Friday, May 25, 2012

Singaporean's quest to buy a flat...



Uploaded by one truly desperate Admund Tan:

I have finally got a flat last year after balloting for 4 years with my dad. I am single and under the age of 35. Beginning of 2010 we had our first appointment and I had paid a deposit of $42,000 and some legal fees amounting to a total of around $50,000 and most of it was in cash as I have always been a self- employed after my National service.

I started my first company in 2005 and had been submitting my tax assessment all these years. I have also fulfilled my liability to paying taxes and mandatory requirements to pay for my medisave account.

During our first appointment, we were told by the officer that we are unable to utilize the grants because of my income exceeding $5,000 per month. But it was contradicting when I re-applied for my Hdb loan upon the nearing completion date, I was not being grant a single cent! When I check with the loan officer in charge, the explanation given was that I don't have money in my bank account. My first HLE application was in year 2005, when I first started balloting with my dad back then. My income was however lower and I was being granted a loan of $399,000. But 4 years later after many attempts, when we eventually got out unit, my HLE application was rejected completely. This time I had a higher annual income. I do understand the need to be more stringent with the granting of loan requirements, but I need justification on why I was not able to utilize the housing grants because my income exceeds the income ceiling and yet to have my application for a Hdb loan rejected, just on the basis that I do not have money in my bank account?

I have been renting a 4 room flat for the past 8 years since I started my business back then as I needed the working space because my rental flat is too small. I am paying my current rental at $1400. I have made prompt payment throughout these years if not my landlord would have chased me out if I were to default any of my payments. And I have been contributing a monthly amount of $888 to my CPF account. It might be easier if my dad can affort to buy a flat during his younger days. My dad brought me and my elder sister up as a single parent, when my mum passed away when I was at the age of seven. It had not been easy for him as he is uneducated and working as an odd job labourer. it has always been our dream to own a house as he is already 65 years of age.

I sincerely hope that the loan officer can looked into the matter and kindly grant me a 90% housing loan for my flat.

you can mail to admund_tan@yahoo.com
call 91557441 for immediate response.

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