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EN
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Joined: 08 Mar 2006
Posts: 101
Location: N-E of singapore

PostPosted: Mon Apr 17, 2006 12:42 pm    Post subject: 5% staggered down payment Reply with quote

hi guys! i have some queries here. i understand that now HDB allows 5% down payment when signing the lease and another 5% when collecting the keys. my question is:

will they "confiscate" the $2000 booking fee when we go for staggered down payment?

wat will happen when we make the 10% downpayment when signing of lease but suddenly not enough 2 cover the 10%?

coz i heard that for WIS the $2000 booking fee is not returned back. izit due to the policy for WIS or izit due to insufficent CPF
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zing
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Joined: 09 Mar 2005
Posts: 14385
Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Mon Apr 17, 2006 1:45 pm    Post subject: Reply with quote

Q: will they "confiscate" the $2000 booking fee when we go for staggered down payment?
A: no, the $2000 booking fee will be returned to you via ur bank account.

Q: wat will happen when we make the 10% downpayment when signing of lease but suddenly not enough 2 cover the 10%?
A: catch no ball ur question....how come now tok abt 10%?

Q: coz i heard that for WIS the $2000 booking fee is not returned back. izit due to the policy for WIS or izit due to insufficent CPF?
A: could be both. but most probably is due to insufficient cpf
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EN
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Joined: 08 Mar 2006
Posts: 101
Location: N-E of singapore

PostPosted: Mon Apr 17, 2006 4:54 pm    Post subject: Reply with quote

for the hdb policy, it's down from 20% to 10% down payment. but there's a special scheme where for those u got lesser cpf due to maybe just got married and insufficient cpf or maybe these ppl are still engage, they can apply for 5%+5% down payment. it's either u:

pay the whole 10% upon signing of lease which after that u worry bout the monthly instalment OR

u pay 5% first, then after about 4-5 yrs u are about to take the key, u pay another 5% and then worry bout the monthly instalment.

as for my case, i dunno whether 2 take the staggered or just pay the whole 10% as we want back the $2000 for our reno savings. eg. if they have 2 deduct $20,000 then my cpf about on $19,000 + then how?

i scared they burnt the money away Very Sad
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Apexi_rex
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Joined: 14 Feb 2006
Posts: 241
Location: Fernvale Court 439B

PostPosted: Mon Apr 17, 2006 6:28 pm    Post subject: Reply with quote

EN wrote:
for the hdb policy, it's down from 20% to 10% down payment. but there's a special scheme where for those u got lesser cpf due to maybe just got married and insufficient cpf or maybe these ppl are still engage, they can apply for 5%+5% down payment. it's either u:

pay the whole 10% upon signing of lease which after that u worry bout the monthly instalment OR

u pay 5% first, then after about 4-5 yrs u are about to take the key, u pay another 5% and then worry bout the monthly instalment.

as for my case, i dunno whether 2 take the staggered or just pay the whole 10% as we want back the $2000 for our reno savings. eg. if they have 2 deduct $20,000 then my cpf about on $19,000 + then how?

i scared they burnt the money away Very Sad


Either they will deduct from your wife cpf...if not means offset from the $2000 lor... Roll
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zing
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Joined: 09 Mar 2005
Posts: 14385
Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Mon Apr 17, 2006 9:01 pm    Post subject: Reply with quote

EN...

not say i say wat...but...

did u read up,ask around, and get urself more informed abt applying for houses etc etc??

now the min. downpayment is 10%...this 10% is broken up into 2 parts.
1st 5% is payable when u sign the agreement of lease. 2nd 5% is when u take the keys.

the $2000 deposit will be used IF u do not have enough for the 1st 5% downpayment.

and what u have stated below...i catch no ball at all....

can u like erm...just state..what is u are worried abt afterall?

u scared the burn away the money? how? hdb leh..u tink loanshark ah? lol..everything is in black/white. what u r afraid of? ... Very Happy


"as for my case, i dunno whether 2 take the staggered or just pay the whole 10% as we want back the $2000 for our reno savings. eg. if they have 2 deduct $20,000 then my cpf about on $19,000 + then how?"
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zing
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Joined: 09 Mar 2005
Posts: 14385
Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Mon Apr 17, 2006 9:04 pm    Post subject: Reply with quote

and somebody correct me if im wrong...but if u do not have enuff to pay EVEN after utilizing the $2k...then u are not eligible to buy the house
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Tarabin
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Joined: 14 Mar 2005
Posts: 1162

PostPosted: Mon Apr 17, 2006 11:11 pm    Post subject: Reply with quote

BZ wrote:
and somebody correct me if im wrong...but if u do not have enuff to pay EVEN after utilizing the $2k...then u are not eligible to buy the house


you can always use cash....CASH IS KING :lol:
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Tarabin
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Joined: 14 Mar 2005
Posts: 1162

PostPosted: Mon Apr 17, 2006 11:24 pm    Post subject: Reply with quote

EN wrote:
for the hdb policy, it's down from 20% to 10% down payment. but there's a special scheme where for those u got lesser cpf due to maybe just got married and insufficient cpf or maybe these ppl are still engage, they can apply for 5%+5% down payment. it's either u:

pay the whole 10% upon signing of lease which after that u worry bout the monthly instalment OR

u pay 5% first, then after about 4-5 yrs u are about to take the key, u pay another 5% and then worry bout the monthly instalment.

