1 Million EC
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Hi,
Rental is not cheap in Singapore
...from what I know, my colleague rent a 4 room flat, with locked of 1 room... cost him 1.8k per month.. excluded electricity / water bill. :roll:
if want to rent from HDB, there are some conditions which total household income must less than 1.5k and blah blah blah...
Not realistic at all. :stupid: -
Wonder how much it would cost for our kids to get their own place next time… It might come a day where everyone lives under the same roof.
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You can maybe suggest to your colleague to \"blackmail\" the owner for 50% discount.. :evil:
The housing policy is very simple.. Help citizens own their flat 居者有其屋.. And HDB flats are for those who really NEED it.. as a \"HOME\"..
If the pple can afford Not to stay in the HDB, then they should just sell it.. instead of holding on to it (for rental etc..) and deprive another of the supply of another flat.
And these pple also contribute to the rising resale prices by contributing to supply shortage.fussyMummy:
Hi,
Rental is not cheap in Singapore ...from what I know, my colleague rent a 4 room flat, with locked of 1 room... cost him 1.8k per month.. excluded electricity / water bill. :roll: -
verykiasu2010:
It depends on the lifestyle you seek and how much they wanna enjoy.. there's a compromise..
of course you reduce the rental rate by principal repayment as much and as quickly as possible
Put it this way.. Where can you get 2~4% or Lower interest rate on loans if you wanna buy a new TV or home theater system, or that golf stick, or for renovation etc etc..... No way with a credit card or line of credit.
If you repay the housing loan as much as possible, there'll be little cash on hand. And if you want to buy something on credit, the interest rate is really.. unfriendly.. Instead, just hold back the cash and not repay the housing loan excessively. Then when you buy something, take it as you're borrowing that money from the bank at low housing interest rate to support your lifestyle/enjoyment..
There have to be a balance/compromise lah.. if you work hard and just focus on paying & repaying.. by the time you fully repaid the loan, are you able to enjoy.. for e.g. go travelling etc..?
Anyway, it's th individual's choice..
just be conscious of the fact that no line of credit will offer an interest rate comparable or as attractive as the housing loan one.. -
tree nymph:
How much does a new graduate earn these days? If they earn $4k a month (that's a lot of money... but I won't be surprised. Took the average general degree holder 10 years to reach this level 15 years ago when the starting salary is only $1000-$1500). And if they live modestly, then maybe they can well afford a $700k property... Say both of them save $3k total monthly, will take both roughly about 2 years to save $70k for the 10% cash downpayment. I think that's ok. But provided they earn this much and disclipine in savings lah...
hopefully the money earned / saved has not spent on fast car fast women and pubbing / holidaying -
The interest rate in the US federal reserve has been kept low due to the crisis in US. Housing loan used to be pegged to board rate (I used to be paying at 5.25% pa :shock: ), but with the current offering of pegging to SIBOR, or SOR, the interest rate has been low as well, making housing loan repayment much affordable .
With economy getting better, it is a matter time that Fed will increase the interest rate, and this will drive interest to increase. I am sure this will be the time where folks over commiting themselves in properties will find it hard to hold, and will trigger fire sales. We will probably see properties prices coming down when this happens. IMHO. -
verykiasu2010:
Abt $2200 a mth? Less CPF $1760. Less Repayment of School Loan (assume $500) $1260. Less $$ for parents (filial kids) $1000. Less lifestyle spending n lunches $500.tree nymph:
How much does a new graduate earn these days? If they earn $4k a month (that's a lot of money... but I won't be surprised. Took the average general degree holder 10 years to reach this level 15 years ago when the starting salary is only $1000-$1500). And if they live modestly, then maybe they can well afford a $700k property... Say both of them save $3k total monthly, will take both roughly about 2 years to save $70k for the 10% cash downpayment. I think that's ok. But provided they earn this much and disclipine in savings lah...
hopefully the money earned / saved has not spent on fast car fast women and pubbing / holidaying
If you save $500 a mth - how long would you need to get the amt for downpayment?!
$4000 a mth?? Maybe you toking abt lawyers? Doctors? or selected High Flyers.... Definitely NOT the majority. -
MMM:
Wonder how much it would cost for our kids to get their own place next time.... It might come a day where everyone lives under the same roof.
Graduates of today want to enjoy the good life (some do not even return money to their parents' CPF account after securing a job). I hope young kids learn to appreciate what their parents are doing for them and be sensible when they grow up.
Spend what they can afford to & buy a flat within their means.
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My niece (mid 30s) just bought a house in JB with one of my siblings (divorced with no custody of children). This house will be for their own stay. Niece can’t afford a resale HDB (being single) and sibling can’t afford a flat in Singapore either. So it’s a win-win situation for both of them.
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