New VERS scheme for aging HDB

[Roh96]

I am sure by that time, they will come up with some scheme or grant to subsidize these ppl. U can trust our policy makers.

 

Someone posted in Facebook comment.

Screenshot_20180820-132713.pngScreenshot_20180820-132724.png

Hmm.. It makes sense.. Imagine this couple used their cpf savings to pay for hdb flat. When house reach 70yrs old, government sent letter to their house to ask this block residents to vote whether they want to go for Vers or not.

Majority of them voted yes. Then say they are given payout of say 30% of the value of the house (example). So they took the money, then come the shocking part is they also received another letter stating that they need to return cpf money that they had paid for the house plus interest.

So this time Cham Lao, at 1st they are not in debt at such old age. Now they are in big debt due to government ask they to pay back the cpf money. So how?

So this one, the cpf money people paid for the house government need to solve. If not it totally makes no sense to opt in for vers and then went into debt.

 

[Yewheng]

I am sure by that time, they will come up with some scheme or grant to subsidize these ppl. U can trust our policy makers.

Yup. Hopefully government also by then also factor in the cpf money people paid.. If not it makes no sense when house take back and then they still need to payback cpf money plus interest and end up from no debt become in huge debt. Somemore by then these people will be very old. How to payback?

[pegasi]

accrued interest to claw back from cash payout and remaining go back to cpf?

if payout lower than cpf, unlikely need to payback to cpf board because the house value has depreciated over 70yr

 

or maybe the 1st gen owners already passed on by then, and the unit sold by sons n daughters in resale mkt.... cant ask a dead man to top up cpf right

 

if the unit changed hands, likely the new owners are younger working group and has no issue of topping back accrued interest

 

 

Yup. Hopefully government also by then also factor in the cpf money people paid.. If not it makes no sense when house take back and then they still need to payback cpf money plus interest and end up from no debt become in huge debt. Somemore by then these people will be very old. How to payback?

Edited August 20, 2018 by pegasi

[Yewheng]

accrued interest to claw back from cash payout and remaining go back to cpf?

if payout lower than cpf, unlikely need to payback to cpf board because the house value has depreciated over 70yr

 

or maybe the 1st gen owners already passed on by then

 

if the unit changed hands, likely the new owners are younger andno issue of topping back accrued interest

 

 

 

That's good to know. Hopefully cpf board could clarify this.. If not it's really a big concern.

[Kyrios]

Lai Lai Lai

 

more goodies more goodies..lai lai lai

 

https://www.channelnewsasia.com/news/singapore/hdb-lease-buyback-scheme-ndr-extended-flats-lawrence-wong-10633492

Lease Buyback Scheme to be extended to all HDB flats: Lawless Wong
 

Thank you pappies!

 

personally, I have also never heard any asian foreigners say any bad about the way things are going on in SG ... in contrast they are all praises about our subsidies and public transport system among other things.

 

it will take someone who does not have a lot to appreciate the little things in life.

 

Is it? I have many many malaysian colleagues laughing at our politicians, their high pay, the way Oxley was handled...our water costs..

 

me and my singaporean colleagues had to remind them that their benefits as PRs are conferred to them by the very same people they were laughing at...

Edited August 20, 2018 by Kyrios

[Angcheek]

Lai Lai Lai

 

more goodies more goodies..lai lai lai

 

https://www.channelnewsasia.com/news/singapore/hdb-lease-buyback-scheme-ndr-extended-flats-lawrence-wong-10633492

Lease Buyback Scheme to be extended to all HDB flats: Lawless Wong

 

Thank you pappies!

 

 

 

Is it? I have many many malaysian colleagues laughing at our politicians, their high pay, the way Oxley was handled...our water costs..

 

me and my singaporean colleagues had to remind them that their benefits as PRs are conferred to them by the very same people they were laughing at...

Lease buyback extended ... not much impact.

[Angcheek]

Someone posted in Facebook comment.

 

Screenshot_20180820-132713.pngScreenshot_20180820-132724.png

 

Hmm.. It makes sense.. Imagine this couple used their cpf savings to pay for hdb flat. When house reach 70yrs old, government sent letter to their house to ask this block residents to vote whether they want to go for Vers or not.

