Think Thrice before you buy HDB Resale Flat!

[looneytan]

hong soo-hyun ...

not you ah! alamak!

 

[giggity_shit]

this info was in hdb website for donkey years. if the buyers never check, can only blame themselves. that why must make full payment asap. if possible, transfer $$ from cpf into partial payment every few years when income go up. No point have $$ in cpf but still own hdb $$ at 55yo. by 55yo, all $$ in cpf OA will be transfer to retire account. liddat must use cash to pay hdb instalment.

Not so simple..... got the withdrawal limit that is tied to a person, and the withdrawal limit tied to a property

 

[tonychat]

buy one flat cannot this and cannot that, got limit here and got limit there....so stupid.. why still stay in sinkieland??? somemore sinkie cannot own that flat after all the bullshit fuss...

 

[sleaguepunter]

Not so simple..... got the withdrawal limit that is tied to a person, and the withdrawal limit tied to a property

ah... yes, i forgotten the withdrawal limit. it make the matter even worse. at least it ok for me, i already no longer owning hdb any $$. all paid via cpf liao.

 

[Goh Meng Seng]

To many people here, ignorance knows no bound on them!

They are consumed more by their irrationality, hatred, stupidity or even idiocy rather than finding out the Truth themselves.

What I have written here, is not even an "argument", but bare facts stated by the rules set by CPF. There is no mystery nor "argument" about such facts, but just plain ignorance (displayed or otherwise) by many people of such facts. As I have said, many property agents may not even know the rule in totality, maybe just bits and pieces. Even if they know, they won't even want to tell you about it!

But that doesn't mean that you will be exempted from the sufferings exerted by your ignorance, or worse, sufferings enhanced by your irrational outburst of anger due to your ignorance.

Well, the golden truth, Ignorance of truth, Greed and attachment to hatred, will be the ultimate sources of your sufferings in the years to come.

Goh Meng Seng

 

[sleaguepunter]

but u tell ppl to buy BTO. pls lah... that not very helpful advise either. shd just explain the pitfalls in buying a resale. as long buyers do their maths properly, they shd be ok.

 

[zhihau]

Don't think the interest got so much

1 year 2.6% from HDB
10 years 26%
30 years 78%
no?

 

[sleaguepunter]

100K flat is 80K loan, 2.6% per year interest 78% in 30years. 62.4K in interest, 142.4K minus 120K from CPF means 22.4K in cash.
good luck to those million dollar home owners, 224K in cash for repayment.

ok.. i done my maths.

example, a 5room resale sold at $650K, valued at $630K. the buyers paid $20k COV and their cpf OA have $130K for deposit and have to take hdb loan of $500k over 30 years with monthly instalments of ard $2001. so in total, the buyers will have to pay $720K+-. But the flat only valued at $630K, so in theory, the additional $220k will have to pay in cash. that will be around year 21 of the 30 years tenure. so the last 8-9 years will be in cash and make worse if the buyers may need the cash for their children university fee.

of course the above example count on hdb loan remain @ 2.6% forever which we know is impossible. while using bank loan will in theory be cheaper but can count on the economy to remain in low interest too?

 

[wikiphile]

Guys, please give credit where credit is due lah. GMS is just pointing out problems in buying a resale flat in Singapore which is valid. Kudos for a good thread to share

Other than that, GMS can still go fuck himself to death and i won't bat an eyelid.

 

[tonychat]

To many people here, ignorance knows no bound on them!

They are consumed more by their irrationality, hatred, stupidity or even idiocy rather than finding out the Truth themselves.

What I have written here, is not even an "argument", but bare facts stated by the rules set by CPF. There is no mystery nor "argument" about such facts, but just plain ignorance (displayed or otherwise) by many people of such facts. As I have said, many property agents may not even know the rule in totality, maybe just bits and pieces. Even if they know, they won't even want to tell you about it!

But that doesn't mean that you will be exempted from the sufferings exerted by your ignorance, or worse, sufferings enhanced by your irrational outburst of anger due to your ignorance.

Well, the golden truth, Ignorance of truth, Greed and attachment to hatred, will be the ultimate sources of your sufferings in the years to come.

Goh Meng Seng

fuck care the sinkies and let them die lah.. why you point it out????

 

[Goh Meng Seng]

There is a flaw in your calculations. That $130K deposit should be included in total CPF payment of 100% or 120% if you are using CPF to pay. It means that you will have to pay cash 10 years in advanced! i.e. on the 17th year.

Goh Meng Seng

ok.. i done my maths.

example, a 5room resale sold at $650K, valued at $630K. the buyers paid $20k COV and their cpf OA have $130K for deposit and have to take hdb loan of $500k over 30 years with monthly instalments of ard $2001. so in total, the buyers will have to pay $720K+-. But the flat only valued at $630K, so in theory, the additional $90k will have to pay in cash. that will be around year 27 of the 30 years tenure. so the last 3-4 years will be in cash and make worse if the buyers may need the cash for their children university fee.

of course the above example count on hdb loan remain @ 2.6% forever which we know is impossible. while using bank loan will in theory be cheaper but can count on the economy to remain in low interest too?

