Singaporean earning $2,500 monthly cannot obtain loan from HDB to buy flat

[manfrommars]

Posted by temasektimes on July 14, 2012

Buying a flat is a problem for me. I am self employed and my wife is a house wife. Earning about 30 k yearly but when I try to buy a flat and apply for housing loan eligibility, HDB ask for my bank statement.

After submitting my statement for 1 yr, they telling me my loan is not approve. Reasons is that I have not enough saving in the bank and HDB cannot give me a loan. They want me to have constant of saving in order to obtain a loan from them afraid that I will not pay for the loan. They are telling me HDB is only giving loan to those who is rich and to those who put their saving in the bank.

In the first place if I have the cash I will not need to apply a loan from HDB and I will buy a condo or bungalow already. In the newspaper, I can see advertisement that family enough $900 per month can buy a flat and get a loan from HDB. Now I earn $2500 cannot get a loan from HDB.I need to save up a year to show them in order to obtain a loan from them.

My wife and mother is not getting along very well, we often quarrel over housing matters but I got to wait for 1 year to obtain a loan. Hopefully, we can go through this 1 year, if not I will have to divorce over this housing matters and my daughter will have to grow up in a broken family. If all this will to happen , I will thank the govt and HDB for letting all this to happen.

Wish me luck!

SPENCER SIM

*The above was first posted as a comment on PM Lee’s Facebook.

The letter is illegible. The grammar used is so bad no one can bring himself to read it.

Pathetic.

[Orion]

You are nearLy right there.Remembered when i 1st started out on my own, the mentaLity was to Lower my annuaL
income's decLaration, and hence the Lessening of Income tax.How wrong i was when my ex-boss toLd me to actuaLLy 'over-decLare' my income to as much as i can, so Long as i can afford to pay the instaLLments.
The reason being ?..with that piece of paper for one's Last 2 years' of assessment, you can go pLaces ! ..
Any FinanciaL institutions wiLL weLcome you with Loans, just with those papers...
That's a great tip for any wouLd-be entrepreneurs here in sbf.shhh....

He either had insufficient proof that he had worked for 1 year or he voted against the PAP. When purchasing a BTO flat, a person must prove that he has worked and contribute to tax for 1 year. Before getting the BTO flat, he has to prove again he has been working for 1 year again or the BTO flat will be confiscated and be sold by HDB as resale. That is why there are so many new resale flats in Singapore every year.

[Narong Wongwan]

Well if even hdb reject these applicants I doubt a bank loan is possible.
So the old adage of 居者有其屋 is all BS in today's context.

Yes, times have changed brother. For those single applicant, the loan amount is normally enough only to buy half the flat.

When I bought my first flat, as my wife is foreigner, only my income was taken into consideration(no debts), the amount was $217K

When my cousin bought his first flat with his unemployed father who had been living in Batam for the last 5 years with his mistress (no debts as well), the amount given to him was $180K.

We were holding proper jobs and constant employment with no lapse in employment and my cousin was even a civil servant. I had an ex colleague who only earned $1800 and his wife was earning around that amount as well (both ITE graduates) and when they applied for a BTO(their first flat), they got a grant of nearly 400K. What the hell is wrong with this country?



Just for your info. Taken from HDB website.

For applicants and occupiers:-
(a) Valid ACRA+ Computer Information (Business Profile) / Valid licence of business/trade; and
(b) (i) Latest Notice of Assessment from IRAS; or
(ii) Certified Annual Statement of Accounts from an audit firm

Applicants are also required to submit the following additional documents:-
(c) Past 12 months’ bank statements; and
(d) Credit Bureau Report

Alot of people only kpkb that HDB rejected them and blah blah blah(as in this case of Spencer) but they forgot to mention(or shy to admit) about the credit report

[BuriramUnitedFC]

i also agree there may be some information not shared. the writer may have some outstanding loans. hope he manages to get loan eventually

[toolanliao]

if sole-proprietorship, even claiming army makeup pay also difficult much less getting loan. you'll need to be cash rich.

