The HDB Ownership Myth

[Bigfuck]

I received news that a young friend in his 30s who is self-employed with 5K/mth and no debt nor bankruptcy was not given a bank loan from your SOE bank in principle to buy a new HDB with wife. Solid right? 5K can buy 5 room they say.
Without loan how to buy HDB which will cost millions?

 

[Raiders]

Bro, what's SOE bank?

 

[ray_of_hope]

Your friend's $5k/mth self-employed salary sounds similar to the cabbie's $7k/mth.

 

[Bigfuck]

State Owned Entreprise. No such word as GLC internationally.

 

[Raiders]

State Owned Entreprise. No such word as GLC internationally.

Your friend got any credit card debt or loans?

 

[Bigfuck]

Your friend got any credit card debt or loans?

Zero. Showed me credit bureau report. credit card all paid in 29 days or less, no bankruptcy with no outstanding loans

 

[Raiders]

Zero. Showed me credit bureau report. credit card all paid in 29 days or less, no bankruptcy with no outstanding loans

Sole application or with wife? When I got my first flat, I did a sole application as my wife was not PR. I was able to get a loan of 247K.

 

[Bigfuck]

Sole application or with wife? When I got my first flat, I did a sole application as my wife was not PR. I was able to get a loan of 247K.

Sole lor. Get zero leh. Then he tell me other friend kenna 80K with joint appli and 6K/mthly joint and again no debt and no bankruptcy. Donno that case and donno why oso.

 

[mollusk]

I received news that a young friend in his 30s who is self-employed with 5K/mth and no debt nor bankruptcy was not given a bank loan from your SOE bank in principle to buy a new HDB with wife. Solid right? 5K can buy 5 room they say.
Without loan how to buy HDB which will cost millions?

Big....there..highligted for you...cause my fren who is self employed..face the same issue

 

[Enforcer]

Big....there..highligted for you...cause my fren who is self employed..face the same issue

Yes, unless his friend can show a steady income in his bank statement every month or has a very nice IR8 statement

 

[quartz28]

I received news that a young friend in his 30s who is self-employed with 5K/mth and no debt nor bankruptcy was not given a bank loan from your SOE bank in principle to buy a new HDB with wife. Solid right? 5K can buy 5 room they say.
Without loan how to buy HDB which will cost millions?

Bro....ask your young friend who earn 5k/mth better buy 3 or 4room flat lah....else whole backside full of debt to service....where got $$ to eat or invest for future....

 

[chonburifc]

Big....there..highligted for you...cause my fren who is self employed..face the same issue

Yes, read about this in another thread. No wonder not many Sinkees want to start own business. Even the garbarment is making things difficult for these people.

 

[chonburifc]

The other myth is the actual pigeonhole ownership. Sinkees are only leasing 99 years for their pigeonholes. Even if you have fully paid up your 99 year old lease, you cannot remortgage or whatever. The only thing you can do is to sell your 99 year pigeonhole lease to another buyer.

 

[watchman8]

The word "real estate" actually means royalty's estate. "Real" is "Royal" in spanish.

Peasants around the world have the delusion that they own their "real estate", but in actual fact, the country's ruler owns the property ultimately. If the rulers want the property back, they will take it back legally by simply changing the law.

Only in a true demoncracy will peasants have better control over their "real estate".