HDB and DBS

(why both got DB? stands for dumbo is it?)

Ok very lame there, please bear with that cos I just concluded an unplanned situation.

Inilah namenye kita merancang tapi Allah yang menentukan.

Monday morning, HDB called to answer my email queries which I sent over the weekend (clever of them to call instead of replying my email, no need black and white huh?)

Remember I mentioned my housing issue back then? If you would like a recap, you may refer to this link. I didn’t really get an answer from my ex house agent (even though family friend, she tak jawab sangat pun.. my parents said perhaps dia busy la tu.. wokay takpe I can get the answer somewhere else.. and I finally got around to asking HDB myself)

The HDB girl wasn’t really that helpful. I obviously neither talk nor understand HDB language. Early morning da buat darah up.. As if I wasn’t frustrated enough before this, dia boleh make it worse..

(after basic introductions)
Girl: You need to ask DBS cos you took the loan with them.
Me: ok I’ll check with DBS later. Do I need to pay HDB any fees if I were to add husband’s name?
Girl: Admin fees $50 to HDB. The rest you need to ask DBS.
Me: Ok, what if I want to sell the house?
Girl: You need to check with DBS on your M.O.P. (ok I get it I won’t be getting any answer from you. Berapa kali nak cakap DBS??)
Me: Sorry, what’s M.O.P?
Girl: M.O.P. la. You have to stay there till your M.O.P. finishes. (banyak la helpful eh)
Me: You have to tell me what those 3 alphabets stand for. Please do not use abbreviation, you must remember I’m a layman.
Girl: Minimum Occupancy Period la! (Boleh “la!” some more this girl. Baik eh service. Anyway I thought it’s a HDB rule this M.O.P, asal tanye bank?)

Ler.. Ok, I guess every other person who owns a HDB flat would know what it stands for. I didn’t really take notice when I did all the transaction in the past, cos the father handled everything. I just dengan rela hati sign this and that. haha.

And so, I wrote in to DBS right after that fateful call. In the evening, right after my work Steven called me. Bagus la dorang dua, one called before work, the other called after work. 2 sad news sandwiching my already sad working Monday.

Steven: Hi F! This is Steven! (macam da lame kenal plak ahbeng ni)
Me: Oh ok, Steven who?
Steven: From DBS la!
(Steven explained everything and he also laughed at HDB saying M.O.P. is decided by HDB, why HDB ask you to ask bank?)

Very contrasting service that I received.

Anyways, in summary if I were to add MrF’s name to the flat, it would be a whole new transaction. Meaning MrF is buying 50% of the house from me and he will need to fork out 5% of the resale house value in CASH and then we will need to engage 2 lawyers (1 to rep myself and parents, another 1 to rep MrF) cos lawyers are needed to draw up the refinancing and the deduction from CPF. The $5000 that I mentioned in the earlier post, would cover the legal and admin fees. That can be deducted from CPF. Even if it’s money from CPF (which you will never ever see), it’s still our hard earned money, so no-go there.

So even if legal fees are not an issue, the problem now lies with the 5% CASH. If the resale value of the house is $100,000 that means $5000 is needed. But you tell me, where to get a HDB flat that cost $100,000 (studio flat not counted eh)?

That 5% boleh amik bank loan. But tak nak bank loan lagi la. Kinda funny right? Take another bank loan to pay. And by doin this, our M.O.P. restarts kosong-kosong balik. So no thanks, DBS.

How come Pakcik L-e-e said a couple who’s earning $1000 per month can easily own a HDB flat?! Tak senang pun!! It’s kinda difficult with the many many rules and policies out there. Banyak la dia nye rally speech.. pffft!

It is rather frustrating to handle such things. MrF and I won’t get to be like any normal Singaporean couple who applies for BTO. We had earlier planned to add in his name and use his CPF to reduce the loan but what to do kan..

We’ll just wait till M.O.P. ends which won’t be that long (cos time flies really fast when ur having fun kan and I’m sure it’ll be fun together after wedding, amin!). In the meantime, we’ll let his CPF grow. We’ll decide what to do with the house later. So da dapat such info, can only digest it and let it go. What’s important is to stay positive!

DBS HDB aside, we’ll focus on our wedding and marriage now! Gambate!

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9 Responses to HDB and DBS

  1. ariescinderella says:

    salam babe, may i ask ur future flat is a resale or bto, so that means u didn’t get the hdb loan for resale is it, that’s y u ambik bank loan? n from what I know, if we get a bank loan they will not deduct from our cpf savings..what I know is that the mop is at least to stay for 5 years before selling the flat..

    Like

    • doublefs says:

      Salam to you too 🙂
      My flat is a resale, it’s my parents flat that they sold over to me. I took bank loan cos it has a lower interest rate than hdb loan. (Interest rate very impt seh! Small number but big impact 😞)
      Yup MOP is 5 years, they have deducted from my CPF and also currently deducting CPF monthly to pay back bank loan

      Liked by 1 person

      • ariescinderella says:

        Ouhh so that means the bank paid the hdb n now hdb deduct ur cpf monthly nw, i went to a cpf housing seminar back last year n couples ask which loan is gd bank or hdb..we r also planning to buy resale 😉

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      • doublefs says:

        So what was the answer to the bank or hdb loan qn?
        Yeah this is the best time to buy resale.. Cos property prices are quite low.. It’ll be even better if you can buy together as a couple.. Go house searching will be fun I think haha

        Liked by 1 person

      • ariescinderella says:

        Ya there is one couple who asked that qn, its realli quite subjective leh i rasa,one of the panel said hdb is better bcos the rate is stable while bank despite its low, its unstable it can increase due to inflation n he said it will b deducted frm savings instead of cpf, soo i not really sure if its true abt the deduction part..yaa house hunting mesti fun eh, jangan house haunted… :X

        Liked by 1 person

  2. wah, confusing max! basically after the MOP (5 years kan?), you guys can apply for a BTO as a first-timer if you wanted to, right?

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    • doublefs says:

      Yup we can do that as first timer. I think we can also do it now, cos BTO pun kena tunggu berapa tahun.. So by the time MOP ends, swee swee we get our BTO.. (I think la haha)

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  3. hello dear! I just came across this. Just for your info, you won’t be able to apply for a BTO until you reach the 5 years MOP cos I have a friend who is in a similar situation as you! Hope this helps! 🙂

    Liked by 1 person

    • doublefs says:

      Oh man!! That’s quite a punch in the guts kinda feeling!! Didn’t get to ask HDB or DBS about it, and then pandai2 assume. Haha. Many many thanks for the info 🙂 really appreciate it!

      Like

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