Cars08 1st Gear March 7, 2013 Share March 7, 2013 My fren tried to refinance his HDB loan with the ordinary account but was told that he n wifey dun qualify due to minimum sum required in ordinary. Anyone could clarify more regarding this? Sorry bro, this one I not familiar...they will need to check with the bank why this is so... ↡ Advertisement Link to post Share on other sites More sharing options...
Cars08 1st Gear March 7, 2013 Share March 7, 2013 Actually it is the same irregardless. How much you have inside. 100K you early repay , left 200k interest of 2.6% , 300k loan , 100k in ordinary , 200k at 2.6% and 100k at 0.1%(or it gives you back 1.4% if you put it in special) depending on how you look at it. It is abt my comfort level to take on loan...maybe last time i was in debt and hence over time I dislike them... some ppl r fine with having debts...it is individual preference.. i only know once i settle one then i will consider the 2nd...no point having 3-4 loans n end up nowhere when a crisis hit u... bank is only ur ah gong during good times...bad times...u can take ur life so that ur family can use the insurance monies to pay off the outstanding loans...but remember, u need to stay alive for 1 yr before taking ur life if u bought insurance w that intent... Link to post Share on other sites More sharing options...
Toothiewabbit Supersonic March 7, 2013 Share March 7, 2013 Sorry bro, this one I not familiar...they will need to check with the bank why this is so... sorry, like to clarify - not with bank. It is HDB loan and HDB officer told them that they could not meet the minimum sum requirement in their respective ordinary accts. Link to post Share on other sites More sharing options...
Altivo 3rd Gear March 7, 2013 Share March 7, 2013 My fren tried to refinance his HDB loan with the ordinary account but was told that he n wifey dun qualify due to minimum sum required in ordinary. Anyone could clarify more regarding this? Best is check with bank and CPF. For me, a large proportion of my housing loan is from CPF. Cash top up is $500. They don't allow me to max out my monthly contribution because of the min sum thingy. So a small amount of CPF is still hitting the OA monthly to meet the required amount. As to what is this threshold? I'm not sure. They didn't reveal it. Link to post Share on other sites More sharing options...
Tarquin 1st Gear March 7, 2013 Share March 7, 2013 I tot they hv a min amt of say 100K at least... not too sure if this info is outdated...but when I sign up my loan w the bank a few yrs ago i was told min 100K if less than they dun lend to u... I was told also 2 years ago when I refinance my housing loan witht the bank...I was supposed to pay a lump sum to reduce the principal and shorten the tenure...so in the end just pay lump sum near the 100k and shorten the loan tenure...hopefully in 5 years from now I can see the loan from the internet banking page zero out...very nice... Link to post Share on other sites More sharing options...
Toothiewabbit Supersonic March 7, 2013 Share March 7, 2013 Best is check with bank and CPF. For me, a large proportion of my housing loan is from CPF. Cash top up is $500. They don't allow me to max out my monthly contribution because of the min sum thingy. So a small amount of CPF is still hitting the OA monthly to meet the required amount. As to what is this threshold? I'm not sure. They didn't reveal it. That's the thing bothers me as they did not reveal the required amount to my fren. Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged March 7, 2013 Share March 7, 2013 Either way , does the banks actually "help"? Offers umbrella always during sunny days.. But no free lunch. One takes loans for leverage but didn't manage the extra leverage well, ends up paying the interest in vain. I love Singapore housing loans... Where else give less than 2% interest? 1 Link to post Share on other sites More sharing options...
Altivo 3rd Gear March 7, 2013 Share March 7, 2013 That's the thing bothers me as they did not reveal the required amount to my fren. They won't reveal, i asked too. Actually, based on the monthly OA contributions for both my wife and myself, it is more than sufficient to cover the mortgage loan. But because of the min sum requirement, we had to top up with cash. For your friend, he would most likely have to top up with cash loh. Otherwise, do a bigger downpayment. 1 Link to post Share on other sites More sharing options...
L_club23 4th Gear March 7, 2013 Share March 7, 2013 Anyone can list some of the better fixed rate packages available from the respective banks? Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged March 7, 2013 Share March 7, 2013 no leh...i borrowed less than that amt n for a short period of time... for property loan? nbz they bluff me Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged March 7, 2013 Share March 7, 2013 Tats the problem with most sales person , no attention to details and try to beat around the bush. So sorry for the harsh words. No offense. Just citing examples. Dude , i already mention fishing is his hobby and he was so good that he is doing it for a living. Meaning he loves what he is doing and can do it almost everyday. By the way this is a real life example , he is one of my uncles. Though he is not a full time fisherman but he doesn't really need money , end up with a kelong which is a simple waste of time for him when what he likes is to fish. Issue is when a person already has enough in life , why bother to "sell" him things that he doesn't need? nvm i not sales person.. i believe financially we think the same way... Link to post Share on other sites More sharing options...
Cars08 1st Gear March 7, 2013 Share March 7, 2013 for property loan? nbz they bluff me Yes...i wanted something below 100K they say cannot...so i took abit more..but definitely no 200K... Link to post Share on other sites More sharing options...
Cars08 1st Gear March 7, 2013 Share March 7, 2013 I was told also 2 years ago when I refinance my housing loan witht the bank...I was supposed to pay a lump sum to reduce the principal and shorten the tenure...so in the end just pay lump sum near the 100k and shorten the loan tenure...hopefully in 5 years from now I can see the loan from the internet banking page zero out...very nice... Link to post Share on other sites More sharing options...
Mustank Hypersonic March 7, 2013 Share March 7, 2013 Best is check with bank and CPF. For me, a large proportion of my housing loan is from CPF. Cash top up is $500. They don't allow me to max out my monthly contribution because of the min sum thingy. So a small amount of CPF is still hitting the OA monthly to meet the required amount. As to what is this threshold? I'm not sure. They didn't reveal it. i dont quite udnerstand i thought that if you have a house and the house is valued more than the min sum, you wont have a mim sum problem? Link to post Share on other sites More sharing options...
Cars08 1st Gear March 7, 2013 Share March 7, 2013 did ur friend make a loss in the previous buy/sell of HDB? I only know min now is $139K after adjusting for inflation... to buy a 2nd property..u need to meet at least half of this amt (OA n SA combined) in order to use CPF to finance...but then again..bcos contribution rates change along certain age...one needs to take that into consideration..refinance HDB? hmmm....first time I heard of that...took HDB loan and ask HDB can refinance their HDB loan meaning extend loan period? or shorten it? I tot shortening is possible as I have ever apply to reduce my loan amount which automatically reduces the loan period... Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged March 7, 2013 Share March 7, 2013 the CPF minimum sum ruling is too complicating to me... until now i dont understand what CPF mean. Link to post Share on other sites More sharing options...
Altivo 3rd Gear March 7, 2013 Share March 7, 2013 i dont quite udnerstand i thought that if you have a house and the house is valued more than the min sum, you wont have a mim sum problem? IIRC, the house only comes into play when you reach 55 yo and haven't accumulated the required amount for the min sum. Before that, you're still required to contribute each month to the OA. That's why I always advocate using the maximum amount of CPF to pay for your housing loans while you save separately. Otherwise, all your $ will just get lock up in CPF. Since CPF is your money in name, might as well make good use of it. Link to post Share on other sites More sharing options...
L_club23 4th Gear March 7, 2013 Share March 7, 2013 i dont quite udnerstand i thought that if you have a house and the house is valued more than the min sum, you wont have a mim sum problem? Maybe 2nd property? ↡ Advertisement Link to post Share on other sites More sharing options...
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