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beaverjuice

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Bank loan or HDB loan to buy a home: Which is better?
« on: April 17, 2016, 08:56:50 am »
http://business.asiaone.com/property/news/bank-loan-or-hdb-loan-buy-home-which-better

of course HDB loan is better larrrrrrrrrrrrrrrrrrrrr ..... WLE !!!! common sense what !!!!

HDB want to help you become millionaire,  which bank want to help you become millionaire?!!! WLE !!!
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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chiasmus

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Re: Bank loan or HDB loan to buy a home: Which is better?
« Reply #1 on: April 17, 2016, 09:56:12 am »
Switching from HDB loan to bank loan is like buying a 1-way ticket.  People can refinance from HDB loan to bank loan but not the other way round.  Once your HDB mortgage is with bank, you can only refinance with banks or finance companies.
洪荒之力 >> ding ding dong dong pew pew pew pew

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beaverjuice

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Re: Bank loan or HDB loan to buy a home: Which is better?
« Reply #2 on: April 17, 2016, 04:13:33 pm »
Switching from HDB loan to bank loan is like buying a 1-way ticket.  People can refinance from HDB loan to bank loan but not the other way round.  Once your HDB mortgage is with bank, you can only refinance with banks or finance companies.

I thought they changed the rules right?  .... but you're right that many were caught out when rates were initially low and rose .... but i'm sure you can appeal through your MP ....
"A man who has depths in his shame meets his destiny and his delicate decisions upon paths which few ever reach."

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chiasmus

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Re: Bank loan or HDB loan to buy a home: Which is better?
« Reply #3 on: April 17, 2016, 05:17:15 pm »
I thought they changed the rules right?  .... but you're right that many were caught out when rates were initially low and rose .... but i'm sure you can appeal through your MP ....
No lah, they are very strict on this.  Housing loans are just an administrative hassle for HDB which is why they allowed banks to join in the 1st place.  Even if you appeal through MP, I seriously doubt HDB will budge.  Even if they do, they will offer a ridiculously high interest rate to basically tell you to get lost.

They don't even allow PRs who eventually become citizens to refinance from banks to HDB, so no use appealing lah...

http://www.hdb.gov.sg/cs/infoweb/residential/servicing-your-hdb-loan/mortgage-loan/refinance
洪荒之力 >> ding ding dong dong pew pew pew pew


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kyith

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Re: Bank loan or HDB loan to buy a home: Which is better?
« Reply #4 on: April 26, 2016, 06:26:03 am »
i think they weren't caught out... they were just ignorant enough to think rates will stay this low and haven't plan a buffer for it.
Engineer by Day, Ghost Wealth Mentor that shares his practical and philosophical experience in building & managing wealth, deconstructing financial independence and fin security. Blogs at www.investmentmoats.com

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