hdb loan to take the max? - Page 2
    
 
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  1. #16
    Senior Member rojak is on a distinguished road
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    Quote Originally Posted by Ning87 View Post
    actually when buying a flat, when hdb ask u how many yrs u want to loan. my advise is to say 30. of course, you will not really need 30 yrs to pay.. but remember, hdb loan u can shorten, cannot lengthen. means if u say 20, u die die have to pay in 20 yrs. but if u say 30, 10 yrs later, u strike toto or what, u can pay full.

    when u tell hdb how many yrs consider the following:
    1) if one of us lose our job, can we continue to pay monthly installment?
    2) if we have a kid, can we continue to pay monthly installment?
    3) do i know what happen if i default payment for one month, what will happen?

    Also, i dont advise on paying cash on top of CPF for the hdb.. tt cash can be used for utility and u are not giving urself any safety net at all.. all will be left hand in, right hand out. means for the next few yrs, u cannot quit ur job, cannot get paid lesser than what u are getting now etc..
    Yeah, tt's an important thing to note -- can shorten cannot lengthen. I also agree that it is not good ot wipe out your cpf and still need to top up cash. Anyone knows if hdb loan can be 40yrs? coz i know bank loan can.. not sure if 40 yrs is at all a good idea tho, considering the amt of interest compounded over the years...

  2. #17
    Junior Member chongeileen is on a distinguished road
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    HDB prices are making Singaporeans depress!

  3. #18
    Junior Member Cyber Spider11 is on a distinguished road
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    I would say, it is important to consider how much you want to take as a loan, then take issue with how much money you can afford to pay without affecting your month expenses, after that it is easy according to the rate of interest dynamic or fixed you would figure out for how long you should stretch the payments.

  4. #19
    Member Caroline is on a distinguished road
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    dont think HDB can do 40 years, think only 30 years but they might stretch it to 40 years soon as the prices keep increasing lor. I will opt for 40 years if have even though theres compounded interest but at least it is less taxing each month, then if do manage to get promotion at work with lots of spare savings then can pay a huge sum at one short at certain points of time and this will help lower the compound interest and yet at the same time dont have to be so afraid if lose the job

  5. #20
    Junior Member carltoneoz is on a distinguished road
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    actually home loan is considered a "good" debt cos interest is generally low. hence, even if u can afford to pay off ur loan, it may be a better idea to invest that money instead cos the required returns is only 2.6%. meaning that as long as ur investment returns is more than 2.6%, you are enjoying net gains

  6. #21
    Member angelwings is on a distinguished road
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    you should not try to pay off your home loan. There is this thing in HDB that if one spouse pass away, (suicidal not counted) the HDB will be paid off by the govt in full. so the spouse dont need to worry about a roof over his/her head

    i know of a few people whom the spouse pass away, their hdb is given 'free' by hdb to them already.

  7. #22
    Junior Member ephemeral is on a distinguished road
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    so good?

    either one of the spouse?

  8. #23
    Senior Member rojak is on a distinguished road
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    i don't thihnk we need to aim to pay off everything (if can, good for you). coz we can take it as a loan from hdb... like slowly renting it and eventually owning it. as carltoneoz mentioned, it's better to be cash-rich instead of dumping it all into your flat just ot be debt-free. then use the cash to invest at other stuff to get back returns. money grow money. you'll notice that most rich people get there from investments, and to do such huge investments, they tend ot borrow money and are almost never debt-free. they just borrow money to invest to earn money etc... as long as you don't over do it, it's fine

  9. #24
    Member missylis is on a distinguished road
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    all the opinions here are good.. i will not pay full for my HDB too. will be paying through CPF instead

  10. #25
    Senior Member rojak is on a distinguished road
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    Quote Originally Posted by Caroline View Post
    dont think HDB can do 40 years, think only 30 years but they might stretch it to 40 years soon as the prices keep increasing lor. I will opt for 40 years if have even though theres compounded interest but at least it is less taxing each month, then if do manage to get promotion at work with lots of spare savings then can pay a huge sum at one short at certain points of time and this will help lower the compound interest and yet at the same time dont have to be so afraid if lose the job
    does the compounded interest reduce if you suddenly pay a lump sum sometime? I had the impression that they calculate the total compound interest for 30/40yrs, then they divide that total (loan+interest) by the years so you pay the same amt each time.. meaning the interest is fixed ler, but u can clear faster with lump sum. But i'm not too sure if this is the way it works for housing loans or some other loans...

  11. #26
    Junior Member poki is on a distinguished road
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    Hi all, do you know how much HDB loan will HDB loan to us? if we take up HDB loan.

  12. #27
    Junior Member zefina is on a distinguished road
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    Yes try to max it. Anyway interest is so low why worry. Importantly time to time remember to do refinance to ensure you are getting the best rate.

  13. #28
    Member ladylizzie is infamous around these parts
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    can someone please tell me some of the policies involved in hdb loan?

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