Property loan
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star89\" post_id=\"2037542\" time=\"1631401540\" user_id=\"8134:
I assume she already has a roof over her head and is not in desperate need to move out.
My friend who is single in her early 40 considering to buy a HDB/small condo. She has stable income. She can take up the loan up to 500K. However, she is in dilemma now. She is not certain whether she can continue to work for another 20 years to pay up the loan. She afraid that she would get retrenchment and not able to find another job on par with her current salary. She is also worried that her health will be deteriorating as she gets older.
What do you think? I advice her to take half of her loan. Don’t know my advice is wise or not then I post here to hear what others’ opinion. Thank you.
My suggestion would be for her to invest in a small resale condo that has good rental value. If the rental collected is able to pay (fully or partially) for her mortgage, then she lessens the burden of the loan.
If really need be down the road (loan lock-in period is 3 years I believe), she can liquidate the condo, and hopefully at a profit.
Meantime, use her spare cash from her salary to buy adequate health insurance. -
Imho, if she intends to rent out…buy hdb maybe better, should be higher return, if there is no restrictions from hdb etc.
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MrsKiasu\" post_id=\"2037549\" time=\"1631403714\" user_id=\"43981:
HDB rules say that owner cannot rent out the whole flat until they finish fulfilling 5 years MOP.
Imho, if she intends to rent out..buy hdb maybe better, should be higher return, if there is no restrictions from hdb etc.
She could possibly live in the flat and rent out just one room for rental income. But I’m not sure whether that’s legal or not. -
zac's mum\" post_id=\"2037550\" time=\"1631404326\" user_id=\"53606:[quote=\"zac's mum\" post_id=2037550 time=1631404326 user_id=53606]
Oh yeah..for resale flat maybe shorter period like 3 years in order rent out whole unit..not sure how the rules changed now tho. Hope no restriction on room rental. Now think 1 master rm can fetch 1k? Then rent out master rm if dont mind sharing space (bit of concern tho due to covid)..MrsKiasu\" post_id=\"2037549\" time=\"1631403714\" user_id=\"43981:HDB rules say that owner cannot rent out the whole flat until they finish fulfilling 5 years MOP.
She could possibly live in the flat and rent out just one room for rental income. But I’m not sure whether that’s legal or not. -
zac's mum\" post_id=\"2037550\" time=\"1631404326\" user_id=\"53606:[quote=\"zac's mum\" post_id=2037550 time=1631404326 user_id=53606]
Oh yeah..for resale flat maybe shorter period like 3 years in order rent out whole unit..not sure how the rules changed now tho. Hope no restriction on room rental. Now think 1 master rm can fetch 1k? Then rent out master rm if dont mind sharing space (bit of concern tho due to covid)..MrsKiasu\" post_id=\"2037549\" time=\"1631403714\" user_id=\"43981:HDB rules say that owner cannot rent out the whole flat until they finish fulfilling 5 years MOP.
She could possibly live in the flat and rent out just one room for rental income. But I’m not sure whether that’s legal or not.
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