nodame: I believe ur understanding or rather the definition of average household monthly income is not right in respect to AHG.

Please do correct me if I'm wrong; It should be the combined income of the household averaged out in 12 months period.

HDB looks at the combined household average income. Confirmed. I went thru the application 3 months ago. :)

If exceed by a bit, the officer usually can assist to appeal to get the AHG.

Posted By nodame on 12 Mar 2010 02:29 PM
come on. to those hu have balloted and got a queue no., good luck and all the best. lead and live your own life, dun let it be influenced by others comments. do not be discouraged by it. trust yrself, work hard, and god willing, nth major will go wrong. if u risks an its ur gain, gd for u, if its ur lost, den too bad for u.

I have academic background in finance, so I definitely know what I am saying when I made my points. My point is, if you want to take up dawson, please do a proper financial planning and apply for HLE before selecting the flat. After obtaining the HLE and consulting the loan officer then only will you know the true definition of "affordability".

hi I'm new here. Hope i can clarify some issues I have. If my HLE is 450K, my approved sum will be lower.
1) if i choose a unit at 500K, do I have to pay the difference of my loan in cash even though my CPF is more than enough to pay e downpayment?
2) if for eg my loan approved is 350K but my unit costs 450K, how do i settle the difference? in cash?

If your HLE is 450k, your approved sum is 450k. No difference.

If your HLE is 450k and your unit is 500k, you may pay the difference either in cash or cpf. This applies to 2nd part of your question too.

Posted By kino77 on 12 Mar 2010 09:43 PM

You sure about this? For recent puggol BTO, the low floor unit cost S$247k while low floor dawson 4-room starts from S$373k. A difference of S$120k++, not 80-100k. Not forgetting you are getting a shoe-box size unit in dawson while the puggol flats are much bigger.

if my HLE is 500K, my unit of choice is 560K and my CPF is 80K, will HDB minus tt CPF from e cost? ie, 560-80=480K. Thus this remaining 480K will be the one covered by the loan right?

Posted By akirafudou on 13 Mar 2010 12:12 PM

Posted By kino77 on 12 Mar 2010 09:43 PM

You sure about this? For recent puggol BTO, the low floor unit cost S$247k while low floor dawson 4-room starts from S$373k. A difference of S$120k++, not 80-100k. Not forgetting you are getting a shoe-box size unit in dawson while the puggol flats are much bigger.

Please read carefully...im refering to resale prices not BTO...

I do agree with you that one really need to do your sum before commiting to dawson. Its a half million property.

ITs the fault of the bullish property market that make everyone thinking that 500k is peanuts. Seriously based on my calculation, my combine income of $7.3k can hardly support a $500k unit. $400k loan will set you down by $1.6-$1.8k per month... i still have to cough out $200-$300 cash for monthly installment. And this is excluding the utility bill/starhub tv etc that might add up to $300 per month. I know for some though their combined income is low, they are having assistance from their parents living together. Nowaday, pple living in credits, so many doesnt care at all. Its the buy now think later attitude ... just like for cars

 

 

Posted By Quarks on 13 Mar 2010 12:32 PM

kino77: As you have first hand experinece in HLE & AHG can you please verify whether the 12 month period the HDB refers to in respect to AHG is from the date;

1) one had applied for that particular BTO (meaning the 12 months considered from day of application sent to HDB and therefore 12 months upstream from that month i.e. for Dawson from Dec 09 and upwards (Jan '09, Feb' 09 .... Dec '09) or

 

2) the month one goes down for booking (i.e. in Dawson case perhaps April '10 and upwards)

 

Thanking in advance...

Posted By Metallic on 13 Mar 2010 09:36 AM
hi I'm new here. Hope i can clarify some issues I have. If my HLE is 450K, my approved sum will be lower.
1) if i choose a unit at 500K, do I have to pay the difference of my loan in cash even though my CPF is more than enough to pay e downpayment?
2) if for eg my loan approved is 350K but my unit costs 450K, how do i settle the difference? in cash?

then what is this about HDB taking all of the CPF? so..if I choose a 500K unit, and my combined CPF is 80K, then the first step towards the calculation is 500k-80k=420k. am i right? so this 420K is the mortgage loan that i have to service throughout the loan tenure that i choose right? correct me if i'm wrong.

hi metallic, From what the day we collect the key to our unit... HDB will take out whatever amount is in our CPF... the outstanding amount will be what we have to pay. But of cos the HLE will come in too... (Remember the HLE is the amount u can loan up to)..hdb will not let u keep the so call extra money inside the CPF and earn interest... they will remove whatever amount u have in ur CPF... then they will grant u the loan... so whatever shortfall u have to top up by cash..

Example1:

House Cost:450k
Loan maxi (HLE):350K
combine CPF for u and ur wife: 80k
Cash top up:20k
Service 350k loan

Example2:
House cost:450k
Loan maxi (HLE):350k
combine CPF for u and ur wife : 120k (That when the HDB will remove all the 120k)
Cash top up: $0
Service 330k loan

Thank you very much. really appreciate e effort

so wat if the HLE max is more than the service loan? can u loan more than the service loan?

HLE is nothing more than a letter stating how much you can loan up to. Its just to facilitate the buying process.
You can loan up to 90% of the valuation of the property.

I just realised something.It seems that there is not any 4 room units that are bigger than 90 sqm in Skyville? is that true? bigger 4 room units are available only in Skyterrace?? appreciate if someone can confirm this.Thanks. once this is confirmed, i think I now know why Skyterrace seems to be a more popular choice than Skyville( from what I gathered in this forum).

Can someone clarify this?
We have to pay 100K during signing of lease?

example of buying a 450k flat. Say for some reason, HDB only grant you 350k loan in your HLE. In this case you secure 350/450=78% loan from HDB. Then at the time of signing sales agreement, I blieve you must pay the balance 22% in cash or CPF or both:

a unit cost = 450K.
HLE = 350k
450K-350K = 100K

Posted By Seraphic on 15 Mar 2010 11:13 AM
Can someone clarify this?
We have to pay 100K during signing of lease?

example of buying a 450k flat. Say for some reason, HDB only grant you 350k loan in your HLE. In this case you secure 350/450=78% loan from HDB. Then at the time of signing sales agreement, I blieve you must pay the balance 22% in cash or CPF or both:

a unit cost = 450K.
HLE = 350k
450K-350K = 100K

I have a similar question to ask too..If you are gettting a 450K flat, but you are only grant 350k in HLE, but if you have already some balances in your combined CPF account with spouse in Ordinary account, say 150k, will the 350K be more than sufficent? appreciate if one can help to clarify this.