[streetsmart73]

I'm flabbergasted. Now the govt is being blamed for the marital problems of loser sinkies. What will they think of next.

hi there


1. sammy, this spencer thing is just another dafter sheep who does not do much homework.
2. screwed up big time due to his own doing!

[metalslug]

PAP What!!!

[Jimmy1978]

if cannot get loan from hdb to buy flat, then surely can apply to any of the local banks like UOB, OCBC, DBS, HSBC for a property singapore loan. No need to so drama, say kena divorce or broken family lah..

[gz0707]

Instant loan instantly, anyone?

SINGAPORE - Home buyers can now receive instant assessment of their loan approval eligibility with a new service launched by United Overseas Bank (UOB) yesterday.

Currently, home loan applications and approvals could take up to 60 minutes. UOB said its new service can assess the customer's eligibility for a home loan instantly at the showflat. The customer will need to visit a UOB branch to sign the letter of offer. UOB's new service will be made available at more than 70 showflats and the buyer has seven days to consider the loan and submit all supporting documents.

[gz0707]

by the time you walk out of showroom, your loan would have been approved. and why not? This is the bank that is bringing you the 50 year loan. anything is possible!

[sunlee2002]

Has anyone taken the UOB 50 year loan? I'm looking to buy my first condo and need a loan. Am looking at posb singapore home loan package and the UOB 50 year one. Trying to see which one is better. the posb one is pegged to cpf rate and got people say govt is increasing the cpf rate. Is it really approved under 60 mins? Quite scary man, a 50 year debt incurred within 60 mins!

[zhihau]

Quite scary man, a 50 year debt incurred within 60 mins!

for a moment me thought that the 35 year loan kicked into effect w.e.f 6th Oct?

[congo9]

Earn 2.5 K per month and have 2-3 mouths to feed. Wife and Mother still want to fight with each other??

In fighting is irrational ...irregardless of how much money you have... If you are very rich, it much more serious. Sometimes, lawyer and courts are being used to sue the hell out of one another.

Women and women fighting, it common. It also happened to his mother and his grandma generation too. He is just too weak to control his hot tempered wife.

[Scrooball (clone)]

Earn $2.5k, how to have harmony in the house?

[ChewCheng]

Depending on the flat size is he applying. If he is applying for 5 room flat that cost 400K and he is earning only 2.5K. How to grant the loan?

[Confuseous]

Posted by temasektimes on July 14, 2012

Buying a flat is a problem for me. I am self employed and my wife is a house wife. Earning about 30 k yearly but when I try to buy a flat and apply for housing loan eligibility, HDB ask for my bank statement.

After submitting my statement for 1 yr, they telling me my loan is not approve. Reasons is that I have not enough saving in the bank and HDB cannot give me a loan. They want me to have constant of saving in order to obtain a loan from them afraid that I will not pay for the loan. They are telling me HDB is only giving loan to those who is rich and to those who put their saving in the bank.

In the first place if I have the cash I will not need to apply a loan from HDB and I will buy a condo or bungalow already. In the newspaper, I can see advertisement that family enough $900 per month can buy a flat and get a loan from HDB. Now I earn $2500 cannot get a loan from HDB.I need to save up a year to show them in order to obtain a loan from them.

My wife and mother is not getting along very well, we often quarrel over housing matters but I got to wait for 1 year to obtain a loan. Hopefully, we can go through this 1 year, if not I will have to divorce over this housing matters and my daughter will have to grow up in a broken family. If all this will to happen , I will thank the govt and HDB for letting all this to happen.

Wish me luck!

SPENCER SIM

*The above was first posted as a comment on PM Lee’s Facebook.

Contact the $800 per month guy who was featured in the newspapers about how he managed to get a flat.

[batman1]

Contact the smirking Tharman who declared that in Singapore u could afford a HDB flat even with a $1,000.00 pm salary.The advice is do not get into debts unnecessarily in these uncertain times.IF u can afford only 2-room,go for it,be happy as u will be debt free and yo lam par happy-go-lucky.Howeve,if u over-stretched and buy a 5-room ,u are entangled by debts and creditors (HDB or Banks) and your estimated income are unstable,u will be in deep shit.
Being debt-free is the greatest freedom in life .