Felipe 3rd Gear November 2, 2012 Share November 2, 2012 No loophole, they don't only look at current - look at IRAS records, if anything look funny you must exprain. But gotta wonder - if got 12k income ceiling, how come can still price at 1.77 mill - obviously 12k cannot service / afford, money must come from else where. Also, yeah - it'll be noisy, but the vast bulk of upcoming HDB building is Punggol, so all will be the same a banker recently told me a 5k salary can loan 800k max. so for 1.77m, i think both earn 5-6k can already. of course, monthly gonna be high. tats y i suspect high downpayment. ↡ Advertisement Link to post Share on other sites More sharing options...
Darryn Turbocharged November 2, 2012 Share November 2, 2012 So far, the govt has always "topped up" the lease on lease hold properties when they are redeveloped, so depreciating is not "real" yet as no lease has looked like it will expire. Once (or if) you start to see leases not being topped up to a fresh 99 year term, then the remaining time will be much more of a concern. If I recall correctly, you cannot take a loan that on a property of loan tenure will extend until the property has less than 30 (or maybe 35) years left on the lease. Link to post Share on other sites More sharing options...
Darryn Turbocharged November 2, 2012 Share November 2, 2012 a banker recently told me a 5k salary can loan 800k max. so for 1.77m, i think both earn 5-6k can already. of course, monthly gonna be high. tats y i suspect high downpayment. According to HDB, with income of $12k, max loan is $1.3 mirrion. Payments would be $4k per month @ 2% interest. Link to post Share on other sites More sharing options...
Altivo 3rd Gear November 2, 2012 Share November 2, 2012 I did consider this place but eventually my gf and me find the area too inconvenient..no mrt EC have to wait MOP period then can sell etc..boh hua la so we bought another one near tai seng mrt. more expensive but beside MRT and city fringe..can la..freehold somemore Even for resale, the is a seller stamp duty if you sell within the first 4 yrs. So in effect, that's an unofficial MOP. Link to post Share on other sites More sharing options...
Rayoflight 5th Gear November 2, 2012 Share November 2, 2012 (edited) U know that freaking small corner of serangoon got how many new condos? u drive past there..chao chao got 5 or 6 down the whole stretch to punggol. Plus new HDBs building there. Riversails has 930 units..Heron bay 400+... Next time how to sell for profit? For eg, riversails 930units..each housing 3members avg..thats close to 3k pple in 1 condo..use smlj facilities? the gym you probably need advance booking. good luck to those who bought to stay..going to squeeeeeeeeezeee with all the FTs renting there. Edited November 2, 2012 by Rayoflight Link to post Share on other sites More sharing options...
Altivo 3rd Gear November 2, 2012 Share November 2, 2012 No loophole, they don't only look at current - look at IRAS records, if anything look funny you must exprain. But gotta wonder - if got 12k income ceiling, how come can still price at 1.77 mill - obviously 12k cannot service / afford, money must come from else where. Also, yeah - it'll be noisy, but the vast bulk of upcoming HDB building is Punggol, so all will be the same ECs are also targeted by upgraders. So if a family is able to make a larger downpayment from their savings or from the profit from the sale of their current house, then the 1.77m price tag might still be possible with a 12k income cap. Link to post Share on other sites More sharing options...
Altivo 3rd Gear November 2, 2012 Share November 2, 2012 a banker recently told me a 5k salary can loan 800k max. so for 1.77m, i think both earn 5-6k can already. of course, monthly gonna be high. tats y i suspect high downpayment. I'm not surprised. Last year when I was scouting around to get a in-principal approval for my housing loan, one of loan specialist from a local bank told me his bank actually approved an application where the loan to income ratio was up to 70%. Imagine 70% of the income goes to the mortgage. Wow Link to post Share on other sites More sharing options...
Darryn Turbocharged November 2, 2012 Share November 2, 2012 I'm not surprised. Last year when I was scouting around to get a in-principal approval for my housing loan, one of loan specialist from a local bank told me his bank actually approved an application where the loan to income ratio was up to 70%. Imagine 70% of the income goes to the mortgage. Wow Thats just insane. 70% what were they smoking? Link to post Share on other sites More sharing options...
Altivo 3rd Gear November 2, 2012 Share November 2, 2012 Thats just insane. 70% what were they smoking? hahaha... it's that scary. The guideline whereby one should refrain from using more than 35% of your income is just a "guideline". In reality, most people breach this ratio. Link to post Share on other sites More sharing options...
Rayoflight 5th Gear November 2, 2012 Share November 2, 2012 (edited) 70%? 100% i also done it before. Of coz possible..i've done it many times. This applies to pple who hold multiple properties and they max out based on NOA. But..they are freaking cash rich and credit will base on their amount of cash to justify their installments. Normally these group of customers, they dont take 80% loan. If take less than 60% loan, DSR ratio can ignore.. For new cases like first timers etc..Debt servicing ratio is about 40% max 50% nia.. I worked in mortgage sales before and i know... Edited November 2, 2012 by Rayoflight Link to post Share on other sites More sharing options...
