HDB Installment Calculation

[Law_ong]

so you leaving woodlands.... :P

 

yes, location and level is what most is looking for in hdb...u need to factor in distance to mrt/interchange for much better value too.

 

to me, hdb should be value for $ and u live in comfortably. no point chasing it like a private property and cause value to skyrocket. private property has started to drop but pigeon holes are not, u can start doing research now...freehold new developments are now more negotiable on their psf which is a much better value investment at some of the garment designated areas for development....needless to say, those slightly older pvt property can be get a much low psf due to its earlier development and low land value purchased.

[Law_ong]

agreed that its a good investment. but i would say it is good if its a private property. its a hdb flat for goodness sake!

 

the garment will never let the price of new flat be anymore lower when its current new flats are selling at such price; otherwise, those who bought it now will revoke! our land is scare as well thus its a matter of fact that prices of land will increase.

 

as citizen, we already have no said to their policy on tagging new flat to market rate, why are we helping them to reap more revenue? we are just creating problem for our future generation in getting a house/flat of their own...or we want to see them migrating out like our forefathers to other countries???

 

nothing personal, just my own view...cheers..

[Hiphiphoray]

so you leaving woodlands.... :P

 

yes, location and level is what most is looking for in hdb...u need to factor in distance to mrt/interchange for much better value too.

 

to me, hdb should be value for $ and u live in comfortably. no point chasing it like a private property and cause value to skyrocket. private property has started to drop but pigeon holes are not, u can start doing research now...freehold new developments are now more negotiable on their psf which is a much better value investment at some of the garment designated areas for development....needless to say, those slightly older pvt property can be get a much low psf due to its earlier development and low land value purchased.

 

Actually it was my plan all along to move back to toa payoh. My birth place. But when i got married, didnt have much cash to go for resale flats. So settle for sembawang (not woodlands haha) way back in 1998. Been monitoring for many years before making the move. Did all my calculations and the pros & cons. And although the pricetag is on the high side, but after much dicussion with wify, family & friends, we are very sure its the right thing to do.

Edited March 1, 2009 by Hiphiphoray

[Ahyoo2002]

This price is consider damn cheap liao. Just take a look at old toa payoh 3 room flat transaction. Most of them are well over 234k @ only half the size!!!!!!!!!

 

http://www.hdb.gov.sg/bb33/ispm051p.nsf/Se...nForm&Seq=1

 

HDB flats are gauge purely on 2 things....... Location & Unit level. Nothing else matters. House condition counts for nothing.

 

I know cos i have been monitoring HDB flat prices for toa payoh & sembawang closely since 2005. Lost count in the number of houses i've view liao. Recently just sign the OTP to sell my house and place deposit for a lovely unit at toa payoh with fantastic views of the city and even the spore flyer. Gona sign the OTP very soon.

 

For level, is it the higher the better? If highest floor, any pro and cons?

 

Wah, lovely unit at Toa Payoh? How much will it be?

 

Since you said you have been monitoring the price, is it still uptrend for HDB?

[Sunnycrowe]

my new house is $190k... we took 30yrs hdb loan n the mthly instalment is 600 per mth (to be deducted frm our cpf ordinary account equally.)

 

Means each mth only deduct 300 from my cpf... my cpf contribution to ordinary acc is close to 1k, which means there is a saving of 700 per mth after the loan payment...

 

im tinking shld i reduce the loan to say 10 or 15 years to avoid paying the interest? or shld i continue the max 30 yrs since hdb has the lowest interest compared to banks...

[Hiphiphoray]

All my friends and family agree on the level thing. So does HDB. They charge roughly every + 1 level by 1k. Its a norm.

 

Pros of the highest level is no disturbance from the neighbours above, example noise, knocking of floors and sometimes rubbish been thrown from above. The cons like some ppl thinks, is roof top leakages, since the water tank is directly above. But i have yet to hear anybody staying top complaint about this b4.

