Home Loan Repayments can now stretch to 50 years

[chonburifc]

Understand. But in the case of private condos the prices offered by the incoming developer can be negotiated, and more often than not, the prices offered would be higher. With such expectations, opportunistic buyers will rush to purchase your soon-to-be enbloc private condo, i.e. buy low sell high. But with HDB, and knowing HDB would only pay you their own valuation of the market price of your HDB flat, I doubt if there is any incentive for opportunistic buyers to make the rush.

This i not worry. I even have a ready buyer for my pigeonhole. Just that i want to suck out as much money as possible from this pigeonhole. :p

 

[Jumong]

This i not worry. I even have a ready buyer for my pigeonhole. Just that i want to suck out as much money as possible from this pigeonhole. :p

Alamak, that means your wanting to sell has nothing to do with the issue of enbloc lah :*:

 

[Cestbon]

Before cut off age 55.
Now HDB cut off age 65.
Now private bank cut of age 75!
How many will live that long.
Meaning no retirement until 75!
Debt until die/RIP the property still belong to bank.

 

[chonburifc]

Alamak, that means your wanting to sell has nothing to do with the issue of enbloc lah :*:

Hehehe. If enbloc announcement, I pocket additional money for those who want to get a new flat in that area and willing to pay a premium. My next door neighbor has been asking me to sell my unit to them so they can form 1 big unit and have their personal corridor but I prefer to collect rent now.

 

[chonburifc]

Before cut off age 55.
Now HDB cut off age 65.
Now private bank cut of age 75!
How many will live that long.
Meaning no retirement until 75!
Debt until die/RIP the property still belong to bank.

It's important to stay debt free. Movements really restricted if one have tons of debts to pay off. Not good for the well-being of the mind too.

 

[Cestbon]

Hehehe. If enbloc announcement, I pocket additional money for those who want to get a new flat in that area and willing to pay a premium. My next door neighbor has been asking me to sell my unit to them so they can form 1 big unit and have their personal corridor but I prefer to collect rent now.

I have been to my friend HDB flat 2 unit combine. Really big.

 

[chonburifc]

"You never really own a HDB flat, you are simply passing the shit to the next generation."

Borrowed from Patek Philippe, this is Sinkee's version.

 

[Cestbon]

"You never really own a HDB flat, you are simply passing the shit to the next generation."

Borrowed from Patek Philippe, this is Sinkee's version.

Human never really own anything. When RIP all gone owning what ever is use less.
How long one can owning anything depend on how long can u live!

 

[Papsmearer]

Some serious thinking. If your HDB flat is fully paid and you have the option to live overseas, would you sell your HDB flat ? Or would you prefer to keep and rent out your HDB flat for some passive income ?

There are so many variables that you have not describe, Its really impossible to give an answer without knowing your circumstance. U must determine some information. First, what will u net from the sale of your flat? Do u have to repay CPF? Once u know how much you have in your pocket from the sale, the other questions are easy.

If you live overseas in a place like Vancouver, or New York, the proceeds of your sale may not buy u much. If your net proceeds are say $300K, u can buy a freehold property in cheap place like Malaysia and pay cash for it, and still have money left over. U never have to worry about mortgage payments again, and you and generations of your family will always have a roof over their heads.

My preference is that if you can get a good price for your flat, and given the singapore dollar is so strong, I would sell and not keep the flat. HDB is always changing their policy, why take the chance that they might have some rules down the road that would restrict your ability to rent and also your ability to sell? If you are staying overseas and leaving your flat here to be rented out, that is a headache too, relying on property managers or relatives to get tenants for you. If you can get good price now, and find cheap property overseas, than you have sure thing. Why take the risk of keeping it.

 

[Papsmearer]

This is precisely where I'm coming from. My flat is 21 years old.

If your flat is 21 years old, SELL IT NOW. This is a dangerous time. The reason is that most banks that will not lend a mortgage if there is less than 70 years on the lease, some banks do not lend if there is even 75 years left on the lease. when your flat reaches this age (between 25-35 years old), your ability to get a good price for it is seriously damaged because potential buyers cannot get a bank mortgage.

 

[Jimmy1978]

think hor this 50 year repayment period is only for uob right? The other banks like dbs, ocbc, the max home loan period still chao chao 40 yrs. Kaoz if cut off age for bank is 75, then that means 25 yr old already owe $. I think this means must go buy mortgage insurance liao. if u kenna b4 75, at least got protection.

 

[laksaboy]

50 years home loan? Be a debt slave for the rest of my life?

Where do I sign up for such a fantastic deal?

 

[sunlee2002]

Got my home loan from dbs. No way I'm going for a 50 year financing period. Let's say I live up to 80 (being positive here), taking that 50 year loan would mean i would be in debt for nearly two-thirds of my life! What a deal.