Repossessed flats.
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it was reported in the papers that 76 HDB flats were repossessed by banks due to non payment of loans.
anyone read about this? -
So many as that?
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More good years ahead.
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no I havent read today's papers...but ur reason for bringing this up is?Originally posted by dragg:it was reported in the papers that 76 HDB flats were repossessed by banks due to non payment of loans.
anyone read about this? -
76 families are gg to slp on the streets...Originally posted by Xcert:no I havent read today's papers...but ur reason for bringing this up is? -
not today's paper. maybe yesterday's.Originally posted by Xcert:no I havent read today's papers...but ur reason for bringing this up is?
my point is the difference between taking a loan from the bank and from HDB is exactly this.
HDB wouldnt 'openly' repossess your flat if you fail to pay up. they will give you some leeway.
borrowing from banks is entirely different. they will not hesitate to take the necessary action.
anyway they said it is only a small percentage. -
not to sound unsympathetic...but I guess that's the difference between borrowing from a commercial bank and HDB...hopefully HDB will not stoop to the same level as banks.Originally posted by shinta:76 families are gg to slp on the streets... -
that is exactly my point.Originally posted by Xcert:not to sound unsympathetic...but I guess that's the difference between borrowing from a commercial bank and HDB...hopefully HDB will not stoop to the same level as banks.
why did HDB choose to 'outsource' this 'lucrative business' to the banks? -
it was reported that it is only a small percentage of the total.Originally posted by iveco:So many as that?
so we shouldnt be concerned. -
to avoid this kind of situation...maybe the best option for young couples(1st time buyers) is to just get a small small flat...not exactly encouraging to the heart but at least it lowers the financial risks...Originally posted by dragg:not today's paper. maybe yesterday's.
my point is the different between taking a loan from the bank and from HDB is exactly this.
HDB wouldnt 'openly' repossess your flat if you fail to pay up. they will give you some leeway.
borrowing from banks is entirely different. they will not hesitate to take the necessary action.
anyway they said it is only a small percentage.
Banks wouldnt tell openly that they are repossessing large number of flats...not good for them...not good for market...not good for everyone...
some people like the carrot dangled out by the banks...floating percentage interests,etc...so I guess they have to shoulder some of the responsibilities. -
simple...if the market is not good...people are not spending as much...not borrowing as much...owe credit card bills...then banks will not be as profitable as before...Originally posted by dragg:why did HDB choose to 'outsource' this 'lucrative business' to the banks?
banks...like any other money-making organisation...will choose to go elsewhere if the situation continues and singapore as a financial hub is not going to like that a lot...some form of new market would have to be found somewhere....
HDB has been offering low-risk loans on their housing for years...and that portion has been a strain to HDB...so as to speak...so to hit 2 birds with one stone...they came out with the current policy...
1.solve bank's problem.
2.solve HDB's burden
and I havent even started on the relaxing of rules for maximum housing loan...
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will renting a 3 room flat be cheaper than owning 1?
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depends on the area, accessibility etc...Originally posted by digicharat:will renting a 3 room flat be cheaper than owning 1?
it's cheaper to "purchase" 3 rooms... if u rent teh entire place from the market, it can go from 700 - 1k... depending on the area.... utilities... would be another problem =X -
depends on ur long term plans?Originally posted by digicharat:will renting a 3 room flat be cheaper than owning 1? -
it really depends on how much your loan is.Originally posted by digicharat:will renting a 3 room flat be cheaper than owning 1?
i am paying 17k interest over 20 years just for a 58k loan.
if you are have sufficient cpf to pay for a 3 rm flat without going for the loans then buying is better than renting. -
Unfortunately, this appears to be `not a serious issue' according to parliament. I heard it on radio quoting some minister.
This is just a small percentage.
It seems that nowadays, sacrifices must be made for the good of society.
BTW, do you know that the interest rate for subsidised flats is NOT 2.6% after careful calculations? -
compounded interest is the key.