At 29, Janice Lim is the proud homeowner of a quaint walk-up apartment in Joo Chiat

[micromachine]

In Singapore, most of us can only dream of owning a home in our twenties.

When you’re under the age of 35, there isn’t the option of an HDB flat. That only leaves purchasing a private property. Things get more difficult when according to a Global Living report by real estate firm CBRE, Singapore is ranked as the second-most expensive city in the world to buy private property.

But Janice Lim is not like most in their twenties. As part of her before-30 bucket list, the 29-year-old was determined to own her first home before she hit the big 3-0 milestone.

.............After her calculations, Janice was “pleasantly surprised” that she would be able to afford an apartment that was between $1 to 1.3 million. She had never seriously looked at her finances before so it was a bit of a shock when the numbers were favourable.


Property price: $1.15 million


Down payment (25%): $287,500


Total Housing Loan: $862,500


Interest Rate: 1.4%, 2-year fixed rate


Monthly Repayment (30 years): around $2,700


https://tinyurI.com/yykeuezn

 

[mojito]

Walk in apartment mean sex brothel?

 

[rushifa666]

Oh yes. Loans in recession. I love it

 

[kaninabuchaojibye]

In Singapore, most of us can only dream of owning a home in our twenties.

When you’re under the age of 35, there isn’t the option of an HDB flat. That only leaves purchasing a private property. Things get more difficult when according to a Global Living report by real estate firm CBRE, Singapore is ranked as the second-most expensive city in the world to buy private property.

But Janice Lim is not like most in their twenties. As part of her before-30 bucket list, the 29-year-old was determined to own her first home before she hit the big 3-0 milestone.

.............After her calculations, Janice was “pleasantly surprised” that she would be able to afford an apartment that was between $1 to 1.3 million. She had never seriously looked at her finances before so it was a bit of a shock when the numbers were favourable.


Property price: $1.15 million


Down payment (25%): $287,500


Total Housing Loan: $862,500


Interest Rate: 1.4%, 2-year fixed rate


Monthly Repayment (30 years): around $2,700


https://tinyurI.com/yykeuezn

862k loan...hahaha...siaolang

 

[ginfreely]

Walk in apartment mean sex brothel?

You loser liar son of whore only can win me by insinuating insults of me and other women who worked hard make honest money to buy condo as whores.

 

[ginfreely]

In Singapore, most of us can only dream of owning a home in our twenties.

When you’re under the age of 35, there isn’t the option of an HDB flat. That only leaves purchasing a private property. Things get more difficult when according to a Global Living report by real estate firm CBRE, Singapore is ranked as the second-most expensive city in the world to buy private property.

But Janice Lim is not like most in their twenties. As part of her before-30 bucket list, the 29-year-old was determined to own her first home before she hit the big 3-0 milestone.

.............After her calculations, Janice was “pleasantly surprised” that she would be able to afford an apartment that was between $1 to 1.3 million. She had never seriously looked at her finances before so it was a bit of a shock when the numbers were favourable.


Property price: $1.15 million


Down payment (25%): $287,500


Total Housing Loan: $862,500


Interest Rate: 1.4%, 2-year fixed rate


Monthly Repayment (30 years): around $2,700


https://tinyurI.com/yykeuezn

Last time more easy lah. My monthly repayment only around a thousand then with maximum loan. CPF can pay most of it. Anyone like me earning below 3k with good six month bonus and is a good saver can buy condo EASILY THEN.

 

[countryman]

Imo not a very wise choice to commit to such a large loan @ her age n furthermore she's paying it alone. Moreover such walk-up apartments are quite old n there may be unforeseen repairs due to wear n tear.

 

[no_faith]

Imo not a very wise choice to commit to such a large loan @ her age n furthermore she's paying it alone. Moreover such walk-up apartments are quite old n there may be unforeseen repairs due to wear n tear.

True but if she can take such loan sum her earnings are high. Me alone cant take 862k loan.

 

[rushifa666]

True but if she can take such loan sum her earnings are high. Me alone cant take 862k loan.

Earnings imply you wiol never be fired. Superman is born

 

[ginfreely]

True but if she can take such loan sum her earnings are high. Me alone cant take 862k loan.

Ya quite amazing people nowadays earn so much can take such high loan. She is certainly high income earner.

 

[ginfreely]

Earnings imply you wiol never be fired. Superman is born

Most loser sinkies are never fired lah. Only retrenched. Need certain winner character to stand up against bullying to get fired.