Altivo 3rd Gear November 2, 2012 Share November 2, 2012 70%? 100% i also done it before. Of coz possible..i've done it many times. This applies to pple who hold multiple properties and they max out based on NOA. But..they are freaking cash rich and credit will base on their amount of cash to justify their installments and normally they dont take 80% loan. If take less than 60% loan, DSR ratio can ignore.. For new cases like first timers etc..Debt servicing ratio is about 40% max 50% nia.. I worked in mortgage sales before and i know... okie... thanks for sharing! Link to post Share on other sites More sharing options...
Duckduck Turbocharged November 2, 2012 Share November 2, 2012 (edited) actually depends on how you view the word depreciate. most layman use the word loosely to mean drop in value. anythign lower in demand will drop in value. don't give me the crap that FH gains just slow down and there is never drop in valuation. FH also suffer drops in value like any commodity when the demand is down. FH will drop to the situation replacement value. Since freehold means u can derive an almost perpetual inflation pegged value to it. With leasehold, your discounted cash flow stops at year 99, hence the need to resale or enbloc since every year the residual value decreases, despite rentals holding up for example Edited November 2, 2012 by Duckduck Link to post Share on other sites More sharing options...
Rayoflight 5th Gear November 2, 2012 Share November 2, 2012 (edited) Many singaporeans are still indeed very very cash rich.. Alot of clients, low profile but their bank account very fat. like woah..how to accumulate these much of $$ sometimes i wonder. Got 1 client who has about 10 or more properties when i did his loan back in 2010..bank still give him 80% loan even DSR burst like crazy..like 300%. He bought quite alot of prime properties..like W @ Sentosa etc.. I think MAS is more stringnent now already. Edited November 2, 2012 by Rayoflight Link to post Share on other sites More sharing options...
Duckduck Turbocharged November 2, 2012 Share November 2, 2012 (edited) Many singaporeans are still indeed very very cash rich.. Alot of clients, low profile but their bank account very fat. like woah..how to accumulate these much of $$ sometimes i wonder. Got 1 client who has about 10 or more properties when i did his loan back in 2010..bank still give him 80% loan even DSR burst like crazy..like 300%. He bought quite alot of prime properties..like W @ Sentosa etc.. I think MAS is more stringnent now already. maybe money laundering, insider trading, or plain lucky, anything to beat the normal market returns. Edited November 2, 2012 by Duckduck Link to post Share on other sites More sharing options...
Wyfitms Twincharged November 2, 2012 Share November 2, 2012 The young couple may have come from a wealthy family. It's possible that their parents help to contribute a 60 to 80% downpayment and the young couple only need to take a loan of 300 to 400k only. I think the family would just buy it for the couple as a wedding gift lar. Developers know there are such rich kids around so will always reserve a few PH units at crazy prices for them! I personally know of a friend. She's stayhome mum and hubby makes less than 5k a month at 40 yr old. But hubby family bought them a nice 4 bedrm condo, a nice MPV and every now and then cash ang pows to tide them over rough times... Link to post Share on other sites More sharing options...
Wyfitms Twincharged November 2, 2012 Share November 2, 2012 I'm not surprised. Last year when I was scouting around to get a in-principal approval for my housing loan, one of loan specialist from a local bank told me his bank actually approved an application where the loan to income ratio was up to 70%. Imagine 70% of the income goes to the mortgage. Wow sounds reasonable. Things are so cheap in SG given our ultra low inflation , i'm sure most ppl can survive on 30% of income. Local banks very kiasi one, dun u know they claim to have super conservative underwriting? Link to post Share on other sites More sharing options...
Topspin 2nd Gear November 2, 2012 Share November 2, 2012 who say? Can use it to do astronomy with an open sky! You know how hard to do astronomy in Singapore....? Sorry la bro....see my nick and you know I like to see stars But honestly, I wish one day I have a big open terrace where I can set up all my telescopes and gears to do astronomy. Hard to see anything in Singapore with so much light contamination from the street lights. Your expensive telescope will be quite a waste...unless you lug it to some ulu place along Lim chu kang. Link to post Share on other sites More sharing options...
Wyfitms Twincharged November 2, 2012 Share November 2, 2012 who say? Can use it to do astronomy with an open sky! You know how hard to do astronomy in Singapore....? Sorry la bro....see my nick and you know I like to see stars But honestly, I wish one day I have a big open terrace where I can set up all my telescopes and gears to do astronomy. Then u can get a unit at starville. It has a conservatory for star gazing. ↡ Advertisement Link to post Share on other sites More sharing options...
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