cpf, hdb and retirement
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Are Singaporeans overpaying for HDB flats?
Assuming I took a 200k home loan from HDB @ 2.6% interest for 30 years, I would need to pay $800.68 monthly. This would work out to be:
Monthly Payment: $800.68 Total Paid: $288244.59 Total Interest: $88244.59
Need to have CPF(33%): $1201.02 Monthly Pay: $3639.45
At the end of 30 years, I would probably be left with little amount in cpf. Not to forget that cpf contribution from employers will drop when you are above 50.
Assuming that the HDB flat appreciates in value and I sell it off, I would need to pay a levy to get a 2nd subsidized HDB flat or I can choose to buy a resale flat which most likely will cost just as much (assuming same flat type). It seems wiser to stay in the flat for 30 yrs and then try to downgrade when I am about to retire. However, will banks be willing to allow loans to purchase a 30yr HDB flat?? This could mean that I may not be able to sell off the flat and downgrade. The options left would be to take up reverse mortgage or pledge the flat to HDB for retirement payout.
hmm.... any comments? -
a viable possibility in 30 years.
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you are scaring the TSOriginally posted by Ito_^:a viable possibility in 30 years. -
im not scaring him.Originally posted by allentyb:you are scaring the TS
dat is a better option, in certain circumstances.
lowest income bracket will get state assistance.
its the lower-middle class that gets into real trouble and debts, and no help at all. rising cost, rising debts, rising pressure, and that smouldering pride in them, they turn to the mrt.
they are too rich to be eligible anything, even if they have a mountain of debt and loans.
and one of em, could very well be housing loans. -
Read this thread call debt trap from SgBrides. It will answer alot of your questions.Originally posted by ghost2345:Are Singaporeans overpaying for HDB flats?
Assuming I took a 200k home loan from HDB @ 2.6% interest for 30 years, I would need to pay $800.68 monthly. This would work out to be:
Monthly Payment: $800.68 Total Paid: $288244.59 Total Interest: $88244.59
Need to have CPF(33%): $1201.02 Monthly Pay: $3639.45
At the end of 30 years, I would probably be left with little amount in cpf. Not to forget that cpf contribution from employers will drop when you are above 50.
Assuming that the HDB flat appreciates in value and I sell it off, I would need to pay a levy to get a 2nd subsidized HDB flat or I can choose to buy a resale flat which most likely will cost just as much (assuming same flat type). It seems wiser to stay in the flat for 30 yrs and then try to downgrade when I am about to retire. However, will banks be willing to allow loans to purchase a 30yr HDB flat?? This could mean that I may not be able to sell off the flat and downgrade. The options left would be to take up reverse mortgage or pledge the flat to HDB for retirement payout.
hmm.... any comments?
http://www.singaporebrides.com/forumboard/messages/409/296655.html?1171753939 -
That is BLEAK as HELL....!
I still say work hard, save hard, then demand every cent back from gov & migrate to retire elsewhere...!!!
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We brought a 4 rooms HDB flat at S$50k at HG and an apartment for investment in 1980s,we sold the HDB flat at S$250K and made a handsome profit of about S$200k and live in the condom now!!!!
We earned a salary of S$1,600 p.m then but which is stlill the same now but HDB is selling their 4 rooms flats at S$200k ,how can our youth to afford it with the salary same as 20 yrs ago!!!!
After 30 yrs from now, we will not be surprised the young will be the same as what the picture has shown!!!!
Poor Siilyporeans!!!!! -
Originally posted by ghost2345:
2.6% interest rate is low compared to other asian countries:
Are Singaporeans overpaying for HDB flats?
Assuming I took a 200k home loan from HDB @ 2.6% interest for 30 years, I would need to pay $800.68 monthly. This would work out to be:
Monthly Payment: $800.68 Total Paid: $288244.59 Total Interest: $88244.59
Need to have CPF(33%): $1201.02 Monthly Pay: $3639.45
At the end of 30 years, I would probably be left with little amount in cpf. Not to forget that cpf contribution from employers will drop when you are above 50.
b]
[b]''The expansion of the mortgage sector in east Asia has been facilitated by the decline of market rates, at least until mid-2005, which enabled a larger creditworthy portion of the middle-income population to get access to housing finance. Adjustable mortgage rates vary from 5% to 8%, which remains relatively affordable. The majority of loans are indexed on prime lending rates, base lending rates or official inter-bank lending index. In Indonesia, the macro volatility has kept rates at a higher level (17%), which prevents any large expansion through conventional mortgage loans.''
quoted from: East Asia Revives, 8 January, 2007 http://www.thebanker.com/news/fullstory.php/aid/4721/East_Asia_revives.html
If people in other countries can survive (some barely survive), then why not singaporeans? Why quit so easily? Go to the lesser develop asian countries and you will find more beggars on the streets, you're just another whinger....
