We did not get In-Principle Approval before buying our first property which is an EC. It was a rush decision yet overwhelming for both of us when G had went back to the workforce for about 3 months. G was self-employed in this gig economy but yet did not have enough income. It means bank would definitely not approved our loan which dependent on one source of income. We did went to have a look at showflat in July 2017.

DBS Loan Fact Sheet

DBS Loan Fact Sheet

Secured a Property without In-Principle Approval

So what happened? As G went back to the workforce and bank requires at least 3 months’ of payslip to buy an EC so we went to proceed to BOOK A UNIT on Jan 2018. Prior to the booking date, we went to DBS and thought we can IPA on the same day. It turned out to be you have to submit a full list of documents and they would take a few days to generate the IPA. It was even confusing when we were told that IPA was just a verbal offer. We were told by a OCBC staff few weeks ago at Tiong Bahru Outlet. We had this Residential Property Loans Fact Sheet from DBS and we took this to show it our agent on the booking date. I felt both of us were silly as our agent told us yes this can be the amount you can loan from the bank. This fact sheet would definitely be more lenient than the IPA given the fact that the bank would only need both monthly income figures.

Did not get Option to Purchase on Booking Date

When we signed our cheque to pay the 5% of downpayment of the property value, we supposed to get the Option to Purchase on the same day. Apparently, we did not and this was the first time we went through this process. We asked to clear our cheque 5 days after the booking date and then the agent boss came out and explained that we would only get the option to purchase 7 days later or so. G felt a bit illogical and thus it spoke to the agent’s boss that we should get the option to purchase documents by today or latest by cheque clearing date. So we had to make another arrangement with the agent and we went all the way to ERA main office to get the required documents including Option to Purchase letter.

How does Option to Purchase OTP look like?

Option to Purchase

Appeal to secure HDB Housing Grant of $30,000 but appeal failed
Our first time we got a property and thought it would be much compromising process when the government encourages entrepreneur in this society. C just got to change to a new job last Nov. We went to appeal to Developer (constant emails with no response from the developer) and we sought help from the minister in my parents’ house and failed too. Long story short, we did not get it after attempts to submit documents to the agent to the developer, contacting developer but no response at all, and meeting the people session where I strongly believe such session is only helpful for the less fortunates or needy ones. Just started being a sandwich class in this society, it sucks given that we have parents to take care of, and G’s dad is not working at all, etc. The point is that they ignored our contexts and also how G was being self-employed with almost less than $1000 income for the entire 11 months.