 

The unit i choosen is on the 25th floor @ lorong 5. A 12th year old block. Ppl staying in toa payoh should know roughly which block it is. Can see the entire city area. Cant wait for the next NDP fireworks. Can see it from the comforts of my bedroom. Valuation was 500+k with only 12k COV. General condition of the house is good. Parquet flooring and built in cabinets. Nice tiolets. Well worth its pricetag. Only minor reno needed for the usual painting and floor varnishing, change of lightings and it will be good for stay. Furthermore owner is leaving behind quite a number of items, including washing machine, dryer, cupboards, even a solid wooden day-bed. All in good condition.

 

As for HDB resale pricing. I see a bit of slow down, especially this year. My agent told me this typical unit could fetch as much as 600+k last year. But having said that,......many other units i view recently, the re-valuation price have increase by about 20-30k. Strange hor. Another thing i notice is the valuation is trading roles. Now its high valuation + low COV. The reversal of 2 years ago. Back then, units was offered easily 50k COV, some as much as 130k!!!!.

 

I guess the rule of thumb is still sell high buy high, sell low buy low. All my family and friends cant wait to view my new(old) flat.

Edited March 1, 2009 by Hiphiphoray

[Law_ong]

bye bye

[Silver_blade]

Should be able to see more than just NDP firework. You can see the one at Marina Bay...than you should be able to also see firework on New Year's eve (usually from 2 locations; Marina & Vivo), CNY (2 locations), Firework fest (usually 3-4weekends) and some others. See until you blur and happy.... [crazy]

 

I live near the city and could see the firework...but it also have it's disadvantage....the noise from the firework sometimes will disrupt my kids' sleep....especially when there are 2 firework go off at the same time (front and back of my flat).

Edited March 1, 2009 by Silver_blade

[Lootster]

Sorry guys that I couldn't start a topic so have to ask my question here

 

Buy Resale flat first then ROM later?

 

If anyone done that before can you please share your experience?

 

Me and my fiancee decided to buy over her parent's flat now but we have not ROM yet. Being first timer we will be applying for 30k grant from HDB. We are planning to ROM end of the year or next year so will HDB approved our purchase?

 

I am aware that HDB require us to produce evidence of marriage on resale completion date but our ideal date for ROM is only much later, more then than 3 months from now and we cannot file for a date with ROM.

 

Is there anyway to go about it or anyone done that before?

 

Looking forward to all replies thanks!

 

[Vinzy]

1) Buying over parents flat, only can get 1st timer 30k grant, not eligible for the 10k extra near parent grant.

 

2)Standard is 3months, on appeal can be around 6mths showing proof of wedding dinner booking from hotel or resturants etc.

BEEN DONE BEFORE.

 

3) Anything above 6mths - 9mths case by case (been done before)

 

4) more than 9months , even if I am work for HDB, i wouldn't approve it. What's the hurry to take over the house now, and if in a hurry why cant proceed to ROM?

 

Don't tell me the whole of this year no "good" day for wedding?

 

Please try to be realistic.

Edited March 1, 2009 by Vinzy

[Hiphiphoray]

Since its yr parents' house. Time should be on yr side. Why rush ?

[Hiphiphoray]

Should be able to see more than just NDP firework. You can see the one at Marina Bay...than you should be able to also see firework on New Year's eve (usually from 2 locations; Marina & Vivo), CNY (2 locations), Firework fest (usually 3-4weekends) and some others. See until you blur and happy.... [crazy]

 

I live near the city and could see the firework...but it also have it's disadvantage....the noise from the firework sometimes will disrupt my kids' sleep....especially when there are 2 firework go off at the same time (front and back of my flat).

 

My current place in sembawang can see those fireworks let off in Jbee. Ppl staying here will know it. Especially during New Year & CNY. Can see as many as 7-8 locations near and far away the fireworks.

[Hiphiphoray]

Hi Viny.

 

Thank you for repying to my enquiry over at hardware.com.

 

I have manged to settle my doubts with my agents. Manage to get a 1 month free extension stay @ my current house FOC and early move-in over the other house FOC too. The buying and selling part im very clear now.

 

14 days deposit --> Sign OTP --> Submission to HDB within 30-90 days --> First Appt --> Completion of sale.

 

 

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...at?OpenDocument

 

http://services2.hdb.gov.sg/webapp/BB24APPT/WelcomeDate.jsp

[Blackyv]

my new house is $190k... we took 30yrs hdb loan n the mthly instalment is 600 per mth (to be deducted frm our cpf ordinary account equally.)

