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cookies
29th February 2008, 01:19 PM
my friend asked me this question recently - when a person just got married, and bought a property, it is OK to take a 80% Housing Loan.

She is in her 30s and does any other assets.

What is a conservative amount to loan to maintain without over stretching oneself?

jasper40
29th February 2008, 03:06 PM
Hi cookies,

Is the property hdb or private? Loan is from commercial bank ? If I am not wrong, 80% financing is easy. If you are talking about 90% financing, then abit tough.

But if she is first time buyer, most likely she will take up HDB concessionary loan, whose rates are usually lower than from commercial banks. There are some eligibility conditions and there are two you should take special notice of. That is (1) if she should have a monthly household income not exceeding $8,000. (2) And if she is buying a 5 room or smaller resale flat under the Single Singapore Citizen (SSC) Scheme, her gross monthly income should not exceeding $3,000. Click here for full list of eligibility conditions (http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Financing%20Your%20Home%20%28e-Financing%29HDB%20Housing%20Loan%20-%20Who%20Can%20Apply?OpenDocument&SubMenu=HDB_Housing_Loan)

Cheers,
Jas

cookies
1st March 2008, 09:12 AM
hi jas,

my friend and her hubby has a combined income of more then $8,000 (if you are referring to gross income). does that means that she has to go to commercial bank instead of hdb? if so can they still enjoy the CPF housing grant for first timer?

cook

jasper40
3rd March 2008, 02:05 PM
My guess is gross income, if she exceed then quite likely not. But I sugest she checked with HDB direct to be sure..

As for the housing grant, there is also a income ceiling of gross monthly household income not exceeding $10,000. If you are buying a flat with your extended family, your gross monthly household income must not be more than $12,000. Not sure if this is consistent with your CPF concess loan.

(http://www.hdb.gov.sg/__48257038002F0DC7.nsf/0/70D21539C48C1553482570AB000635FD?Open)Click here for Housing grant eligibility (http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatEligibilitytobuynewHDBflat?OpenDocume nt)

I suggest that your friend speak with HDB officer about her requirements, alternatively check with a bank.

all the best !

hobuddy00
4th March 2008, 12:50 PM
cookies,

can ask your friend to check out commercial banks also? Banks thesedays have very attractive packages. My suggestions are Standard chartered and Maybank.

check it out ... :)

HalcyonVI
4th March 2008, 04:14 PM
cookies, if your friends' gross income do not exceed $8000 + 5%, they can still try appealing to HDB to get a grant. Why bother with the hassle of dealing with multiple banks and not be assured of the best deal? Just check out www.myhousingloan.com.sg :)

Babyrie
19th May 2009, 06:50 PM
I wonder if there is any change in the housing loan market - is getting 90 to 95% still possible? Any advise.

cookies
20th May 2009, 09:57 AM
i think with this kind of economy, i think it's really very difficult to get up to 95%. i heard even 80% also difficult. my friend tried 80% but was only granted 70%.

HalcyonVI
25th May 2009, 05:44 PM
90% financing is currently the maximum allowed by MAS but interest rates are much higher than for 80% financing and below. It's best to apply for an in-principle approval if you want certainty on the loan amount you qualify for.

nickycboy
8th January 2010, 03:32 PM
cookies, if your friends' gross income do not exceed $8000 + 5%, they can still try appealing to HDB to get a grant. Why bother with the hassle of dealing with multiple banks and not be assured of the best deal? Just check out www.myhousingloan.com.sg :)

exactly my emotions. thats a great site that will settle all your loan needs. i've tried it :)

cookies
15th January 2010, 10:06 AM
90% financing is currently the maximum allowed by MAS but interest rates are much higher than for 80% financing and below. It's best to apply for an in-principle approval if you want certainty on the loan amount you qualify for.

any idea what's the interest difference?

kwee34
18th January 2010, 10:49 AM
now the rates shld be very much different. clearly, the 90% financing will generate a higher interest than that of the 80% financing plan. but to know the actual difference in figures, u got to look for someone who works in that field

cookies
18th February 2010, 07:50 AM
ok.

how about if you are currently taking a hdb loan for 4 room flat then you want to get another 4 room flat again that does means that you have lost the eligibilty of going for a hdb loan? if you take 5 room you still can apply for hbd loan?

HalcyonVI
18th February 2010, 04:32 PM
Yeap, you cannot take up a HDB loan if you are selling a 4 rm HDB and buying another 4 rm flat.

Gong Xi Fa Cai everyone!!!

cookies
19th February 2010, 07:53 AM
does it means that you can only upgrades. if you downgrade to a 3 room also cannot get hdb loan?