as for my case, i dunno whether 2 take the staggered or just pay the whole 10% as we want back the $2000 for our reno savings. eg. if they have 2 deduct $20,000 then my cpf about on $19,000 + then how?

i scared they burnt the money away Very Sad


u are eligible for the 5%+5% staggered downpayment scheme if u are a first timer and either u or ur fiancee/wife is below 30 years old.

if u are eligible, just pay 5% using cpf and they will refund the 2k back to u, unless both your cpf are not enuff to cover the 5% OR u voluntarily want to use the 2k to pay for it as well. after that, u can dun need to worry abt hdb asking u for money until ur keys are ready.
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EN
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Joined: 08 Mar 2006
Posts: 101
Location: N-E of singapore

PostPosted: Tue Apr 18, 2006 8:03 am    Post subject: Reply with quote

okie then, i tink i noe already how the picture is about..tis is my 1st time buying a house and also just entered workforce so i don't tink i got that much cpf..but it is still 5 digit sum in my account lah... Surprised

actually the whole picture is about me dun wanna lose the $2000 cash.

as for apex_rex, i got a husband, not wife ler.. Very Happy
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zing
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Joined: 09 Mar 2005
Posts: 14385
Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Tue Apr 18, 2006 8:33 am    Post subject: Reply with quote

Tarabin wrote:
BZ wrote:
and somebody correct me if im wrong...but if u do not have enuff to pay EVEN after utilizing the $2k...then u are not eligible to buy the house


you can always use cash....CASH IS KING :lol:



hiyo...read my statment again la.. :P

use up the 2k still no money to pay...how to use cash? no cash oredi wat

Very Happy
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zing
Super Member


Joined: 09 Mar 2005
Posts: 14385
Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Tue Apr 18, 2006 8:35 am    Post subject: Reply with quote

EN wrote:
okie then, i tink i noe already how the picture is about..tis is my 1st time buying a house and also just entered workforce so i don't tink i got that much cpf..but it is still 5 digit sum in my account lah... Surprised

actually the whole picture is about me dun wanna lose the $2000 cash.

as for apex_rex, i got a husband, not wife ler.. Very Happy



wat is 5 digit sum? ur bank account balance? or your cpf? or the amount u have to pay? i tink u meant ur bank account rite?

and btw, most of the times sure enuff one la...5% only...oops..i forgot max price for coralinus II is 220k...so can be quite "high" an amount hor :P
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Apexi_rex
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Joined: 14 Feb 2006
Posts: 241
Location: Fernvale Court 439B

PostPosted: Tue Apr 18, 2006 6:51 pm    Post subject: Reply with quote

EN wrote:
okie then, i tink i noe already how the picture is about..tis is my 1st time buying a house and also just entered workforce so i don't tink i got that much cpf..but it is still 5 digit sum in my account lah... Surprised

actually the whole picture is about me dun wanna lose the $2000 cash.

as for apex_rex, i got a husband, not wife ler.. Very Happy



OOPs sorrry.... Embarassed
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Apexi_rex
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Joined: 14 Feb 2006
Posts: 241
Location: Fernvale Court 439B

PostPosted: Tue Apr 18, 2006 6:56 pm    Post subject: Reply with quote

BZ wrote:
EN wrote:
okie then, i tink i noe already how the picture is about..tis is my 1st time buying a house and also just entered workforce so i don't tink i got that much cpf..but it is still 5 digit sum in my account lah... Surprised

actually the whole picture is about me dun wanna lose the $2000 cash.

as for apex_rex, i got a husband, not wife ler.. Very Happy



wat is 5 digit sum? ur bank account balance? or your cpf? or the amount u have to pay? i tink u meant ur bank account rite?

and btw, most of the times sure enuff one la...5% only...oops..i forgot max price for coralinus II is 220k...so can be quite "high" an amount hor :P


Come to think of it...any cash or cpf ultilise is at the end of the day paying for your own home...

Combined cpf betwenn you and your spouse hits $35,000 and you r on the safe side.

As i know that hdb very kiasu want,when we sumit our application they will screen thru our job profile and cpf and credit breau before approval to purchase.

Correct me if i am wrong....... Smile
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Apexi_rex
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Joined: 14 Feb 2006
Posts: 241
Location: Fernvale Court 439B

PostPosted: Tue Apr 18, 2006 7:01 pm    Post subject: Reply with quote

EN, my advise to you is take up the staggered downpayment if you are confuse...

meanwhile take the time to build up your cpf account and when collect keys you will not worry about the installments as they will wipe out both you and your hubby cpf account after another 5 % paid to collect keys.That is the advantage of BTOS.

If you don't want to lose the 2k...even more reason to take up the staggered payment.
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zing
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Joined: 09 Mar 2005
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Location: Anchorvale -> Coralinus @ Punggol

PostPosted: Tue Apr 18, 2006 9:00 pm    Post subject: Reply with quote

if u r eligible for the staggered downpayment, u dun have to choose.

hdb will just put u under the staggered downpayment scheme.
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