Thug Clutched February 27, 2009 Share February 27, 2009 A friend just bought a 1st hand flat. HDB sent her the monthly payment of $1,800. She checked HDB webby and got to know its 2.6% But...if work backward on the sums. Its impossible to be 2.6% Any bros here can enlightened me on this? How HDB calculate their interest rate? Price of Flat: $484,000 Down 10% : $48,400 Loan Period: 30 years Monthly Instal: $1,800 Should the loan amount be after less 10% down. Its $435,600 Thanks in Advance ↡ Advertisement Link to post Share on other sites More sharing options...
Sgnick 1st Gear February 27, 2009 Share February 27, 2009 http://services2.hdb.gov.sg/webapp/BB29MTHLY/BB29SMTHLY Link to post Share on other sites More sharing options...
Thug Clutched February 27, 2009 Author Share February 27, 2009 tried. Cannot get 1,800 if u input the info i given...its 1800 flat Link to post Share on other sites More sharing options...
Thundragon Neutral Newbie February 27, 2009 Share February 27, 2009 Maybe she do not include escrow fee and lawyer fee for new hdb flat? Link to post Share on other sites More sharing options...
Will_I_Am 2nd Gear February 27, 2009 Share February 27, 2009 and stamp fees ! Link to post Share on other sites More sharing options...
Will_I_Am 2nd Gear February 27, 2009 Share February 27, 2009 (edited) Get your friend to login to HDB website to check on the mortgage information. Everything is listed out nicely for you to understand. All you need is your NRIC number and SingPass. HDB Mortgage Loan Enquiry Edited February 27, 2009 by Mazda_mad Link to post Share on other sites More sharing options...
Thundragon Neutral Newbie February 27, 2009 Share February 27, 2009 https://services2.hdb.gov.sg/webapp/BP27Max...n/BP27SToOthers Here is the correct URL that show extra fee like escrow and stamp fee Link to post Share on other sites More sharing options...
Strat 6th Gear February 27, 2009 Share February 27, 2009 wow... 485k for new HDB 4 room... wonder where is the HDB located. Link to post Share on other sites More sharing options...
N00b 4th Gear February 27, 2009 Share February 27, 2009 probably duxton Link to post Share on other sites More sharing options...
Alechi 2nd Gear February 27, 2009 Share February 27, 2009 i suppose your friend used compound interest instead of simple interest to calculate? Link to post Share on other sites More sharing options...
N00b 4th Gear February 27, 2009 Share February 27, 2009 200 over K for interest? Link to post Share on other sites More sharing options...
Rainman 1st Gear February 27, 2009 Share February 27, 2009 Based on the HDB website calculation, your friend's loan is $449500... Almost 1/2 million debt.... Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear February 27, 2009 Share February 27, 2009 Actually its not that bad mah. 2 working couple share this installment. The interest part is about $550 per mth over 30 years. At least its cheaper than renting a house to stay. Link to post Share on other sites More sharing options...
Ilix Neutral Newbie February 27, 2009 Share February 27, 2009 Not surprising for someone to pay over $400k nowadays. In any case, assuming loan amt is $436k for 30yrs, the MI should be $1.745.48. Should there be no partial repayment, the interest would totalled up to $192,373.21. Link to post Share on other sites More sharing options...
Law_ong Neutral Newbie February 27, 2009 Share February 27, 2009 brother.....hdb nia....consider expensive leh....woodlands new bto 5 room starts from 234k onwards and is 112sqm leh... need to overspend so much on a hdb? old liao got no money leh.... Link to post Share on other sites More sharing options...
Law_ong Neutral Newbie February 27, 2009 Share February 27, 2009 tat is the problem nowadays...all overstretch their $$ $1800 per mth to be shared by both. each has to contribute 900 per mth. If you have 900 per month of cpf contribution in your ordinary account for paying the instalment....your monthly gross income for the couple sure cross 8k and will not be eligible for buying the flat. to stretch 30yrs of loan with nothing left in cpf contributing monthly and cash top up for the instalment is like enjoying now and die later.....work till 80 as what the garment wants us to???? Link to post Share on other sites More sharing options...
Alfc 5th Gear February 27, 2009 Share February 27, 2009 Thats going to be a problem facing general working class young people with so high gearing. Interest is always the killer, same goes for people with little cash but want to invest in properties with min downpayment and take high loan. Link to post Share on other sites More sharing options...
Ysc3 Twincharged February 27, 2009 Share February 27, 2009 On 2/27/2009 at 9:39 AM, Law_ong said: .....work till 80 as what the garment wants us to???? that is the crux of the whole loan thing. the country keeps its ppl in line by making sure that they are continually in debt. how many Oei Hong Leongs do we have here ?? I am not saying he is a renegade, but he can almost do whatever he likes and whatever he wants. ↡ Advertisement Link to post Share on other sites More sharing options...
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