LOL.Online battle between Tan Chuan-Jin and Bloggers begun!

[Tigerwoods]

isnt it good?? we finally proof that machine cannot replace human

Don't talk to soon... They will be back.

[Tigerwoods]

in order to please the majority and gain support

 

let look at these anglMB

 

in the next election if too many citizen wants to buy housing but could not afford due to upward spiral cost and less than majority have already own one

 

can you guess

will the price go up or down for housing

 

you cant please everyone

but most importantly

you please the majority

and that whats all it take

If MBT were here e will say you will be raiding the reserves.

[Enye]

agree with you.

 

thats why no point for working masses to try to follow the lifestyles of the rich.

 

that brings to my original point that the media should not glorify these people.

 

I do not have any sympathy for people who do not live within their means.

Edited April 28, 2012 by Enye

[Jman888]

I don't understand why on one hand govt ask pple to live within their means but media keeps glorifying lifestyle of the elite and rich...

 

what is the objective? create envy? make pple discontented and not live within their means? put spurs into the citizens? entertainment (if you can call that)?

 

 

both poor and rich read newspaper, they cater for both end

[Joseph22]

Not just one, many many. Look at it, the immigrant policy has hit not only housing, also public and private transport, education, hospitals, etc. Look around, what issues have we now not caused by that?

 

Since everywhere in the world is more or less facing issues, so actually terms like first world, first class, developed nation, world class are simply meaningless.

 

The world is ruled by elite, politicians and businessmen. The so-called leaders are few and far between. In fact I can't even think of one in power now. How about Bhutan?

 

Just read my signature on earth sufficiency on basic needs and greed.

i dont really care about resale market. those can remain open. they can raised as high as they one. my crunch is on New HDB flat. those are the one that is purely control by HDB own pricing.

 

anyway, if you want to talk about real leader. i will say, strangely communist state seems to provide a better leader

Edited April 28, 2012 by Joseph22

[Joseph22]

Don't talk to soon... They will be back.

sound like terminator

[Gz0707]

Cpf - nothing - maybe 20/30k max

Monthly income - $4k combined

Firstly, HLE approve your loan?

 

Secondly, y not buy somewhere cheaper?

No wonder the property price never go down because many youngest took so much loans.

 

I guess that every $1 growth in GDP = $4 borrowing.

 

I cannot agree with Shull's financing scheme, even though he is comfortable for now. why? the 30 year loan is much too long and the interest he paying will eat into his savings and finally his retirement. govt is irresponsible to imply that long loans make expensive flats affordable. this is very wrong. its like telling us to buy cars with 10 year loans. I have mentioned my fren who bot 1.2 mil condo with 35 yr loan. they gonna get screwed when anything goes wrong.

 

I will give my own example, but I must it is outdated, since the prices have gone up so much.

purchase price - 250k (damn ulu location), now valued at 500k

loan period - 15 years, only 3 years left to end. total interest paid, around 20+k.

monthly payment - under 1k from CPF

 

My strategy is simple, must be short period, must be fast, must be affordable. I know the context is now very different vs 12 years ago.

[Joseph22]

both poor and rich read newspaper, they cater for both end

actually i find it funny that local drama, the low salary ppl, can afford to drive a car

 

super misleading lor. look at hong kong drama, so much more realistic.

[Joseph22]

I cannot agree with Shull's financing scheme, even though he is comfortable for now. why? the 30 year loan is much too long and the interest he paying will eat into his savings and finally his retirement. govt is irresponsible to imply that long loans make expensive flats affordable. this is very wrong. its like telling us to buy cars with 10 year loans. I have mentioned my fren who bot 1.2 mil condo with 35 yr loan. they gonna get screwed when anything goes wrong.

 

I will give my own example, but I must it is outdated, since the prices have gone up so much.

purchase price - 250k (damn ulu location), now valued at 500k

loan period - 15 years, only 3 years left to end. total interest paid, around 20+k.

monthly payment - under 1k from CPF

 

My strategy is simple, must be short period, must be fast, must be affordable. I know the context is now very different vs 12 years ago.

i also take on 30 years loan, but actual fact is i can pay off in 10 years. if you read the latter part of his posting, their real income should be near to 10K a month

[Gz0707]

bro, 2 points I wanna make. My combined income was like wise during that time. my wife's CPF paid for a big chunk, so the loan amount was lowered. I just took the lowest period possible to pay. we are more comfortable now, but I still shy away from pte condos.

 

2nd point - 30 year loan is not wrong. but the smarter ones will accumulate savings of 20k to 30k and make 1 time payments to reduce the loan capital outstanding. I mention this becos it is incredible to me some folks dun even know how to calculate interest on their loans.

 

My gut feel is that Shull could probably afford 20 year loan, instead of 30. I just want to caution against the monthly payment as a means of affordability, which is what the Minister is trying to imply. By doing this, he sounds like every SE I have met in every show room.