 

Majority of them voted yes. Then say they are given payout of say 30% of the value of the house (example). So they took the money, then come the shocking part is they also received another letter stating that they need to return cpf money that they had paid for the house plus interest.

 

So this time Cham Lao, at 1st they are not in debt at such old age. Now they are in big debt due to government ask they to pay back the cpf money. So how?

 

So this one, the cpf money people paid for the house government need to solve. If not it totally makes no sense to opt in for vers and then went into debt.

 

They let u draw out bit by bit after u turn 67 lor .. or maybe even older by then . I think 1 big chunk will kana stuck in Retire acct.

[Camrysfa]

Anyway you look at it, hdb owners are going to see their golden egg $800k flat reVERSe to maybe $100k.

[Luckcent]

What the pappies are doing is to save a few more votes from getting lost using Vers.

[13177]

What the pappies are doing is to save a few more votes from getting lost using Vers.

If people think the VERS is beneficial and buy their story, then so be it lo. 

[Victor68]

i trust that our govt do not give empty promises

give them some time to work out the specifics

after all, the first hdb to reach 70yr age still got another 18yr from now

still a long way to go

 

i once asked a friend with the rising public transport fee, does she calculate the amount of mrt/bus fares that she incur per month

 

her answer - 'what for, this is already the cheapest and best value for the money'

I also sincerely hope so that we kept to our promises and don't keep changing the basic principle on having public housing.

 

I am also very sad to hear people measuring living standard based on their own affordability..many singaporean also buying luxury cars given COE is almost $50k because it cost more than the car. Do remember there are still many that fall between the gaps that feel transportation and food costs are hig but they cannot live without them. 

[Jman888]

I also sincerely hope so that we kept to our promises and don't keep changing the basic principle on having public housing.

 

I am also very sad to hear people measuring living standard based on their own affordability..many singaporean also buying luxury cars given COE is almost $50k because it cost more than the car. Do remember there are still many that fall between the gaps that feel transportation and food costs are hig but they cannot live without them.

many would think they have 30 years to pay off, i think 10 years is good enough for $300k flat.

[13177]

many would think they have 30 years to pay off, i think 10 years is good enough for $300k flat.

10 years to pay off a $300k flat? 

[Victor68]

10 years to pay off a $300k flat? 

This is the issue. you have been 'tuned' to accept that a home needs to be paid off using your entire working life of 30-40 years working like a cow. if that is a piece of private property and you choose that lifestyle  that is your choice. for those looking for just a roof for the family, they have other priorities..

[Yeshe]

Lets say someone pays 500K for a 4-5 bedroom HDB flat with a lease of 87 years lease remaining...which is not uncommon these days

 

this is abt 6K depreciation...per year

 

this is almost close to the depreciation for buying a brand new Elantra..

 

Thought properties supposed to be the better protectors of our wealth as compared to cars....?? Haiz..only in stinkapore..

Gahmen trying to tell u, buy freehold if u can, else just LLST...

there is no mystery

when you buy a lh99 property , whether pte or public, the term itself already tell you it is good for 99yr only

after 99yr, the land goes back to the state

likewise for a private lh99, if there is no enbloc taker, the property depreciate to zero value at 99th year and goes back to the state

 

only fh land does not go back to the state, that's why fh properties command a premium

 

the money put in to purchase a property, whether lh99 or fh, goes to the ownership of the house, you get the legal right to

1) occupy the house

2) sublet if you dont wish to stay there

3) enjoy capital appreciation

 

the money you pay covers the land cost, building cost, profit margin, commission, advertising, legal, etc, there is no mystery

Then public housing at subsided rate should not be at the current price. FULL STOP.

[pegasi]

current price means?

 

Then public housing at subsided rate should not be at the current price. FULL STOP.

 

[Yeshe]

Wat is the current price? Go hdb website n check lah

[pegasi]

doesnt make sense to peg properties whether public or private, to the initial selling price

do you peg your current salary to your 1st pay check?

 

 

Wat is the current price? Go hdb website n check lah

 

can be done

if borrow hdb loan at 2.6%, downpayment is 10% $20k

loan is 280k

over 10yr is monthly payment $2650

 

10 years to pay off a $300k flat?