- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Mabok is mad</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>UncleFond <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>7:11 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 3) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>29971.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Right-sizing the Quantum for the Second Concessionary HDB Loan
4To further encourage financial prudence, HDB will reduce the quantum of the second concessionary loan by the full CPF proceeds and part of the cash proceeds from the sale of the existing or immediate past HDB flats. Flat buyers can keep the greater of $25,000 or half of the cash proceeds (including the cash deposit received). HDB will take into account the remaining part of the cash proceeds when determining the quantum of the second loan to be granted.
5For those who buy the next flat after selling the existing one, they will have to use up to 50% cash proceeds from the sale of the immediate past HDB flat and all of the CPF balance to finance the purchase of the next flat. This will apply regardless of when the previous HDB flat was sold.
6For those who buy their next flat before selling the existing one, the proceeds from the sale of their existing flat would not have been realised when they first apply for an HDB loan. To help them buy a flat, HDB will first grant them a bigger loan at commercial interest rates The commercial interest rates are pegged to the 3-month average non-promotional interest rate for HDB flats offered by the 3 local banks. Currently, the rate is 3.82%. after they draw down their CPF balance. After the sale of their existing flat, they will have to redeem this loan with the full CPF refund from sale of the existing flat and part of the cash proceeds as described in paragraph 4. Upon redemption, the loan will be converted to a concessionary rate loan.
7The right-sizing of loan quantum will ensure that flat buyers do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears. Please refer to the worked examples Annex
Why go one big round when he can just liberalise or refine the income ceiling
eligibility of 3/4 rm flats to allow a more realistic financial prudence.Why isnt hdb
looking into ad hoc cases? Is Mabok not forcing most applicants to apply beyond their
means. Simply put, a 4rm couple buyer wif 4k household income wif no other financial
obligations is different from a couple who has ailing parents &/or schoolgoing children
&/or essential miscellaneous fees. Does he know 4rm is the norm & is hugely
oversubsribed contrary to 3rm wic is undersub? When was the criterion of income
ceiling last review & is it relevant today?Isnt it highly suspicious tat hdb is trying to
stall the cpf withdrawal by the public.
Mabok : You put my head near to the guillotine, & now u want generosity from me !
Reymon : Complain lah again abt jams, i will give u more erps !
HaHa haha, Whats the point of having an increasing value of hdb flat when one cant
capitalise? Even gic is converting its ubs bond into shares at a loss let alone
gain.
GIC to vagrant : When u make a poor judgment on a 'roof over your head '
u deserve to sleep in the streets. This is your accountability
<HR SIZE=1>Edited 3/11/2010 11:59 pm ET by UncleFond
<HR SIZE=1>Edited 3/12/2010 12:06 am ET by UncleFond</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
4To further encourage financial prudence, HDB will reduce the quantum of the second concessionary loan by the full CPF proceeds and part of the cash proceeds from the sale of the existing or immediate past HDB flats. Flat buyers can keep the greater of $25,000 or half of the cash proceeds (including the cash deposit received). HDB will take into account the remaining part of the cash proceeds when determining the quantum of the second loan to be granted.
5For those who buy the next flat after selling the existing one, they will have to use up to 50% cash proceeds from the sale of the immediate past HDB flat and all of the CPF balance to finance the purchase of the next flat. This will apply regardless of when the previous HDB flat was sold.
6For those who buy their next flat before selling the existing one, the proceeds from the sale of their existing flat would not have been realised when they first apply for an HDB loan. To help them buy a flat, HDB will first grant them a bigger loan at commercial interest rates The commercial interest rates are pegged to the 3-month average non-promotional interest rate for HDB flats offered by the 3 local banks. Currently, the rate is 3.82%. after they draw down their CPF balance. After the sale of their existing flat, they will have to redeem this loan with the full CPF refund from sale of the existing flat and part of the cash proceeds as described in paragraph 4. Upon redemption, the loan will be converted to a concessionary rate loan.
7The right-sizing of loan quantum will ensure that flat buyers do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears. Please refer to the worked examples Annex
Why go one big round when he can just liberalise or refine the income ceiling
eligibility of 3/4 rm flats to allow a more realistic financial prudence.Why isnt hdb
looking into ad hoc cases? Is Mabok not forcing most applicants to apply beyond their
means. Simply put, a 4rm couple buyer wif 4k household income wif no other financial
obligations is different from a couple who has ailing parents &/or schoolgoing children
&/or essential miscellaneous fees. Does he know 4rm is the norm & is hugely
oversubsribed contrary to 3rm wic is undersub? When was the criterion of income
ceiling last review & is it relevant today?Isnt it highly suspicious tat hdb is trying to
stall the cpf withdrawal by the public.
Mabok : You put my head near to the guillotine, & now u want generosity from me !
Reymon : Complain lah again abt jams, i will give u more erps !
HaHa haha, Whats the point of having an increasing value of hdb flat when one cant
capitalise? Even gic is converting its ubs bond into shares at a loss let alone
gain.
GIC to vagrant : When u make a poor judgment on a 'roof over your head '
u deserve to sleep in the streets. This is your accountability
<HR SIZE=1>Edited 3/11/2010 11:59 pm ET by UncleFond
<HR SIZE=1>Edited 3/12/2010 12:06 am ET by UncleFond</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
