Hi,
1) The factor that affects the grant amount is your household income. If your household income had increased to get a higher loan your grant amount will definitely reduce accordingly.
2) The HDB will conduct another round of income assessment if you had applied for a deferred income assessment scheme before key collection.
The processes of payment are as follow:
3) If you did not apply for the deferred income assessment scheme then you will need to have a valid HDB loan eligibility letter when you select and book your flat.
4) 6 months after (3) you will proceed to sign the agreement for lease and you will have to pay the 15% down payment by then.
5) Assuming your HLE (85%) + [current CPF OA funds + cash](15%) = not able to cover the price of the HDB flat at the point of flat selection. You better not proceed to the flat selection.
6) Once you book the flat and walk away from the next stage of signing agreement for lease. You will lose your option fee of $500~$2k (depending on the type of flat).
7) The next stage is to sign the agreement for lease:
(a) If you are eligible and applied for the staggered downpayment scheme: you will only need to pay the required 15% in 2 installments; either 5% or 10% of the purchase price depending on the housing loan taken. The balance down payment at the key collection.
(b) Legal fees and stamp duty
8) in the event that your HLE + down payment cannot cover the purchase price and you are not able to proceed to collect the key with cash saving to top up the difference.
9) You will face the penalty of forfeiture of a 5% downpayment.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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