HDB REsales price

[BlueOldMan]

wah got such rule

 

Yup first I heard from my sil cos she divcorved n sold off her 269 flat

She kept her cash profit till she booked same plc as my new flat

Since she is one part, she got to put half of wat she get into new flat

But but she's on hdb loan like the other bro mention which I need to chk on my case if take bank I can keep all my cash profit

I might consider if the rate is nice

[Freestylers09]

Am I missing something?

 

Assuming one couple start working at 25, CPF starts from zero.

 

Assuming max CPF contribution from day 1, the max CPF contribution to OA is $2K/mth.

 

To pay off 300K loan without using cash, the couple have to work 150 months, or equal to 12.5 yrs.

 

12 yrs/2 each 6yr

[Roh96]

12 yrs/2 each 6yr

 

Eh sala lah. 12 yrs of combined effort.

[Sg2303]

Am I missing something?

 

Assuming one couple start working at 25, CPF starts from zero.

 

Assuming max CPF contribution from day 1, the max CPF contribution to OA is $2K/mth.

 

To pay off 300K loan without using cash, the couple have to work 150 months, or equal to 12.5 yrs.

 

You forgot bonus. Bonus also have CPF contribution.

 

Assuming contribution from bonus is 3k/pax on average, every year will have $30000 in OA account.

 

So should need only 10 years only.

Edited August 6, 2013 by Sg2303

[BlueOldMan]

Am I missing something?

 

Assuming one couple start working at 25, CPF starts from zero.

 

Assuming max CPF contribution from day 1, the max CPF contribution to OA is $2K/mth.

 

To pay off 300K loan without using cash, the couple have to work 150 months, or equal to 12.5 yrs.

 

Mine is ard 200, need 10 yrs to pay off

2 more years to go!

[Animian]

Am I missing something?

 

Assuming one couple start working at 25, CPF starts from zero.

 

Assuming max CPF contribution from day 1, the max CPF contribution to OA is $2K/mth.

 

To pay off 300K loan without using cash, the couple have to work 150 months, or equal to 12.5 yrs.

 

that is the thing...why start work at 25 ? not everyone get to go Uni and can start to get into workforce early and start the cpf accumulation early ...and dun forget got bonus and employer portion to up the amount also like mentioned earlier need to top up cash too

 

That's the problem!

 

CPF is meant mainly for retirement, but somehow along the way, people minds get muddled and start exploring ways to utilise it and justify the sky high prices of subsidised housing.

 

it is a gamble...you dun use for housing and leave it inside and all you get is 2+% interest annually...do you think that is even enuff for your retirement

[Freestylers09]

Eh sala lah. 12 yrs of combined effort.

 

ok i get wa u mean

 

btw v easy one la,last i also thought jiak lak 30years loan,later counting actually not hard

 

of coz i wont clear full even cpf enough unless buy 2nd property

[Joseph22]

that is if you take CPF loan IIRC. Take bank loan dun need. check with your fav agent

yes you are right.

 

FYI, i am not your fav agent and i am not an agent. i happen to confirm because i took a bank loan for my 2nd house because of this 50% cash need to go to next house loan rule.

[Roh96]

that is the thing...why start work at 25 ? not everyone get to go Uni and can start to get into workforce early and start the cpf accumulation early ...and dun forget got bonus and employer portion to up the amount also like mentioned earlier need to top up cash too

 

 

 

it is a gamble...you dun use for housing and leave it inside and all you get is 2+% interest annually...do you think that is even enuff for your retirement

 

My assumptions are based on max CPF contribution from day 1 of work life. That is $5K salary per mth. Again, those who didn't study Uni may have early head start, but how many can hit this salary right from day 1?

 

As for bonus? Maybe this will play a bit of difference, but not much lah. How many companies are paying >6 mths bonus these days?

 

So i'm still very surprise to hear ppl paying 300K loan is like chicken feet. Am I missing something?

[Roh96]

ok i get wa u mean

 

btw v easy one la,last i also thought jiak lak 30years loan,later counting actually not hard

 

of coz i wont clear full even cpf enough unless buy 2nd property

 

I was in similar situation like u, thought it was jia liat and have to take 30ys to clear my loan. But I manage to clear it before that thru lump sum payment. But to clear a 300K loan in 5 yrs? No way lah. Unless i got external help or use cash in.

[Joseph22]

haha no la...its 2.6%. means u loan 2.6% to buy shares.

if you loan from CPF to buy shares, i though we only need to return the number plus interest incur. which is current 2.4% (or was it 2.5%)???

[Joseph22]

My assumptions are based on max CPF contribution from day 1 of work life. That is $5K salary per mth. Again, those who didn't study Uni may have early head start, but how many can hit this salary right from day 1?

 

As for bonus? Maybe this will play a bit of difference, but not much lah. How many companies are paying >6 mths bonus these days?

 

So i'm still very surprise to hear ppl paying 300K loan is like chicken feet. Am I missing something?

 

I made a calculation before base on household income, if you are above 6K. you should have no problem paying 300K loan in 15~20 years just using CPF alone.

 

but that does not mean it is affordable as not many people have combine income of 6K.

Edited August 6, 2013 by Joseph22

[BlueOldMan]

yes you are right.

 

FYI, i am not your fav agent and i am not an agent. i happen to confirm because i took a bank loan for my 2nd house because of this 50% cash need to go to next house loan rule.

 

Really? Oh great like what that bro said is true

I think back yup, think the nice Malay gal at hdb got say if take bank loan then no need put in the cash profit thing

 

Tks bro

[Animian]

My assumptions are based on max CPF contribution from day 1 of work life. That is $5K salary per mth. Again, those who didn't study Uni may have early head start, but how many can hit this salary right from day 1?

 

As for bonus? Maybe this will play a bit of difference, but not much lah. How many companies are paying >6 mths bonus these days?

 

So i'm still very surprise to hear ppl paying 300K loan is like chicken feet. Am I missing something?

I tot sales, property agent etc can hit this amount ... unless those pple are bragging to me lah

errr...no one say repay 300K in 5 years chicken feet leh it involved self discipline and sacrifice leh

[BlueOldMan]

that is the thing...why start work at 25 ? not everyone get to go Uni and can start to get into workforce early and start the cpf accumulation early ...and dun forget got bonus and employer portion to up the amount also like mentioned earlier need to top up cash too

 

 

 

it is a gamble...you dun use for housing and leave it inside and all you get is 2+% interest annually...do you think that is even enuff for your retirement

 

Yup u r rite too, the bonus part n the cash top up part

Actually all here are correct , jus put the bits n pcs tog

That's the whole thing Liao

 

Hdb is still quote affordable as in in my time

[Animian]

I made a calculation before base on household income, if you are above 6K. you should have no problem paying 300K loan in 15~20 years just using CPF alone.

 

but that does not mean it is affordable as not many people have combine income of 6K.

 

this being a car forum ... i would tot most pple in here hit more than 6K else how to own car har ?

[Joseph22]

this being a car forum ... i would tot most pple in here hit more than 6K else how to own car har ?

we in car forum very considerate one.

 

we not only think about ourself, but also of the less fortunate

[13177]

I made a calculation before base on household income, if you are above 6K. you should have no problem paying 300K loan in 15~20 years just using CPF alone.

 

but that does not mean it is affordable as not many people have combine income of 6K.

Lol, thought many people here one person alone already have 6k income?! Combine income of 6k should be no problem.