proceeds + 10% cash downpayment for my new flat? It's absurd.

[sff 0]

According to the screenshot you posted, 10% cash is for taking bank loan. If take HDB loan, downpayment can use CPF, but must give back 50% net profit. But you might like to confirm with HDB what they want exactly.

Some stuff from MAS

Increase the Minimum Cash Payment from 5% to 10% of the Valuation Limit for Property Purchasers with one or more outstanding Housing Loans

8 Previously, property buyers have to make cash payment of at least 5% of the valuation limit5. With effect from 30 Aug 20106, the cash payment is increased from 5% to 10% of the valuation limit7. This measure is applied only to buyers of private residential properties, Executive Condominiums, HUDC flats and HDB flats (including those under the Design, Build and Sell Scheme, or DBSS flats) who are taking housing loans from financial institutions regulated by MAS and who already have one or more outstanding housing loans at the time of applying for a housing loan for the new property purchase.

Decrease the LTV limit for housing loans granted by financial institutions regulated by MAS from the current 80% to 70% for Property Purchasers with one or more outstanding Housing Loans

9 The LTV limit is lowered from 80% to 70% with effect from 30 Aug 20108 for borrowers who have one or more outstanding housing loans (whether from HDB or a financial institution regulated by MAS) at the time of applying for a housing loan for the new property purchase. Borrowers who do not have any outstanding housing loans continue to have an LTV cap of 80%. These rules apply to housing loans granted by financial institutions for private residential properties, Executive Condominiums, HUDC flats and HDB flats (including DBSS flats).

10 Loans granted by HDB for HDB flats (including DBSS flats) will still have an LTV cap of 90%. HDB loans are offered to eligible first-time flat buyers and second-timers who are right-sizing their flats to meet their housing needs. They are required to utilise all of their CPF Ordinary Account balance before HDB loans will be granted. Furthermore, those taking a second concessionary HDB loan must use the CPF refund and 50% of the cash proceeds from the sale of their previous flat before they are granted an HDB loan. This is in line with HDB's home ownership policy of helping eligible buyers, especially first-time buyers, purchase public housing in a financially prudent manner.

Edited September 3, 2010 by sff

[Warrior88 0]

Hi bepgof, I understand your first answer.

But if I have an existing HDB resale flat, surely I have to stay until I get the keys and sell within 6 mths period. So you mean I have to sell my resale before I get the keys in order to siam the 10% cash downpayment? If like that, I will be paying 50% cash proceeds + 10% cash downpayment for my new flat? It's absurd.

Quite clear le,

Bank loan - 10% cash DP (if resale got bal loan). If no more bal, then 5% cash DP. Also not 50% rule

HDB loan - Got 50% rule, 10% CPF DP

Relax la bro ... kena both siao liao

[bepgof 20]

Hi bepgof, I understand your first answer.

But if I have an existing HDB resale flat, surely I have to stay until I get the keys and sell within 6 mths period. So you mean I have to sell my resale before I get the keys in order to siam the 10% cash downpayment? If like that, I will be paying 50% cash proceeds + 10% cash downpayment for my new flat? It's absurd.

Look like u have not cleared yr loan for yr existing resale. HDB allows one to buy first and sell the existing within 6 months date start counting from 2nd appt date of the unit u buy.

When u buy, if borrow "ah kong"'s money (I assume would be yr 2nd hdb loan) then need pack back 50% back...and 10% rule also apply.

If you clear the loan of existing unit and use bankloan to buy another unit, no 50% cash issue , as well as no 10% DP issue, understand?

Edited September 3, 2010 by bepgof