smartyaclm 0 Report post Posted October 23, 2012 Hi,We are true blue Singaporean and I really need help and advice from you. I am seeking your help on behalf of my sister. Currently they are staying in a 3 room HDB flat which been fully paid. They wish to upgrade to a bigger new HDB flat as 5 of them staying in a 3 room old flat are really squeezy.However HDB rejected their application (several times many years ago) as her husband is a self employed and my sister is not working and children still schooling which I can understand that they might not able to finance the loan. Right now, my brother in law is 51 years old. 2 children are still studying (1 in NUS final year and 1 just graduated from Poly going NUS after his 2 years' army). Eldest child is working (Sign on with RSAF as a pilot which he will help in financing the household cum the new flat. Now that they have successfully got a queue no. and chances are very high for a new flat but meantime very worry that they might not be able to do a contra and get S$60 thousand loan from HDB.After calculation for selling off the current house, the top up balance is approx. $120K. After 20% CPF deposit, there will be still some balance and with some cash, are we still able to get S$60K loan? Any chance of getting approval from HDB for house loan? Thank yousmartyaclm Share this post Link to post Share on other sites
Batman 0 Report post Posted October 23, 2012 Best is to talk to a banker for a 2nd opinion as current interest is very low. Y pay the premium and get tied down for 5 years? :bangwall: Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted October 23, 2012 Hi,We are true blue Singaporean and I really need help and advice from you. I am seeking your help on behalf of my sister. Currently they are staying in a 3 room HDB flat which been fully paid. They wish to upgrade to a bigger new HDB flat as 5 of them staying in a 3 room old flat are really squeezy.However HDB rejected their application (several times many years ago) as her husband is a self employed and my sister is not working and children still schooling which I can understand that they might not able to finance the loan. Right now, my brother in law is 51 years old. 2 children are still studying (1 in NUS final year and 1 just graduated from Poly going NUS after his 2 years' army). Eldest child is working (Sign on with RSAF as a pilot which he will help in financing the household cum the new flat. Now that they have successfully got a queue no. and chances are very high for a new flat but meantime very worry that they might not be able to do a contra and get S$60 thousand loan from HDB.After calculation for selling off the current house, the top up balance is approx. $120K. After 20% CPF deposit, there will be still some balance and with some cash, are we still able to get S$60K loan? Any chance of getting approval from HDB for house loan? Thank yousmartyaclmWhat's your BIL average gross monthly income?Looks like AHG is unlikely for his case since his eldest son monthly salary should be around 5-6k as a pilot now? Can consider to add the son as an applicant for the new flat? Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 24, 2012 What's your BIL average gross monthly income?Looks like AHG is unlikely for his case since his eldest son monthly salary should be around 5-6k as a pilot now? Can consider to add the son as an applicant for the new flat?adding eldest son name in the HDB ownership or applicant - means one day got gf (he is a pilot, will have gf), and gf said "i don't want to stay with parents in law" ...therefore it is better that eldest son leave his name out.My era aleady got such problem, don't we think that today's era, ladies will not think that way ? Anyway since this topic is about finance and from financial view, yes the eldest son can put the name in. Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted October 24, 2012 adding eldest son name in the HDB ownership or applicant - means one day got gf (he is a pilot, will have gf), and gf said "i don't want to stay with parents in law" ...therefore it is better that eldest son leave his name out.My era aleady got such problem, don't we think that today's era, ladies will not think that way ? Anyway since this topic is about finance and from financial view, yes the eldest son can put the name in.I know this particular problem will be discussed, but at this moment there is no other alternatives. Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 24, 2012 Hi,We are true blue Singaporean and I really need help and advice from you. I am seeking your help on behalf of my sister. Currently they are staying in a 3 room HDB flat which been fully paid. They wish to upgrade to a bigger new HDB flat as 5 of them staying in a 3 room old flat are really squeezy.However HDB rejected their application (several times many years ago) as her husband is a self employed and my sister is not working and children still schooling which I can understand that they might not able to finance the loan. Right now, my brother in law is 51 years old. 2 children are still studying (1 in NUS final year and 1 just graduated from Poly going NUS after his 2 years' army). Eldest child is working (Sign on with RSAF as a pilot which he will help in financing the household cum the new flat. Now that they have successfully got a queue no. and chances are very high for a new flat but meantime very worry that they might not be able to do a contra and get S$60 thousand loan from HDB.After calculation for selling off the current house, the top up balance is approx. $120K. After 20% CPF deposit, there will be still some balance and with some cash, are we still able to get S$60K loan? Any chance of getting approval from HDB for house loan? Thank yousmartyaclmMy advise, don't repeat the path i went throught some 20 yrs ago.Singapore is a knowledge economic, study comes first, forget abt the "new house".Work, study, save $. He'll get a bigger and nicer house in return. Share this post Link to post Share on other sites
