Soho 4th Gear July 23, 2011 Share July 23, 2011 guys... tough decision here.. should i go for a BTO 5 rm which cost around 400k which i will get 10k grant or EC 3 bed room which cost 690k which i will get 40k grant... because if EC, my parents would like to sponsor 200k for us for the downpayment.. so in the end still cost same as BTO for the EC ↡ Advertisement Link to post Share on other sites More sharing options...
Theoldjaffa Hypersonic July 23, 2011 Share July 23, 2011 Think u just answered your own question Link to post Share on other sites More sharing options...
Viceroymenthol 6th Gear July 23, 2011 Share July 23, 2011 You basically answered your own question. EC will have full condo status after 10 years. BTO is a HDB forever. The only thing is ECs tend to be in really ulu areas but with the opening of more HDB land in ulu areas to house our growing population, those previously ulu areas will become mature sooner or later. So with a little luck, your ulu EC will become a full condo in "mature" estate with full amenities 10 years down the road. Isn't that better than BTO? Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 hmmm the EC i looking at is austville... and the BTO i looking at is just 5 min walk from sengkang MRT... the thing is sometime i dun feel like using the 200k from my parents.. they r well to do and its not a big sum for them.. but me and my gf feels like getting it with our own $ and stuff... but my parents are trying to talk us into getting a EC coz to them its will make more $ next them we sell.. haha.. and 600+k for a EC/condo is cheap as compared to all the 1+m condo around... Link to post Share on other sites More sharing options...
Rncw 5th Gear July 23, 2011 Share July 23, 2011 keep the 200k for better use...hdb is not bad also Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 keep the 200k for better use...hdb is not bad also nah... if i getting HDB, i will not even take the 200k from them... Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 anyway bros.. may i know, i heard: if i take loan from HDB for BTO, the interest rate will be lower right? but if i would like to pay like a lump sum in the future or like pay full, HDB will still caculate the interest in? so finish paying eariler or not doesnt matter? if i take loan from bank instead, interest will be higher? but i can refinance or like pay lump sum + some penatly but no need to pay full interest? can anyone advice? which is better? thanx! Link to post Share on other sites More sharing options...
Dumb 4th Gear July 23, 2011 Share July 23, 2011 hmmm the EC i looking at is austville... and the BTO i looking at is just 5 min walk from sengkang MRT... the thing is sometime i dun feel like using the 200k from my parents.. they r well to do and its not a big sum for them.. but me and my gf feels like getting it with our own $ and stuff... but my parents are trying to talk us into getting a EC coz to them its will make more $ next them we sell.. haha.. and 600+k for a EC/condo is cheap as compared to all the 1+m condo around... EC you sure get as there are many units left. No need to ballot. With 40k grant, it definitely worth considering. 5rm BTO is slightly bigger but unlike EC, there is slim chance of you getting what you hoping for as there will be many applicants. But if I am sure of getting the BTO that I have in mind, I will go for BTO as I still have chance to buy private condo in future and own both. If you get EC, you can never own a hdb unless you dispose your EC and wait for 30 months. Link to post Share on other sites More sharing options...
Dumb 4th Gear July 23, 2011 Share July 23, 2011 anyway bros.. may i know, i heard: if i take loan from HDB for BTO, the interest rate will be lower right? but if i would like to pay like a lump sum in the future or like pay full, HDB will still caculate the interest in? so finish paying eariler or not doesnt matter? if i take loan from bank instead, interest will be higher? but i can refinance or like pay lump sum + some penatly but no need to pay full interest? can anyone advice? which is better? thanx! Interest rate for HDB loan currently 2.6% whereas bank loan less than 1.5%. Dunno how true some bank recently are offering 0.2%!!! Link to post Share on other sites More sharing options...
Hondacub777 6th Gear July 23, 2011 Share July 23, 2011 anyway bros.. may i know, i heard: if i take loan from HDB for BTO, the interest rate will be lower right? but if i would like to pay like a lump sum in the future or like pay full, HDB will still caculate the interest in? so finish paying eariler or not doesnt matter? if i take loan from bank instead, interest will be higher? but i can refinance or like pay lump sum + some penatly but no need to pay full interest? can anyone advice? which is better? thanx! I think it's the other way.HDB is higher and the bank is lower. But touch wood,if u can't pay the monthly instalments,usually bank will repocess in 3 months.For HDB,even 1 year,they will try their best to solve ur problem.They won't take back ur flat without finding the real reason behind why u can't make the payments.End of the day,HDB more lenient. Link to post Share on other sites More sharing options...
Aristotle 5th Gear July 23, 2011 Share July 23, 2011 I feel BTO is better for you, since you have yet to purchase 1 and still within hdb rules to own one. $200k loan, though it seems good to take, but like you said, your parents have a vested interest and when it comes to selling the next time, it could well become a sour point when it comes to profit or loss. My parents also once offered me this option 10 years back, and I'm glad I decided not to take up their offer. The profits I sold my previous hdb enabled me to upgrade to a private condo, even without a single cent from them. In fact, I treat them to a good meal after the sale Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 I think it's the other way.HDB is higher and the bank is lower. But touch wood,if u can't pay the monthly instalments,usually bank will repocess in 3 months.For HDB,even 1 year,they will try their best to solve ur problem.They won't take back ur flat without finding the real reason behind why u can't make the payments.End of the day,HDB more lenient. eh bro bank loan now i know its quite low... but they will increase after a few years right? Link to post Share on other sites More sharing options...
Dafansu Turbocharged July 23, 2011 Share July 23, 2011 taking 200k from my parents, no way unless I pay back to them Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 eh bros.... the 200k my parents will be more like wedding gift or smth for us...but of course if we would take the $, we would return... now i am still in UNI while my gf is out working for 1 yr.. the 200k will be more of a cash for downpayment for us as we do not have much cash yet ... maybe total around 80k.. so the cash would just help us jump start.. once i grad, our combine income would be around 8k... so should be ok with paying off EC ourself... anyway so is it true that if i take hdb loan, there will be no way to pay a lump sum and avoid the interest? Link to post Share on other sites More sharing options...
I-LOVE-CARS 1st Gear July 23, 2011 Share July 23, 2011 (edited) Take it step by step, if first time it is better to take BTO as once u take EC, u cannot take back HDB liao, and HDB loan better than Bank....or if u wan the best of both worlds, u can try get DBSS (PS, the DBSS at clementi Ave 6 not bad sia) Edited July 23, 2011 by I-LOVE-CARS Link to post Share on other sites More sharing options...
Mustank Hypersonic July 23, 2011 Share July 23, 2011 wow you got just 1 chance at this! either bto or ec. after that you will bust the incone ceiling even if they raise to 12k. i suggest you buy bto. 5 yrs later buy pte and rent out hdb to support pte. Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 Take it step by step, if first time it is better to take BTO as once u take EC, u cannot take back HDB liao, and HDB loan better than Bank....or if u wan the best of both worlds, u can try get DBSS (PS, the DBSS at clementi Ave 6 not bad sia) clementi tat 1 i know its good.. but i think both me and my gf stay at hougang so sk and punggol better for us.. and also most of our relative stays at sengkang.. haha.. our parents want to visit us oso easier... Link to post Share on other sites More sharing options...
Soho 4th Gear July 23, 2011 Author Share July 23, 2011 wow you got just 1 chance at this! either bto or ec. after that you will bust the incone ceiling even if they raise to 12k. i suggest you buy bto. 5 yrs later buy pte and rent out hdb to support pte. yup... problem is my gf's income quite high even now... ↡ Advertisement Link to post Share on other sites More sharing options...
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