Read more about other countries, that would help you to get a better perspective of things. -
Originally posted by saffron60:
Had u been 2 Darka?
2.6% interest rate is low compared to other asian countries:
[b]''The expansion of the mortgage sector in east Asia has been facilitated by the decline of market rates, at least until mid-2005, which enabled a larger creditworthy portion of the middle-income population to get access to housing finance. Adjustable mortgage rates vary from 5% to 8%, which remains relatively affordable. The majority of loans are indexed on prime lending rates, base lending rates or official inter-bank lending index. In Indonesia, the macro volatility has kept rates at a higher level (17%), which prevents any large expansion through conventional mortgage loans.''
quoted from: East Asia Revives, 8 January, 2007 http://www.thebanker.com/news/fullstory.php/aid/4721/East_Asia_revives.html
If people in other countries can survive (some barely survive), then why not singaporeans? Why quit so easily? Go to the lesser develop asian countries and you will find more beggars on the streets, you're just another whinger....
Read more about other countries, that would help you to get a better perspective of things.[/b]
Scarely oh!!! I was like a King walking along the street n the gov paid a US$ 1 for them to protest in their country!!
Can I pay U a S$1 to shut yr mouth!!!
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BLOODSUCKER!
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I assume that you meant condo. How is it possible to service condo home loan at $1.6k p.m.??Originally posted by foomwee88:We brought a 4 rooms HDB flat at S$50k at HG and an apartment for investment in 1980s,we sold the HDB flat at S$250K and made a handsome profit of about S$200k and live in the condom now!!!!
We earned a salary of S$1,600 p.m then but which is stlill the same now but HDB is selling their 4 rooms flats at S$200k ,how can our youth to afford it with the salary same as 20 yrs ago!!!!
After 30 yrs from now, we will not be surprised the young will be the same as what the picture has shown!!!!
Poor Siilyporeans!!!!! -
U know i cant type but using a voice recognizer 2 work 4 me but sometime it spells wrong word like condominium as Condom, cauz this dog is useless , hopless and laziness like a Pig oh!!!Originally posted by ghost2345:I assume that you meant condo. How is it possible to service condo home loan at $1.6k p.m.??
Sorry !!!
That why I said,the young one who earns S$1.6K will have a hard time ahead!!!! -
Originally posted by saffron60:
You can say anything you want, but 1 question - would you rather be a Singaporean living in Singapore, or a Malaysian living in Malaysia if you were out of a job long-term?
....
If people in other countries can survive (some barely survive), then why not singaporeans? Why quit so easily? Go to the lesser develop asian countries and you will find more beggars on the streets, you're just another whinger....
Read more about other countries, that would help you to get a better perspective of things.
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my dad is dead right, 20 years ago he was making $1,600 a month....it seems that salary remained unchanged over the years but living expense increases......if u compare my dad was living better off than me currently!!
Originally posted by foomwee88:We brought a 4 rooms HDB flat at S$50k at HG and an apartment for investment in 1980s,we sold the HDB flat at S$250K and made a handsome profit of about S$200k and live in the condom now!!!!
We earned a salary of S$1,600 p.m then but which is stlill the same now but HDB is selling their 4 rooms flats at S$200k ,how can our youth to afford it with the salary same as 20 yrs ago!!!!
After 30 yrs from now, we will not be surprised the young will be the same as what the picture has shown!!!!
Poor Siilyporeans!!!!! -
Since you are retired already and have so much free time on your hands, why don't you ask your son to teach you some manners?Originally posted by foomwee88:Had u been 2 Darka?
Scarely oh!!! I was like a King walking along the street n the gov paid a US$ 1 for them to protest in their country!!