kalimantan 6 Report post Posted October 24, 2012 I know this particular problem will be discussed, but at this moment there is no other alternatives.seems that most married men know about this problems :-) Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 24, 2012 (edited) Hi,We are true blue Singaporean and I really need help and advice from you. I am seeking your help on behalf of my sister. Currently they are staying in a 3 room HDB flat which been fully paid. They wish to upgrade to a bigger new HDB flat as 5 of them staying in a 3 room old flat are really squeezy.However HDB rejected their application (several times many years ago) as her husband is a self employed and my sister is not working and children still schooling which I can understand that they might not able to finance the loan. Right now, my brother in law is 51 years old. 2 children are still studying (1 in NUS final year and 1 just graduated from Poly going NUS after his 2 years' army). Eldest child is working (Sign on with RSAF as a pilot which he will help in financing the household cum the new flat. Now that they have successfully got a queue no. and chances are very high for a new flat but meantime very worry that they might not be able to do a contra and get S$60 thousand loan from HDB.After calculation for selling off the current house, the top up balance is approx. $120K. After 20% CPF deposit, there will be still some balance and with some cash, are we still able to get S$60K loan? Any chance of getting approval from HDB for house loan? Thank yousmartyaclmseriously.. why move house ? 51 liao.. hdb fully paid.. but with less than 100k cash in the bank.. why take loan and burden yourself with a new commitment..Furthermore, will complicate matters for the younger generation.If they find it squeeze, then rent out current house and rent a bigger flat lor .. every mth topup a few hundred. but at least no long term commitment. next time children married out.. then move again meh ? moving very tiring when you get older... aniway.. i believe enbloc coming soon also.. so wait awhile more lah.. buy new house.. not easy.. need to pay this , pay that. Renovation , moving cost.. all big big no. Seriously if you dun even have 60k to spare.. house come also no $$ to renovate , buy curtain , buy bed. Edited October 24, 2012 by HappyHouse88 Share this post Link to post Share on other sites
Roflmaoxz 0 Report post Posted October 25, 2012 seems that most married men know about this problems :-)My parents almost insert my name in their flat. Luckily they did not, the following year I got married and buy a resale flat in the next following year. A blessing in disguise.seriously.. why move house ? 51 liao.. hdb fully paid.. but with less than 100k cash in the bank.. why take loan and burden yourself with a new commitment.. Furthermore, will complicate matters for the younger generation.If they find it squeeze, then rent out current house and rent a bigger flat lor .. every mth topup a few hundred. but at least no long term commitment. next time children married out.. then move again meh ? moving very tiring when you get older... aniway.. i believe enbloc coming soon also.. so wait awhile more lah.. buy new house.. not easy.. need to pay this , pay that. Renovation , moving cost.. all big big no. Seriously if you dun even have 60k to spare.. house come also no $$ to renovate , buy curtain , buy bed. Gotta agree with this post. TS's sister & BIL is a good parent wanting a better environment for the whole family. I'm pretty sure with the pilot son's ability, in the next 5-10 yrs, should able to build up some CPF $$$ and buy on his own, or form a family nucleus himself later on. Share this post Link to post Share on other sites
HappyHouse88 0 Report post Posted October 25, 2012 (edited) Seriously, sell house / buy house is not cheap.. process cost 30k at least. from renovation to new furnishing , mover fee , stamp duty etc. That's part of the cost is on top of the buying price. So need to think twice abt sell and buy. Understand how the parents feel but, if you dun have spare cash to "facilitate" the process and rely on loans alone, i dun think it's wise. Boy just come out to work.. already talking abt taking big loans...*shake head*At the age of 51, i do expect them to have at least 100k in the bank. i think the government is right to stop them from buying new house.. it's to protect them for falling into debts. Edited October 25, 2012 by HappyHouse88 Share this post Link to post Share on other sites
