Serious hdb loan

kkbutterfly · Aug 18, 2016

I want to ask
let say you buy a house for 300k
you have 100k in OA
every month you still contribute $1k to OA

on the day you take your key,
hdb will take everything in the OA and you are lefted $0 inside OA.

you take up HDB loan for remaining 200k.

you started paying your very first monthly installment loan to HDB using cash.

but not to forget, every month you still contributed $1k to OA.
can we use this 1k in OA every month plus top us cash to pay HDB loan?
or?

chootchiew · Aug 18, 2016

Yes. If your oa has a sudden surge of 200k you can even go hdb and do a full settlement.

winnipegjets · Aug 18, 2016

I am like the stupid sinkees ...since I don't have to pay out of pocket for my housing loan, I think I am doing fine. Don't even dare to look at my CPF statement to see how little I have for retirement, which is still many decades away.

Ambulance · Aug 18, 2016

halo chup cai png mng lee ai koon changi airport city hall ah si ecp suka lee tio boh

Homeless-couple-changi-airport-camp-stay-internet-electricity-water-free_0.jpg

6a00d83451b52369e20128773e9185970c-350wi

kkbutterfly · Aug 18, 2016

chootchiew said:
Yes. If your oa has a sudden surge of 200k you can even go hdb and do a full settlement.

can do early settlement?how about the balance hdb loan we have taken?

kkbutterfly · Aug 18, 2016

winnipegjets said:
I am like the stupid sinkees ...since I don't have to pay out of pocket for my housing loan, I think I am doing fine. Don't even dare to look at my CPF statement to see how little I have for retirement, which is still many decades away.

you bought what house?using OA??

garlic · Aug 19, 2016

HDB take everything from your CPF OA, then the first payment, also deduct from CPF. If not enough, you have to topup with giro deduction. Do not worry, when comes to pay money, they will explain fully how it goes, you just sign and sign...

chootchiew · Aug 19, 2016

kkbutterfly said:
can do early settlement?how about the balance hdb loan we have taken?

HDB will do a offset of everything . I did it before.

lifeafter41 · Aug 19, 2016

kkbutterfly said:
I want to ask
let say you buy a house for 300k
you have 100k in OA
every month you still contribute $1k to OA

on the day you take your key,
hdb will take everything in the OA and you are lefted $0 inside OA.

you take up HDB loan for remaining 200k.

you started paying your very first monthly installment loan to HDB using cash.

but not to forget, every month you still contributed $1k to OA.
can we use this 1k in OA every month plus top us cash to pay HDB loan?
or?

Might be better to buy some investment product first say, 20k, and let hdb take deduct the remaining 80k. Loan 220k. OA now become kosong, sell investment product, if make good, maybe slight loss, at least got 20k inside to service the monthly mortgage, in the event of any retrenchment, at least got 20months to find job and no need to take cash out any pay. I don't think it's prudent to leave OA kosong and service loan under Just in time scenario.

wikiphile · Aug 19, 2016

lifeafter41 said:
Might be better to buy some investment product first say, 20k, and let hdb take deduct the remaining 80k. Loan 220k. OA now become kosong, sell investment product, if make good, maybe slight loss, at least got 20k inside to service the monthly mortgage, in the event of any retrenchment, at least got 20months to find job and no need to take cash out any pay. I don't think it's prudent to leave OA kosong and service loan under Just in time scenario.

This is what i did but with a slight variation.

I maxed out the loan under my HLE of about 280K. My CPF had a balance of 200K inside my OA and investments.

Considering that i have a 15k single grant, i did the sum and put just enough money in the OA from my CPF investments and not touching a further 30K in investments.

After the first CPF appt (or was it second?) my OA inside the CPF were all wiped out. The initial payment details was CPF and cash but i realized the rest of the 30K and topped it up in my OA again once the monthly mortgage began.

I had to go down to HDB one more time to apply for paying out my mortgage using 100% CPF and negating the cash component. With my monthly CPF contributions and the 30k inside the OA, i won't need to give a single cent in cash for the monthly mortgage for some years to come.

Papsmearer · Aug 19, 2016

kkbutterfly said:
I want to ask
let say you buy a house for 300k
you have 100k in OA
every month you still contribute $1k to OA

on the day you take your key,
hdb will take everything in the OA and you are lefted $0 inside OA.

you take up HDB loan for remaining 200k.

you started paying your very first monthly installment loan to HDB using cash.

but not to forget, every month you still contributed $1k to OA.
can we use this 1k in OA every month plus top us cash to pay HDB loan?
or?

Which planet are you on? SIngapore got $300K house meh? Tell me where. I want to buy 50 of them!!

Ralders · Aug 19, 2016

It better to take shorter loan term.
Say 15 years.never go beyond 20 years.
Best is settle within 10year .
If u take 25years loan term.
U be paying a large amount of interest.for 25 years u be paying $120k at least just for interest

Ralders · Aug 19, 2016

kkbutterfly said:
you bought what house?using OA??

Wiki rent house in jb.

Narong Wongwan · Aug 19, 2016

Papsmearer said:
Which planet are you on? SIngapore got $300K house meh? Tell me where. I want to buy 50 of them!!

Got la 40+ years 2 room flats with 1 bedroom.....size only 40sqft aka slum flats.
But in good locales like tanglin halt, outram, chinatown, north bridge road

Ralders · Aug 19, 2016

Narong Wongwan said:
Got la 40+ years 2 room flats with 1 bedroom.....size only 40sqft aka slum flats.
But in good locales like tanglin halt, outram, chinatown, north bridge road

You haven't tell which stable yet.
How to support your wife

Narong Wongwan · Aug 19, 2016

Ralders said:
You haven't tell which stable yet.
How to support your wife

Lucky stables...... You know?

wikiphile · Aug 19, 2016

Ralders said:
Wiki rent house in jb.

A house is a luxury! I sometimes sleep in the parks or under jalan bahar flyover

Ralders · Aug 19, 2016

wikiphile said:
A house is a luxury! I sometimes sleep in the parks or under jalan bahar flyover

Haha ....u very humorous.

Ralders · Aug 19, 2016

wikiphile said:
A house is a luxury! I sometimes sleep in the parks or under jalan bahar flyover

U rent out your Singapore flat?

JohnTan · Aug 19, 2016

kkbutterfly said:
I want to ask
let say you buy a house for 300k
you have 100k in OA
every month you still contribute $1k to OA

on the day you take your key,
hdb will take everything in the OA and you are lefted $0 inside OA.

you take up HDB loan for remaining 200k.

you started paying your very first monthly installment loan to HDB using cash.

but not to forget, every month you still contributed $1k to OA.
can we use this 1k in OA every month plus top us cash to pay HDB loan?
or?

You should transfer most of your cpf cash to your special account, where you will be paid a much higher interest than OA. Since your cpf money can't be taken out until you are really old, might as well collect as much interest as you can. The power of compound interest on a large enough base over a long period of time will make your capital grow and grow.

Serious hdb loan

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