HDB Installment Calculation

[Gadgeter]

From the link, I realised that I just made $183K on paper.

[Rickster]

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...

 

Well, looks like u're in sound financial footing. If you do not have any plans for your CPF in the medium term (getting another property/investment etc), then by all means, clear your debt

[Gadgeter]

When I purchased my flat 3 years ago.. I calculated the affordability based on my income alone.. I also took a 30years loan, and I have sufficient cpf to last for my 2 years instalment if I'm out of job.

 

Althought I have made $183K on paper after I have bought my flat, I doubt I'll sell it due to its good location.

[Freestylers09]

if i am u, i will take lesser loan period deduct more from my cpf

 

like maybe 500-600 out of 1000..in this way..safeguard the future as there's extra $ everymonth inside the CPF for deduction and reduct the interest..interests kills!

 

 

[Freestylers09]

what i aiming is the low price...what i sianz is middle of no where..if intend to stay long..wont go try BTO it..

 

my friend sugguested to me get first..future continue stay where i am now.. and rent out...

[Rickster]

When I purchased my flat 3 years ago.. I calculated the affordability based on my income alone.. I also took a 30years loan, and I have sufficient cpf to last for my 2 years instalment if I'm out of job.

 

Althought I have made $183K on paper after I have bought my flat, I doubt I'll sell it due to its good location.

 

3 yrs and 183K paper gain is very very good. Congrats.

[Gadgeter]

granite flooring and all sharp corners have been 'rounded'.. am lucky that the cash out front was below $5K..

 

Well, it is just paper gain. I'll really earn IF i sell the flat..

[Ahyoo2002]

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.

 

For water tank, is every flats have the water tank on top? I went to look at the latest BTO at Woodlands, only certain units have water tank on top. And the water tank is those with leg support which means even if it leak, it should flow to somewhere else, right?

 

Buy high sell high or buy low sell low I also do not mind. But the problem for BTO is you need to wait and the price has locked at today price. I am not sure how much I can sell my current flat (whcih I bought from resale market a few years back) when the BTO is completed. My worried is buy high now and sell low when the BTO is completed.

 

Anyway, good for you. I prefer mature estate like TPY but money not enough.

 

[Ahyoo2002]

3 yrs and 183K paper gain is very very good. Congrats.

 

 

It only happen on the recent "crazy" market.

[Hiphiphoray]

From the link, I realised that I just made $183K on paper.

 

Wahhhhhhh....good for you. I only made 65k after deducting (cpf + interest incur + outstanding loan). Not much, but it is enough to cover the bank downpayment 5%(27+k), agent com fees(13+k), COV of my buying of flat(12+k). Still left balance abt 13k for minor renovation works. hehe. Not too bad hor.

 

Housing loan wise, Me & wify combine should be able to clear the outstanding loan in 10 years time.

 

 

[Silver_blade]

.... I have made $183K on paper after I have bought my flat...

That is good. Tho it may be just a paper gain...but still feel shiok. [thumbsup]

[Silver_blade]

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.

Should be a spectacular view to see so many firework at one go. [:)]

[Hiphiphoray]

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".

 

That is exactly what i think too. HDB very seldom drop in pricing. Even if they do, they will eventually continue to increase. Having said that, its never a good or bad time to buy a flat.

 

My Sem flat was purchase @ 228k in year 2000....just sold for 357k

 

Toa Payoh 5 room was selling @ abt 400k back in 2005. Now almost all 5-room flats in toa payoh are easily worth 500k.

 

I dont think prices will ever drop back to the intial pricing.

 

 

 

[Hiphiphoray]

Should be a spectacular view to see so many firework at one go. [:)]

 

Hehe....not so bad rah. Still quite a interesting sight to see, even after all these years.

[Blackyv]

That is exactly what i think too. HDB very seldom drop in pricing. Even if they do, they will eventually continue to increase. Having said that, its never a good or bad time to buy a flat.

 

My Sem flat was purchase @ 228k in year 2000....just sold for 357k

 

Toa Payoh 5 room was selling @ abt 400k back in 2005. Now almost all 5-room flats in toa payoh are easily worth 500k.

 

I dont think prices will ever drop back to the intial pricing.

 

quite true... that's why sometimes, we human being are very contradicting lot... on one hand, we always wanted to make sure the hdb flat price go one way ticket, upward and very happy when we see the $$$ be it on paper or pocket but on the other hand, we kpkb and worry how our next generation could afford a roof of their own without moonlighting by selling backside to keep servicing the flat....

 

as for me, i'm quite clear that im not into buying and selling, provided i strike toto..., as of now, im happpy and lucky that i pruchase the flat before the crazy market (my guess is my flat has nearly doubled on paper...), and my aim now is to clear the debt asap... i like to be debt free....... if nothing go wrong, this flat is for my son so that he doesn't have to slog for life to have a roof for a start.... i dare not imagine how much a 4-rm flat would cost in year 2030.... ......call me the old fashion if u like and i wont argue about it because i am indeed one old fashion guy....

[Hiphiphoray]

 

Wowwwwwwww....Great Minds think alike.

 

I have thot sooooo far too, the unit can be divided equally to my 2 kids too.....in due course.

 

Im sure it will worth a hell lot more than the current 550k pricetag come 20-30 years time.

 

We are both the old fashion type.

 

[Law_ong]

provided ur monthly payment for the max loan is not anything higher than ur monthly contrbution to ORDINARY account.... also u have a total of 100-200k in total (couple) paid up to hdb using cpf when u buying these 450k++ flats..

 

otherwise its hard that u are paying base on cpf w/o cash top up

[Gadgeter]

That is good. Tho it may be just a paper gain...but still feel shiok. [thumbsup]

 

There was a buyer who even want to offer $550K to my neighbour... but the catch is... need to vacant the house (valuation was around $450 bacjk then) asap.. My neighbour turn down the offer.