<![CDATA[1 Million EC]]>If i have the time to waste, i will go to meet the MP and ask him/her..

Is the gov couraging family with household income not more than 10k per
month to buy the 1 million EC?

Anyone, up for this Canopy?

http://www.propertyguru.com.sg/property-search?q=the+canopy&search_select=7&search_btn=Go

]]>https://forum.kiasuparents.com/topic/13416/1-million-ecRSS for NodeWed, 29 Apr 2026 20:50:41 GMTWed, 25 Aug 2010 15:04:02 GMT60<![CDATA[Reply to 1 Million EC on Tue, 27 Mar 2012 16:16:11 GMT]]>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.

]]>https://forum.kiasuparents.com/post/736332https://forum.kiasuparents.com/post/736332Tue, 27 Mar 2012 16:16:11 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 12:52:22 GMT]]>

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.

]]>https://forum.kiasuparents.com/post/250734https://forum.kiasuparents.com/post/250734Fri, 27 Aug 2010 12:52:22 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 07:26:09 GMT]]>

verykiasu2010:
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

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.

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.

]]>https://forum.kiasuparents.com/post/250565https://forum.kiasuparents.com/post/250565Fri, 27 Aug 2010 07:26:09 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 04:49:02 GMT]]>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.

]]>https://forum.kiasuparents.com/post/250441https://forum.kiasuparents.com/post/250441Fri, 27 Aug 2010 04:49:02 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 03:02:35 GMT]]>

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

]]>https://forum.kiasuparents.com/post/250340https://forum.kiasuparents.com/post/250340Fri, 27 Aug 2010 03:02:35 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 01:16:06 GMT]]>

verykiasu2010:

of course you reduce the rental rate by principal repayment as much and as quickly as possible
It depends on the lifestyle you seek and how much they wanna enjoy.. there's a compromise..

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..

]]>https://forum.kiasuparents.com/post/250250https://forum.kiasuparents.com/post/250250Fri, 27 Aug 2010 01:16:06 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 01:07:47 GMT]]>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:

]]>https://forum.kiasuparents.com/post/250245https://forum.kiasuparents.com/post/250245Fri, 27 Aug 2010 01:07:47 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 00:49:37 GMT]]>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.

]]>https://forum.kiasuparents.com/post/250234https://forum.kiasuparents.com/post/250234Fri, 27 Aug 2010 00:49:37 GMT<![CDATA[Reply to 1 Million EC on Fri, 27 Aug 2010 00:41:49 GMT]]>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:

]]>https://forum.kiasuparents.com/post/250229https://forum.kiasuparents.com/post/250229Fri, 27 Aug 2010 00:41:49 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 18:57:26 GMT]]>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…

]]>https://forum.kiasuparents.com/post/250208https://forum.kiasuparents.com/post/250208Thu, 26 Aug 2010 18:57:26 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 17:28:10 GMT]]>Hmm… I stay in a HDB flat. Prime area. Pple around me are selling their house for 700k (and there are takers).


Assume if im buying my hse (resale) now and assume we earn 8k (capped).

$700,000 x 1.6% (assume CPF rate but discounted by 100 bp as i didnt use the reducing bal method to calculate interest) x 30yrs = $1,036,000

Mthly repayment = $2,877

Hmm… If you are earning $8k - how do you afford a $700k flat? I wonder how many pple who buy hses have their ‘parents support’ as well.

]]>https://forum.kiasuparents.com/post/250202https://forum.kiasuparents.com/post/250202Thu, 26 Aug 2010 17:28:10 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 14:10:37 GMT]]>

ghostz:
yup. i totally agree with you on this. most people are just unrealistic about their aspirations and cash flow in a nut shell. and high hdb prices, well that means while buyers are complaining, sellers are not. until they buy another property that is our of their reach. and best of all, if cannot afford, don't buy and this would help to push prices down. 🙂

most of the time, the buyer is also selling another property

when selling, they want the max price

when buying, they comfort themselves and reason within themselves that ....no choice la, sell high buy high.....there are of course some who downgrade and pocket some cash

people tend to like to have the cake and eat it too, totally unrealistic

they push and push and push the COV in selling their \"best\" HDB flat, then kpkb on buying another unit

some are just keyboard warrior whose complaints do not stand up to scrutiny, as Minister Mah has found out and proved with stats from HDB resale transaction

]]>https://forum.kiasuparents.com/post/250113https://forum.kiasuparents.com/post/250113Thu, 26 Aug 2010 14:10:37 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 10:24:11 GMT]]>

verykiasu2010:
ask the owner to give discount lor


if you are the seller, do you agree ? we create our own \"problem\"
yup. i totally agree with you on this. most people are just unrealistic about their aspirations and cash flow in a nut shell. and high hdb prices, well that means while buyers are complaining, sellers are not. until they buy another property that is our of their reach. and best of all, if cannot afford, don't buy and this would help to push prices down. 🙂

]]>https://forum.kiasuparents.com/post/250043https://forum.kiasuparents.com/post/250043Thu, 26 Aug 2010 10:24:11 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 09:28:25 GMT]]>

titank:
Maybe our next generation would need to pay rent for HDB flat where eventually do not have their own house. Really cannot understand why HDB resale falt is getting more & more expensive. Anyone good in economics can explain in this?


Maybe need to migrate to old land China where our forefather came during the Raffles 1819 period. Wonder how much a house would cost in China!

ask the owner to give discount lor

if you are the seller, do you agree ? we create our own \"problem\"

]]>https://forum.kiasuparents.com/post/250018https://forum.kiasuparents.com/post/250018Thu, 26 Aug 2010 09:28:25 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 09:20:59 GMT]]>Maybe our next generation would need to pay rent for HDB flat where eventually do not have their own house. Really cannot understand why HDB resale falt is getting more & more expensive. Anyone good in economics can explain in this?