 

[sleaguepunter]

1 year 2.6% from HDB
10 years 26%
30 years 78%
no?

No. 2.6% must be added to the principle amount every month.

example. $100K first month interest is $216.67. So the first month the amount owning is $100,216.67. let say buyer pay $400 each month. so by second month, $100,216.67-$400.00+$216.27=$100,032.94 is the amount owning. basically the first 2 month instalments are meant for interest only without making a dent in the principal amount.

my spreadsheet formula off by a dollar, using hdb website calculator, $500K loan over 30 years is $2002 per month.

for your reference. http://services2.hdb.gov.sg/webapp/BB29MTHLY/BB29SMTHLY

 

[soIsee]

No. 2.6% must be added to the principle amount every month.

example. $100K first month interest is $216.67. So the first month the amount owning is $100,216.67. let say buyer pay $400 each month. so by second month, $100,216.67-$400.00+$216.27=$100,032.94 is the amount owning. basically the first 2 month instalments are meant for interest only without making a dent in the principal amount.

my spreadsheet formula off by a dollar, using hdb website calculator, $500K loan over 30 years is $2002 per month.

for your reference. http://services2.hdb.gov.sg/webapp/BB29MTHLY/BB29SMTHLY

Whoever is the Sinkie ( and I bet there are plenty here) who borrow $500k or even more than $250k for that pigeon hole had better ..

JUMP OFF from the top of that pigeon hole before he reach 55!

Instalment to HDB should NOT have any Sinkie borrowing more than 40% as loan. And you better pay off in full when you are about to turn 55!

 

[Asterix]

To many people here, ignorance knows no bound on them!

They are consumed more by their irrationality, hatred, stupidity or even idiocy rather than finding out the Truth themselves.

What I have written here, is not even an "argument", but bare facts stated by the rules set by CPF. There is no mystery nor "argument" about such facts, but just plain ignorance (displayed or otherwise) by many people of such facts. As I have said, many property agents may not even know the rule in totality, maybe just bits and pieces. Even if they know, they won't even want to tell you about it!

But that doesn't mean that you will be exempted from the sufferings exerted by your ignorance, or worse, sufferings enhanced by your irrational outburst of anger due to your ignorance.

Well, the golden truth, Ignorance of truth, Greed and attachment to hatred, will be the ultimate sources of your sufferings in the years to come.

Goh Meng Seng

Thank you Mr. Goh. You have just summarised the reasons why many unSinkified natives have decided to UPGRADE to other countries rather than remain and be screwed by the Scums in White along with the 60.1% daft Sinkies that voted based on ignorance.

 

[sleaguepunter]

There is a flaw in your calculations. That $130K deposit should be included in total CPF payment of 100% or 120% if you are using CPF to pay. It means that you will have to pay cash 10 years in advanced! i.e. on the 17th year.

Goh Meng Seng

yes... u are correct. i forgotten about the deposit. so the cpf limit will be reach in year 21. (not 17th year, $2001x250mths = $500,250+$130000 deposit)

 

[Goh Meng Seng]

Yeah, you are right on that. My bad, didn't divide properly. Cheers!


Goh Meng Seng

yes... u are correct. i forgotten about the deposit. so the cpf limit will be reach in year 21. (not 17th year, $2001x250mths = $500,250+$130000 deposit)

 

[zhihau]

No. 2.6% must be added to the principle amount every month.

ooo... learning new things every day! danke! :p:p:p

 

[TracyTan866]

good advice

 

[sleaguepunter]

ooo... learning new things every day! danke! :p:p:p

Gern geschehen

so uncle finish paying for your hdb or still struggling?

anyway, it the 30yrs loan tenure that is causing the problem. the old 20 years loan tenure would not be so damaging.

 

[soIsee]

Gern geschehen

so uncle finish paying for your hdb or still struggling?

anyway, it the 30yrs loan tenure that is causing the problem. the old 20 years loan tenure would not be so damaging.

Still don't get it, do you?

Who does not know that shorter term loans are better?

In fact, most Sinkie know that 'no need to take loan' is best.

But with the 'wants' of the younger Sinkie gen and the way things are priced today, the Sinkie are buying now and thinking they could pay off later.

That was why when the new rules came out for the car buying Sinkie for having a need to plonk down 40% and loan 60% only, many Sinkie either 'cannot buy on loan' anymore or buy something way cheaper or not buy at all or some stupid ones would think they buy a new car would be better.

Many Sinkie are living on credit and many more do NOT have the slightest idea what their life would be ..when they have to retire!