Can I pay U a S$1 to shut yr mouth!!!
With the way you talk, you'll probably get this thread closed down very soon. -
If you are referring to the cost of living, then it would be roughly the same, ceteris paribus (all other things being equal).Originally posted by uluaman:You can say anything you want, but 1 question - would you rather be a Singaporean living in Singapore, or a Malaysian living in Malaysia if you were out of a job long-term?
TS chose the wrong issue to pick on, 2.6% is not a big deal at all compared to the interest rate of other countries. -
You did not answer the question, unless you inferred that you are fine with either?
If you are a typical citizen in either of the 2 countries, which would you rather be in if you were jobless for an extended amount of time? -
first of all, your question doesn't make much sense. What difference does it make whether you are a singaporean living in singapore or a msian living in msia? So i had to infer the real meaning of your question, which is about the cost of living. So my answer is, it doesn't matter whether i am either, because the cost of living would be about the same if i was out of a long term job, ceteris paribus. I have spent some time in a much much more expensive country before, without working, all i can say is that, if you are prepared for bad times ahead, then you can cushion the blow. No use blaming the system of any particular country, you have to do your own homework first.Originally posted by uluaman:You did not answer the question, unless you inferred that you are fine with either?
If you are a typical citizen in either of the 2 countries, which would you rather be in if you were jobless for an extended amount of time? -
Me brought my 4room HDB in Woodlands as 1st timer....... like it, so not planning to sell at all. Cost me $116K...... when I'm old and not longer need such a big house, chase all the children out, sell the house for cash (not CPF)... take the $$$ with my other insurance saving..... and hope very much to die 1st before the $$$ is finish...... life of a avg S'porean
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I hope u stop posting in any thread cauz u r not the man of substance and making yrself a laughing stock in the eye of forumers.Originally posted by saffron60:Since you are retired already and have so much free time on your hands, why
don't you ask your son to teach you some manners?
With the way you talk, you'll probably get this thread closed down very soon.
whatever u had posted contribute nothing and information to benefit others and always barking up the wrong trees!!!!
I m very free now so as u whom I wonder u may be paid to post here!!!
Getting the thread closed down here has nothing 2 do with me and the way u sound like u own this foruml !!! -
Very strong words coming from someone who claims that he doesn't know how to type!!!!!!!Originally posted by foomwee88:I hope u stop posting in any thread cauz u r not the man of substance and making yrself a laughing stock in the eye of forumers.
whatever u had posted contribute nothing and information to benefit others and always barking up the wrong trees!!!!
I m very free now so as u whom I wonder u may be paid to post here!!!
Getting the thread closed down here has nothing 2 do with me and the way u sound like u own this foruml !!!
Why did you even mention that you can't type? And now you want people to take you seriously? Now who's the laughing stock?
I suspect you're the reason why a few threads were closed recently and i think that to date, it's the best thing that has happened in this forum. I commend the moderators on doing a good job.
You are against my views because you i don't agree with you and because you can't argue your views in an eloquent way, you get very hostile and take it out on me (mainly because my views are unpopular and that makes me an easy target). -
Originally posted by saffron60:Very strong words coming from someone who claims that he doesn't know how to type!!!!!!!
Why did you even mention that you can't type? And now you want people to take you seriously? Now who's the laughing stock?
I suspect you're the reason why a few threads were closed recently and i think that to date, it's the best thing that has happened in this forum. I commend the moderators on doing a good job.
You are against my views because you i don't agree with you and because you can't argue your views in an eloquent way, you get very hostile and take it out on me (mainly because my views are unpopular and that makes me an easy target). -
THE WAY U TALK more like a dog than a pig!!!!!may be both dog n pig!!!!Originally posted by saffron60:Very strong words coming from someone who claims that he doesn't know how to type!!!!!!!
Why did you even mention that you can't type? And now you want people to take you seriously? Now who's the laughing stock?
I suspect you're the reason why a few threads were closed recently and i think that to date, it's the best thing that has happened in this forum. I commend the moderators on doing a good job.
You are against my views because you i don't agree with you and because you can't argue your views in an eloquent way, you get very hostile and take it out on me (mainly because my views are unpopular and that makes me an easy target). -
Some Gods will be like a poor woman sleeping at the street !!!!!
