akawen 0 Report post Posted February 28, 2012 Hi guys,Anyone facing the same scenario & can help?Currently i'm working full time, my partner just started business in Sep 2011 - self-employed.We had paid the $2,000 option to purchase & selected a 4room unit. (sales of balance)At the same time, we applied for HLE, we will need to loan approx. $400k.Results of HLE is that we can only loan $290k. It's far from what we need.We would like to appeal but do not know how.Our total declared pay is $6k.My partner IRAS is only till 2010. for 2011, we have not submitted.As his business only started in Sep, docs we have to support his declared pay is very limited.Anyone can advice how to write the appeal letter? need help!Thanks in advance! Share this post Link to post Share on other sites
StevenAng 0 Report post Posted March 5, 2012 (edited) Hi TS What's your gross salary? Edited March 6, 2012 by StevenAng Share this post Link to post Share on other sites
Aristotle 0 Report post Posted March 6, 2012 I've some friends who faced the same problem. They succumbed to the banks eventually.HDB were never generous enough for housing loans. If you want to get the maximum out from them, they would want you to meet their maximum requirements (plus more). In other words, to squeeze them dry, you gotta be "over qualified".Just my penny's worth and manifested by some... Share this post Link to post Share on other sites
Aristotle 0 Report post Posted March 6, 2012 Hi guys,Anyone facing the same scenario & can help?Currently i'm working full time, my partner just started business in Sep 2011 - self-employed.We had paid the $2,000 option to purchase & selected a 4room unit. (sales of balance)At the same time, we applied for HLE, we will need to loan approx. $400k.Results of HLE is that we can only loan $290k. It's far from what we need.We would like to appeal but do not know how.Our total declared pay is $6k.My partner IRAS is only till 2010. for 2011, we have not submitted.As his business only started in Sep, docs we have to support his declared pay is very limited.Anyone can advice how to write the appeal letter? need help!Thanks in advance!I knew of someone who wrote an appeal straight to Khaw B.H after receiving a meagre loan amount from HDB. He quoted his Oct 19, 2011 article. http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20111019-305945.htmlHis case was expedited and within 1 1/2 weeks, he got his desired loan amount approved. If I remembered correctly, he did a spreadsheet containing exact mathematical calculations on why HDB should approve their desired loan amount and how they can pay back.Then again, this is based on case by case basis. You gotta be persistent, determined and HDB needs to be convinced. Income documents are mere paperwork for formalities sake. (hint)Good luck. Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 10, 2012 Hi guys,Anyone facing the same scenario & can help?Currently i'm working full time, my partner just started business in Sep 2011 - self-employed.We had paid the $2,000 option to purchase & selected a 4room unit. (sales of balance)At the same time, we applied for HLE, we will need to loan approx. $400k.Results of HLE is that we can only loan $290k. It's far from what we need.We would like to appeal but do not know how.Our total declared pay is $6k.My partner IRAS is only till 2010. for 2011, we have not submitted.As his business only started in Sep, docs we have to support his declared pay is very limited.Anyone can advice how to write the appeal letter? need help!Thanks in advance!Maths calculation:Loan amount: $400,000Tenure: 30yrHDB interest rate: 2.6%Monthly instalment(or PMT) = $1601.36Combined earning capacity (monthly):$6,000OA:(<35 yo): 23%*6000 = $1,380Take Home: 80%*6,000 = $4,800Cash topup monthly: 1,601.36-1,380 =$221.36HDB's HLE financial evaluation model is more capable than the fundamental cal above. Lender bears too high Beta & Sigma risks. Conclusion: reject application or lend only 290K ($1160.99 monthly PMT) Share this post Link to post Share on other sites
beluga 1 Report post Posted March 10, 2012 Maths calculation:Loan amount: $400,000Tenure: 30yrHDB interest rate: 2.6%Monthly instalment(or PMT) = $1601.36Combined earning capacity (monthly):$6,000OA:(<35 yo): 23%*6000 = $1,380Take Home: 80%*6,000 = $4,800Cash topup monthly: 1,601.36-1,380 =$221.36HDB's HLE financial evaluation model is more capable than the fundamental cal above. Lender bears too high Beta & Sigma risks. Conclusion: reject application or lend only 290K ($1160.99 monthly PMT)Correction.... You can't calculate full OA from the full 6000. Now caps at 5000. So the OA will be even lesser. Share this post Link to post Share on other sites
bepgof 20 Report post Posted March 11, 2012 Correction.... You can't calculate full OA from the full 6000. Now caps at 5000. So the OA will be even lesser.My wage has hit this amount yrs ago, fully aware. TS meantioned: "Our total declared pay is $6k." meaning boy + girl = 6k.Save efforts in writting letter, go to commercial banks instead. Learn commercial mortgage loan packages concurrently, beneficial u in future...fyi, standard chart's loan application contains 6 pages, the "worst" among the same industry. 3 pgs is the "norms". Share this post Link to post Share on other sites