Maybe need to migrate to old land China where our forefather came during the Raffles 1819 period. Wonder how much a house would cost in China!

]]>https://forum.kiasuparents.com/post/250015https://forum.kiasuparents.com/post/250015Thu, 26 Aug 2010 09:20:59 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 09:10:27 GMT]]>

limlim:
If you bought a house on loan..


Effectively you're paying rent every month (in the form of interest) to stay in the unit until the loan is fully paid for....
of course you reduce the rental rate by principal repayment as much and as quickly as possible

]]>https://forum.kiasuparents.com/post/250005https://forum.kiasuparents.com/post/250005Thu, 26 Aug 2010 09:10:27 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 09:08:20 GMT]]>If you bought a house on loan…


Effectively you’re paying rent every month (in the form of interest) to stay in the unit until the loan is fully paid for…

]]>https://forum.kiasuparents.com/post/250000https://forum.kiasuparents.com/post/250000Thu, 26 Aug 2010 09:08:20 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 08:19:33 GMT]]>

toddles:
but I believe that a housing price correction will come soon. it might not be a large crash, but this rate of growth cannot be sustained. with the influx of hdb flats dd will not be so high, and hopefully the market will regain some sanity.

I'm with you on this, toddles :celebrate:

]]>https://forum.kiasuparents.com/post/249922https://forum.kiasuparents.com/post/249922Thu, 26 Aug 2010 08:19:33 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 08:17:12 GMT]]>then mind set need to change


be flexible

can still own a house as soon as possible

the real problem is youngsters these days spent all the money on car, gadgets, iphone, and holidays on the excuse that housing is not cheap and keep delaying to commit to get married to start family…and in the meanwhile no money is saved, plus owing lots of credit card bills. too much consumption mentality

in the past people will go book a HDB flat immediately graduating from uni while striking out to earn some savings and won’t ever think of owning a car unless it is due to family + children’s needs. after working some years, got savings, plus flat also ready…

of course the old HDB booking system also got played out by many old bird experienced family man just wanting to unlock cash from the existing flat and buying new again from HDB with max loan …giving rise the previous HDB glut of unsold flats…that is the reason behind HDB’s present BTO system…

actually we created a lot of problems on our own, if we are honest about it

]]>https://forum.kiasuparents.com/post/249917https://forum.kiasuparents.com/post/249917Thu, 26 Aug 2010 08:17:12 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 08:06:52 GMT]]>

verykiasu2010:
there is no rule to say that they must OWN a house/flat before starting a family


rental is always a solution while waiting for the new flat from HDB
In Singapore, the mentality we grew up with is that we will set up home in a house we OWN. It's not common for us to rent unless we are in transit phase (new house not ready) or we are desperate to get out of our parent's house. Simply not our culture.

& it's financially straining to rent a house and try to save up to buy one.

I stayed in a rented place when I got married but it's with the knowledge that our own house would be ready in a few year's time. Else, I wouldn't have married until we secured our own lovenest.

Living in a rented house is totally different from our own house.

]]>https://forum.kiasuparents.com/post/249887https://forum.kiasuparents.com/post/249887Thu, 26 Aug 2010 08:06:52 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 07:55:26 GMT]]>well, unless it’s a second property, it’s never quite realised gains…

]]>https://forum.kiasuparents.com/post/249864https://forum.kiasuparents.com/post/249864Thu, 26 Aug 2010 07:55:26 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 07:28:21 GMT]]>

toddles:
but then you can only release the capital if you downgrade... assuming that you bought at a low. even then, the equity released is hardly substantial. not to mention negative equity, haiz.


overall, I think someone in gahmen wasn't keeping their eye on the ball in the last 30 years. somewhere, something went seriously wrong and our generation is paying for it.
the gahmen can't be teaching you when to enter the market and when to exit

have seen people growing their asset from 3-room, to 5 room, to condo, to landed, to multiple landed and condo.......typically only 50% financed at most...the first asset may only net $50k, the next may be $150k profit....then the next could be $300k profit......and the following one could be netting S$500k and above.....these are patient people, going through at least 3 or 4 cycles of the boom and bust now......

]]>https://forum.kiasuparents.com/post/249835https://forum.kiasuparents.com/post/249835Thu, 26 Aug 2010 07:28:21 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 07:22:04 GMT]]>but then you can only release the capital if you downgrade… assuming that you bought at a low. even then, the equity released is hardly substantial. not to mention negative equity, haiz.


overall, I think someone in gahmen wasn’t keeping their eye on the ball in the last 30 years. somewhere, something went seriously wrong and our generation is paying for it.

]]>https://forum.kiasuparents.com/post/249832https://forum.kiasuparents.com/post/249832Thu, 26 Aug 2010 07:22:04 GMT<![CDATA[Reply to 1 Million EC on Thu, 26 Aug 2010 07:17:24 GMT]]>

toddles:
the thing is that housing prices have increased from 8,500 in 1970 to 200,000 in 2010 but wages have not kept pace.


don't think salaries have increased 23 times... even when you compare similar job scopes then and now.

wage growth severely lagging behind housing price index and some say even CPI.
however, the quantum of capital appreciation from the HDB has also increased tremendously

that is how most people make their money to upgrade, not dependent on salary.

]]>https://forum.kiasuparents.com/post/249830https://forum.kiasuparents.com/post/249830Thu, 26 Aug 2010 07:17:24 GMT