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My cousin bought his flat $130k in 1995..now..
- Thread starter RonRon
- Start date
The story is not yet over.
He's still has many years of expensive bills ahead.
Even with 6 digits savings, is it enough
You can bet the PAP will keep increasing the cost of living. When he's older he might be wiped out by expensive hospital bills.
Can go ask the family of Dollah Kassim :(
His condo must be crap. How else could you buy a decent condo with that kind of money (440K)? And if he's paid substantially more than that, he will be a slave to condo mortgage for the rest of his life.
Your cousin is a dumb piece of ass.
S
Sun Wukong
Guest
The story is not yet over.
He's still has many years of expensive bills ahead.
Even with 6 digits savings, is it enough
You can bet the PAP will keep increasing the cost of living. When he's older he might be wiped out by expensive hospital bills.
Can go ask the family of Dollah Kassim :(
Don't come here to quote me about your MAT Dollah Kassim lah!
Shameless, fall in bad times mode and end up incurring medical bills , family know how to stretch out hands to ask for donations.
But when in good times, know how to enjoy.
At least those who took risk and bet accurately and made gains thru the years, just shut the fuck up and quietly enjoy life here!
You have a lot to learn.
one of my relatives was told to pay $30K painting fee as the members of the condo wanted their freehold condo to be repainted...well just some of the troubles you dont get with HDB...those condos and apartments at sophia road all look very old and tired cos most people esp the sinkies cannot afford such exoiberant maintenance fees
anyway i think we are barking up the wrong tree...the govt though indulging in thug like behavior has done a good job, they are like the 51-49 majority, of 100 things they do 49 are bad and 51 are good...main problems lies with the banks who are private, as the interest they offer is very low, and they are the very few instruments out there that offer compounded returns...whatever profits made has to be reinvested, no point selling a house for $100K profit and having to fork out $150K to stay in another during boom time...i think places like UBS really overpaid their staff $5K for FX dealer and constantly sending them overseas for courses, why dont they just pay the investors and shareholders more?
So how much did your cousin paid for his new condo if you don't mind me asking?
Something is wrong. I bought my 99 yrs condo for $435,000 in 1994, now valued at $850,000.
I have a friend who recently got a queue number for BTO flat in Havelock road. A 4 room flat cost >$400k. He told me his monthly loan will be $1,700 (if he get a 4-room flat). He say it is too expensive but he has been trying for a long time to get a HDB flat and he couldn't wait anymore.
Correct me if I am wrong. Assuming his total income is $8,000, ALL his CPF-ordinary a/c monthly contribution goes to paying the home loan. OMG, no retirement funds.
I wonder how can I afford to buy a $400K HDB flat.
HDB flats will be getting more and more expensive in future.
He hasn't reach 55 yet . And if his pay doesn't go double soon .
Afraid he got nothing to retire on .
Someone told me it's the PAP policy to make Sporeans into beggers so they dare not cause problems or escape from the country.
How much loan does one had to borrow. That is the most important thing. Assuming your salary is $8000 per month, you can use the maximum of about CPF$1600 per month, this amount will not be enough to service your loan and you have to top up cash.
For my condo, I had been paying progressively in 1993 until TOP in 1995.
Since I had 100 per cent CPF financing ( lucky one to have 100%. bought at $435,000 with cash $5000 deposit and valued at $455,000 by bank to secure my loan). I used all my wife and my CPF which is about $200,000 over and a 20 years loan on $230,000. Every month been paying about $2200 CPF and down to $1800 CPF. Still got about $100,000 to go for another 4 years. Looking back, the interest had been over $300,000. Even If I sell it now, I still can cover back the interest and some decent profits of at least $150,000.
My advice is not to borrow so much and cut short the number of years. If you had to buy, try not to pay so much cash over CPF. There is no big deal of staying in expensive houses. I know many rich income friends, settle for 3 rm. Cash is king when the day come for investments, they strike it rich and be able to buy properties outside Singapore.
There will a price to pay if you want to show other people that you live in BTO 5 rm or condo. At the end of the day you will worrying or struggling to pay of the loan.
watch out for rising interest rates
valuation means little until an actual sale.
The problem is, housings are very expensive nowadays and people may not have enough savings and thus they need to borrow a lot. If your pay is low, how will you ever have such high CPF to not pay so much cash over CPF? $400K for a HDB is crazy. NOW it is really true/getting more apparent that people are just working to pay off their HDB debt. Wah lao, $8k salary a mth how to service a >$400K HDB? Somemore my friend don't have a combined income of $8K.
You mean ur friends rather buy properties outside of Singapore? - buy 3 room flat then when have money then buy properties outside of Singapore?
BUT how your friend move his CPF savings out?
Are u retarded? Have u not read anything here? U are buying it, u are renting it for 99 years. U are paying your landlord $400K upfront for the rent, u are prepaying it. And u are borrowing from the bank to do so. U do not own it. Go and buy a freehold terrace house in JB for S$120K, your mortgage payment is less than $500 a month, and commute to S'pore for your work. No conservancy fee, no mandatory upgrades, and u own it forever. Hundreds of thousands of people do it every day. The answers are in this forum. Don't be lazy.
1) I am not retarded.
2) I read the post on "Living in JB"
3) I said "I wonder how can I afford to buy a $400K HDB flat." doesn't mean I want to BUY a HDB.
4) Don't be rude. Talk nicely to brothers here in Coffee shop talk. Especially when we both hate PAP!