 

[countryman]

True but if she can take such loan sum her earnings are high. Me alone cant take 862k loan.

If she's getting fixed salary from her job than it's still considered safe. If com. or allowance base than it would be very risky.
Getting an apartment around 600-700k to start-off is more than good enough already actually.

 

[Johnrambo]

pu chao nao @ this Janice, need to rely on mother to maker downpayment. I have more respect for this couple who bought a flat but settled the finances by themselves.

Young, Thrifty and Debt-Free: This Couple Paid Off Their 470k Bishan Flat In 2 Years

You probably already know this, but property is expensive in Singapore. Homes can cost anywhere from hundreds of thousands for HDB flats to millions of dollars for private condos and landed homes. So for many of us, buying a home is our biggest single expense and our home loan (or mortgage) repayments the biggest liability in our lives.

Let’s not talk about the Crazy Rich Asians. Say you’re an Average Joe: Even if you buy a modest under-500k HDB flat - assuming you take 75% to 90% in home loans to finance it - you’re looking at mortgage repayments of at least $1,200 each month (depending on the interest rate and tenure). Considering the median salary of Singaporeans is $4,563 (Ministry of Manpower, 2019), that’s about a quarter of our monthly income!

Most of us take decades to pay off this debt, but not Clara Lim, 34, and her husband, Jon Phay, 37. Yes, it’s not uncommon to hear of couples who pay off their homes by their mid-thirties, but what’s interesting is that unlike couples who marry early in their twenties and live frugally for the next 10 years, Clara and Jon actually only tied the knot and bought their Bishan HDB flat two years ago.

So how did the couple manage this feat at such a young age? After all, Clara and Jon both hold pretty average-earning jobs as a writer and engineer respectively.

Well, first of all, Clara and Jon most definitely didn’t save hundreds of thousands in two years. The saving up took place before they bought the property.

In fact, with their savings combined, they actually had just about enough to pay for their $468,000 resale flat in full at the point of purchase. They only took up a home loan because Jon wanted to utilise his CPF funds while he continued working.

Clara’s savings: $120,000

Jon’s savings: $80,000

Combined CPF OA: $191,000

CPF housing grants: $70,000

Given this, you’d expect that the couple must have spent their entire twenties staying home and eating cup noodles, but that was not the case.

“Frankly, I don’t think Jon put that much effort into saving up that $80,000. He just doesn’t have expensive hobbies,” says Clara. For her, however, it was a different story: “For most of my twenties, I spent all my money on going out with friends, drinking, shopping, etc. But when I was 29 years old, a bad breakup caused me to go on a big lifestyle detox.”

More at https://tinyurI.com/yyju5pf9

 

[Cottonmouth]

Most loser sinkies are never fired lah. Only retrenched. Need certain winner character to stand up against bullying to get fired.

Laocheebye. You dead?
Your neighbors finally slit your throat?

 

[tobelightlight]

Imo not a very wise choice to commit to such a large loan @ her age n furthermore she's paying it alone. Moreover such walk-up apartments are quite old n there may be unforeseen repairs due to wear n tear.

If you wanna take a loan from bank, the bank need to check if you can service the loan based on your income. So at that time of applying the loan, her income meets the bank's criteria. Banks are not stupid.

 

[tobelightlight]

If she's getting fixed salary from her job than it's still considered safe. If com. or allowance base than it would be very risky.
Getting an apartment around 600-700k to start-off is more than good enough already actually.

That is your own views and perceived limitation. Her ways in seeing that is different from you and maybe the sky is the limit for her.

 

[bobby]

Wait till her job gets replaced by a CECA Ah Neh then we talk again.....

 

[JohnTan]

But Janice Lim is not like most in their twenties. As part of her before-30 bucket list, the 29-year-old was determined to own her first home before she hit the big 3-0 milestone.

.............After her calculations, Janice was “pleasantly surprised” that she would be able to afford an apartment that was between $1 to 1.3 million. She had never seriously looked at her finances before so it was a bit of a shock when the numbers were favourable.

Thanks to the PAP in keeping home prices affordable, even young working adults can afford to buy their own homes instead of renting like in London, Tokyo and New York. Majulah PAP!

 

[syed putra]

Wait till her job gets replaced by a CECA Ah Neh then we talk again.....

If she work in the civil service, no problemo, banks will give her whatever she wants.its a job for life with pension.

 

[red amoeba]

Gosh. I don’t even earn 2k washing toilets in MRT stations.