[Phluvcat]

i dont really care about resale market. those can remain open. they can raised as high as they one. my crunch is on New HDB flat. those are the one that is purely control by HDB own pricing.

 

anyway, if you want to talk about real leader. i will say, strangely communist stage seems to provide a better leader

 

Wahaha I sort of agree with u on the last part. So we are sort of failed communism.

 

[Joseph22]

bro, 2 points I wanna make. My combined income was like wise during that time. my wife's CPF paid for a big chunk, so the loan amount was lowered. I just took the lowest period possible to pay. we are more comfortable now, but I still shy away from pte condos.

 

2nd point - 30 year loan is not wrong. but the smarter ones will accumulate savings of 20k to 30k and make 1 time payments to reduce the loan capital outstanding. I mention this becos it is incredible to me some folks dun even know how to calculate interest on their loans.

 

My gut feel is that Shull could probably afford 20 year loan, instead of 30. I just want to caution against the monthly payment as a means of affordability, which is what the Minister is trying to imply. By doing this, he sounds like every SE I have met in every show room.

not very sure of Shull mentally. for me my advice to everyone who going to buy the house is this.

 

1) make sure you can pay off your house within 15 to 20 years loan with current income. (i am more strict with myself, 10 to 15 years max.

2) take 30 years loan so that you can have some saving from CPF contribution in times of trouble, this will ensure that you are able to substant the flat when kenna retrench.

3) when enough money in CPF to pay off everything, decide for yourself you want to clear off every debt or not.

 

My method could be wrong anyway. But personally i felt, with this guideline, after varies increment and promotion, should be able to pay off everything in 10 years if you want.

 

in regards to your 2nd point, me and my friend buy the flat around the same time, he did what you mention paying off 10~20K every year. but after 5 years when selling the flat around the same price, i got more cash than him. so, my though, if you intend to sell, dont pay off everything.

Edited April 28, 2012 by Joseph22

[Joseph22]

Wahaha I sort of agree with u on the last part. So we are sort of failed communism.

 

i think the problem is, we are neither here nor there.

[Without_a_car]

In 1973,

 

a 4 room flat (92 sq m) is $15.5K

a plate of chicken rice is 70 cents.

a fresh poly grad pay is $400 pm.

a minister pay is 3-4k pm, about 40K per year.

 

In 2012

 

same flat is $300K. (19x)

chicken rice $3.00 (4x)

salary poly grad $1.4 to $1.8K pm (4.5x)

minister pay say $1 m per year (25x)

 

 

Rightfully accounted for inflation

 

a 4 room flat should cost $139500 with 2 incomes to service the mortgage, since wages went up 4.5 times

 

a minister pay should be no more than $200,000

Edited April 28, 2012 by Without_a_car

[Galantspeedz]

bro, 2 points I wanna make. My combined income was like wise during that time. my wife's CPF paid for a big chunk, so the loan amount was lowered. I just took the lowest period possible to pay. we are more comfortable now, but I still shy away from pte condos.

 

2nd point - 30 year loan is not wrong. but the smarter ones will accumulate savings of 20k to 30k and make 1 time payments to reduce the loan capital outstanding. I mention this becos it is incredible to me some folks dun even know how to calculate interest on their loans.

 

My gut feel is that Shull could probably afford 20 year loan, instead of 30. I just want to caution against the monthly payment as a means of affordability, which is what the Minister is trying to imply. By doing this, he sounds like every SE I have met in every show room.

 

car and house different way of calculating loan lar..

 

hdb use reducing balance method so if I take 30yr loan but pay off in 15yr.. it is similar to u taking 15yr loan straight.

 

but by taking 30yr at onset, I lower my inatalment and build up my cpf. so if suddenly jobless, I still have cpf to pay. if after 10-15yrs all work out according to plan. I clear the loan.

 

I hope you never take loan for your car cuz if you did it is downright foolish as a 1.88% loan rate is effectively about 4%. and because of rule 78. you get penalised if you settle early.

[Without_a_car]

Rightfully accounted for inflation

 

a 4 room flat should cost $139500 with 2 incomes to service the mortgage, since wages went up 4.5 times

 

a minister pay should be no more than $200,000

 

Prices in circa 2000-2005 was in sync with wage rise after adjustment for inflation

Prices after circa 2008 is out of sync with wage rise after adjustment for inflation

[Joseph22]

Rightfully accounted for inflation

 

a 4 room flat should cost $139500 with 2 incomes to service the mortgage, since wages went up 4.5 times

 

a minister pay should be no more than $200,000

look at the earlier link i posted.

 

4 room in bukit pangjang is around that figure. 144K before grant.

 

this is what i support. out skirt area low but mature estate area high.

Edited April 28, 2012 by Joseph22

[Raymondism]

both poor and rich read newspaper, they cater for both end

 

 

shld reply: dun read newspaper la