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29 replies to this topic | 60 praises

#1

Posted 21 June 2018 - 12:16 PM

Deeq
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Hi all,

 

Just wondering whats the best thing to do or rather what are my options if i have access in OA account and still servicing a HDB bank loan.

Theres about enough to pay 24months of installments in my OA(cos my house is dirt cheap so installment is pretty low)

Is there any way i can make advanced payments or clear my OA to decrease the total sum?

If yes, is that a smart move?

 

What else can i do with this access?

 

Thanks in advanced guys



#2

Posted 21 June 2018 - 12:29 PM

Enye
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unless your loan can be fully redeemed with the current excess funds, it is always prudent to keep a certain number of months of installments in the oa depending on your comfort level just in case you lose your job or are in between jobs...😌

with the safety buffer in place, then you can use the remaining funds to pay down the debt and shorten the tenure 👍

Edited by Enye, 21 June 2018 - 12:38 PM.

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#3

Posted 21 June 2018 - 01:49 PM

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dont forget each time u earn payoff some sum there is admin fee.

unless the fee can offset by the interests saving else for what? use that money for other investment better still.

and first 20k or 30k is 3.5% if not wrong. still higher then what u paying 2.6%.



#4

Posted 21 June 2018 - 02:27 PM

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hdb loan no admin fee...pay down anytime

can even do online don’t need to visit the hdb branch office even

😌

#5

Posted 21 June 2018 - 02:38 PM

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Hi all,

 

Just wondering whats the best thing to do or rather what are my options if i have access in OA account and still servicing a HDB bank loan.

Theres about enough to pay 24months of installments in my OA(cos my house is dirt cheap so installment is pretty low)

Is there any way i can make advanced payments or clear my OA to decrease the total sum?

If yes, is that a smart move?

 

What else can i do with this access?

 

Thanks in advanced guys

 

Unless you are really sure you don't need the money, better just keep paying the additional 0.1% interest which is pretty insignificant. Keep the OA on hand.

 

say you owe 200k, the additional interest in 1 year is just 200 bucks?


Edited by Kusje, 21 June 2018 - 02:39 PM.

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That is all.

#6

Posted 21 June 2018 - 02:40 PM

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dont forget each time u earn payoff some sum there is admin fee.

unless the fee can offset by the interests saving else for what? use that money for other investment better still.

and first 20k or 30k is 3.5% if not wrong. still higher then what u paying 2.6%.

 

most of the time, after lock in period should have no admin fee. 

 

if you pay off during the lock in period, then no pt.


That is all.

#7

Posted 21 June 2018 - 02:41 PM

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hdb loan no admin fee...pay down anytime

can even do online don’t need to visit the hdb branch office even

😌

 

sifu, you sound experienced in this....

 

you took hdb loan before?  [lipsrsealed]

 

didn't realize that hdb loan can be used to finance your gcb. got special privilege for elites?


That is all.

#8

Posted 21 June 2018 - 02:55 PM

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sifu, you sound experienced in this....

 

you took hdb loan before?  [lipsrsealed]

 

didn't realize that hdb loan can be used to finance your gcb. got special privilege for elites?

 

 

your sifu always give the soundest advice when come to this topic   [thumbsup]


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#9

Posted 21 June 2018 - 03:00 PM

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your sifu always give the soundest advice when come to this topic [thumbsup]

shows that i am a true blue hdb peasant and not whatever elite that mcfers say i am

😌

#10

Posted 21 June 2018 - 03:02 PM

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so from reading all the replies, i guess best is to keep as buffer. Thanks guys. thinkin of shifting to bigger house but im gona lose money with my current house, as i bought it during the peak period. now my house is still same price so i rugi the interest.


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#11

Posted 21 June 2018 - 03:15 PM

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You can just login HDB page to clear all or a certain amount from your CPF. No admin fee for HDB loan.

 

Advisable to keep some in your OA as if you have intention to buy the next housing before selling.  U can utilize the next 15% from your OA, if you clear everything meaning it will be lock inside your existing house and u will need to come out with cash first.