 

Means each mth only deduct 300 from my cpf... my cpf contribution to ordinary acc is close to 1k, which means there is a saving of 700 per mth after the loan payment...

 

im tinking shld i reduce the loan to say 10 or 15 years to avoid paying the interest? or shld i continue the max 30 yrs since hdb has the lowest interest compared to banks...

 

 

very much depends on yourself... have a look at the "receipt" (can view from cpf listing)... from the $600 installment, how much for filling up their pocket (interest)?? (my guess, ~$250-$300)...... do u want to pay them so much for the interest?? do you have extra cash in cpf to do a partial top up??... i did that few mths ago.. ... throw in another 65K to clear the "debt".....

( some will tell u, dont , go invest for better return, blablabla, some will tell u clear up the debt asap... so, it's very much depends on individual..... as for me, im those low risk taker and the later type..)

 

share with u on my case: cant really remember the exact numbers of my current loan status but as a gauge...my flat also around that price... initially, i loan around $140K, mthly installment $567 for 30yrs... after 1 yr of servicing it, still own them 13xK... the interest/mth alone is ~$270+ .. means with my mthly $567 installment, 40%+ go to intesrest, the rest for the principle .. ...

 

after 1 yr, with everything on my side quite stable and settled (i got married (2006), baby come along(2007), got new flat (bought 2005, collect key 2007, spend ~35K for reno and buying stuff..) and change new car(2007) all within 2yrs and all expenses are from my pocket... hehehe.... sometimes, when i look back, i feel so proud that i could do that... ..).., i relook at the loan status.. then decided to use 55K from my wife cpf and 10K from mine to bring the loan down to ~70K left.... (btw, we still have enough balance in cpf to last 2yrs of installment and every mth, i'm building it up..)

 

HDB auto adjusted to around 12yr+ left with $567/mth ...and now, the interest is only $100+.. the rest is for my principle repayment...... ...very mth, minus off the $567, i do have balance and i intend to do another round of lumsum payment in 2-3yrs time.... now building up the cash in cpf....

 

 

 

[Rickster]

How can anyone buy a house with a 30 yr loan. 30 years is a long time to pay

to own a house, much less an HDB flat with a 99 yr lease. Assuming one starts

working at 25 and work till 55, thats 30 yrs assuming no breaks from work due

to unforseen circumstances.

 

And on top of it, both person got to work to support the installments, while not

making more than $8K combined. What if one of them got laid off?

 

Something is wrong with the math here. No wonder there are people worrying

about not having enough to retire.

 

The reason why some pple take up max loan for HDB is becos they do not want to top up the installment with any cash (Just let CPF do it).

 

Also, a flat that costs $480K now might easily double the value after 15-20yrs.

 

Another thing. It is highly unlikely that an educated couple that is working still only has the same level of income after 30 yrs.

 

But of course, balance is the key. There is no such thing as the perfect earnings:price of property ratio as everybody has different committment as well as "backup".

 

 

[Rickster]

go one round of punggol and tell me about it.....

 

frankly, i also cannot understand how young couple can afford such a sky high loan without worrying??... if those mid-age or cpf bah bah one not a problem but those young couple just join the working world.. ......

 

for me, i just need a a roof, could afford a car, one income with wife at home taking care of young one, at least for the initial few years before consider working again and every mth still can have some saving im happy already......

 

Young couple can always buy a 3 room flat or 4 room. Dun understand y many pple want to go for the 5-rooms or exec. flats & then complain expensive and need to work till die.

 

[Rickster]

Though expensive however its a good location.

The value will go up.

Its a kinda force saving. House value goes up with inflation. A good investment.

This is where all the money come from...

 

Good point. Many pple who get overly excited at the idea of "working till die" do not see it that way, unfortunately.

 

[Rickster]

and that my good fellowmen .... is the bottomline !! ( well at least for the majority of locals ).

 

Y not u see it as a form of savings?

 

Put that $ into a house and after 20 yrs, u can see your house price go up.

 

Put that same $ into fixed deposit and after 20 yrs, u realise the amount can't even pay for half the price of the very same house 20 yrs later.

Edited March 2, 2009 by Rickster