Just when we happily selected the flat that we want, we met our first obstacle (a minor one, with more to come)... HLE or Housing Loan Eligiblity! Under the HDB ruling, before getting the concession loan from HDB, you would need to submit the HLE application to assest your eligiblity for the loan and the amount that HDB will loan to you for the flat. One of the condition is that the household income must be less than $8k.
It so happen that our combined income is more than $8k and we are not qualify to even apply for HLE :( and hence we got to look for bank loan. Beside having higher interest rate, there is a different in the 10% downpayment for the flat. If getting bank loan, we would need to pay 5% of the downpayment in cash and 5% CPF whereas if getting HDB loan, we can use CPF for the 10%. And the main concern is the other 2 obstacles that is coming which would required substantial amount of cash.
So how???
Solution - write appeal letter to HDB!
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