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#12

Posted 21 June 2018 - 05:33 PM

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After you finish paying your HDB loan, you may want to consider paying your CPF loan... Take a look at your accrued interest.

Edited by Nhyone, 21 June 2018 - 05:33 PM.

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(void *) &NHY;

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#13

Posted 21 June 2018 - 07:01 PM

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so from reading all the replies, i guess best is to keep as buffer. Thanks guys. thinkin of shifting to bigger house but im gona lose money with my current house, as i bought it during the peak period. now my house is still same price so i rugi the interest.

Take it as rent bah.

It will be a small amount.

Ran down the lease but price still the same.

Edited by Showster, 21 June 2018 - 07:02 PM.

"You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes."

#14

Posted 21 June 2018 - 07:31 PM

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your sifu always give the soundest advice when come to this topic   [thumbsup]

 

sifu always gives the soundest advice on every topic.  [thumbsup]


That is all.

#15

Posted 21 June 2018 - 08:05 PM

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After you finish paying your HDB loan, you may want to consider paying your CPF loan... Take a look at your accrued interest.

 

Why worry about your accrued interest unless you plan to take equity out of your flat in the future?


That is all.

#16

Posted 21 June 2018 - 11:09 PM

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Why worry about your accrued interest unless you plan to take equity out of your flat in the future?

If it doesn't bother you -- and it doesn't for many people -- then just leave it alone.

Accrued interest is a very interesting sleight-of-hand. It comes down to this: do you think CPFB should be paying you interest or the buyer of your flat?

It also ensures the seller doesn't get too much cash when he sells the flat.

Accrued interest compounding at 2.5% can add up quite a bit after a few years.

I have used up so much CPF funds that I owe myself more interest per year than I owe the bank, and this number goes up every year.

I prefer not to owe anyone any money -- including myself. :D

Edited by Nhyone, 21 June 2018 - 11:11 PM.

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#17

Posted 22 June 2018 - 06:48 AM

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hdb loan no admin fee...pay down anytime

can even do online don’t need to visit the hdb branch office even

😌

my repayment was kinda weird ...

 

when i left a small amount of loan (a few Ks), i went to HDB and told them i wanted to clear the loan one shot with my CPF, which was more than sufficient.

 

however, the staff at the area office told me that i would have to pay the final sum in CASH if i wanted do that.

 

so i just told her to forget it and continue with my CPF monthly deductions instead.



#18

Posted 22 June 2018 - 07:26 AM

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my repayment was kinda weird ...

when i left a small amount of loan (a few Ks), i went to HDB and told them i wanted to clear the loan one shot with my CPF, which was more than sufficient.

however, the staff at the area office told me that i would have to pay the final sum in CASH if i wanted do that.

so i just told her to forget it and continue with my CPF monthly deductions instead.

Next time tell them you wanna pay off everything with coffee except for 1 dollar
That is all.

#19

Posted 22 June 2018 - 08:57 AM

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my repayment was kinda weird ...

when i left a small amount of loan (a few Ks), i went to HDB and told them i wanted to clear the loan one shot with my CPF, which was more than sufficient.

however, the staff at the area office told me that i would have to pay the final sum in CASH if i wanted do that.

so i just told her to forget it and continue with my CPF monthly deductions instead.

I think the staff must have got the facts wrong.

You will need to pay a small sum for legal fees when you clear your loan. This is regardless if you are paying till the end of your installments or clearing it one lump sum.

If I recall this amount can be paid by cpf as well.

#20

Posted 22 June 2018 - 09:26 AM

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Hi all,

 

Just wondering whats the best thing to do or rather what are my options if i have access in OA account and still servicing a HDB bank loan.

Theres about enough to pay 24months of installments in my OA(cos my house is dirt cheap so installment is pretty low)

Is there any way i can make advanced payments or clear my OA to decrease the total sum?

If yes, is that a smart move?

 

What else can i do with this access?

 

Thanks in advanced guys

You can do partial repayment anytime. I'm keeping 12 to15 months worth of monthly repayment in the OA and do partial repayment every year to reduce the interest.




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