To recap on Part 1, please click here.
So, here comes the headache.
Bearing in mind that I am currently unemployed, we decided to recalculate our HDB Loan Eligibility (HLE) amount, using the maximum loan calculator available in the HDB website, together with the current balance of our CPF-Ordinary Account (OA) and boy, we found out that we were short of about more than 100K. Gulp!
Mana nak carik duit tu? Ada hati kan nak rumah siang-siang. Sampai email OIC to bring forward our key collection date. lol.
I was feeling down for a few days, trying to find a solution for this. A part of me really find the *need* to have our own home, while another part of me was concerned with the balance amount required.
I made lots of do'a in hopes that Allah will help us in this situation. After all, He is The One who has The Best of Plans. (I certainly do not want to go through another repeat of history of having my deposit forfeited).
We asked around and checked with our friends/acquaintance who faced a similar situation (read: one applicant in the household working, while another is unemployed) and how they managed to solve this big headache - if possible. Money is really evil, you guys. It can really make/break you.
After various findings, we found out a few scenarios from these group of people:
- One of them couldn't pay by key collection and had to meet up with Member of Parliament (MP) of their estate to appeal.
- Another one who worked in HDB said that any balance amount that couldn't be financed during key collection, can be paid via installments.
What do I mean by the second situation mentioned above?
Using fictitious amount as an example:
|
DESCRIPTION
|
AMOUNT
|
|
Amount payable during key collection
|
300,000.00
|
|
HLE amount provided/approved by HDB
|
(150,000.00)
|
|
Total balance in CPF-OA
|
(40,000.00)
|
|
Balance to be paid during key collection
|
110,000.00
|
Now, somebody told us that it was possible to pay the balance of $110K, via GIRO instalments.
Kita pun happy ah. Kira macam dah settled kan?
(We later found out that "Nope, that's not how it works." It was a misunderstanding on the concept of GIRO instalments. :/)
So, it was back to square one......
It was during one fateful night that Mr. J and I opened up this can of worms again and we decided to really sit down and browse through the HDB portal for anything that we may have missed out. Anything at all.
We noticed that the initial HLE amount that was approved back during our signing of our Agreement of Lease (AOL) in 2014 which has previously expired, was recently approved by HDB again. Meaning, the HLE amount remained the same and did not adjust/decrease in amount - despite the change in our household income in the recent months.
Still puzzled by this, since both of us "budak baru naik with regards to beli rumah", and don't know much about HDB related home-finances scheme. So, we left it at that.
Until one fine morning where Mr. J was having his off-day...
He was lying down, playing with his mobile phone (not sure Pokemon Go or soccer game lol - info ni penting ye), where he suddenly exclaimed "Kita boleh collect on 29 Sep!"
I was like "Huh? Collect apa?", trying to recall all the 101 baby-related purchases that we have ordered recently which requires any self-collection, but none came to my mind.
It was only after he mentioned keywords like "HDB" and "Key collection", baru member paham apa maksud dia. Haha. We then logged in into our HDB portal and studied the PDF version of the appointment letter, realllly carefully.
Apparently, HDB is using the initial approved HLE amount (when both of us were still working in 2014) instead of our "self-calculated" HLE amount that we followed according to our current household income status. Sounds confusing?
Another example using fictitious amount:
|
DESCRIPTION
|
AMOUNT
|
|
Amount payable during key collection
|
300,000.00
|
|
HLE amount provided/approved by HDB
|
(250,000.00)
|
|
Total balance in CPF-OA
|
(40,000.00)
|
|
Balance to be paid during key collection
|
10,000.00
|
They even made a note that the balance of $10,000 (again, fictitious amount), is to be paid ONLY by NETS (subjected to daily withdrawal limit imposed by bank)/Cashier's Order.
Kita pun cuak lagi. Mana nak dapat duit tu? Walaupun "10K" is a much smaller fraction as compared to 110K, but still... 10K is not 10 bucks where we can just flick out from our own pockets in an instant. And to tell you the truth, the actual balance that we needed to fork out wasn't even 10K - it was way more than 20K. :/
Unless..........*
(To be continued in Part 3 - Finding solutions)
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