Private housing loan VS HDB loan

[Wt_know]

if buy hdb ... take hdb loan is the best protection and less "problem" when shit hits the fan

Edited March 20, 2015 by Wt_know

[Nautilus]

HDB do charge early redemption fee

 

That's not true. You can make incremental lump sum payments by cash or CPF through the HDB website and the branch office anytime with no charges.

[Sabian]

My home loan with ANZ also provides for 100% prepayment leh.

[Wyfitms]

My home loan with ANZ also provides for 100% prepayment leh.

 

ANZ allow you to default for years before taking your flat away?

[Blueblueman]

 

That's not true. You can make incremental lump sum payments by cash or CPF through the HDB website and the branch office anytime with no charges.

I did that before at branch office.

[Sabian]

 

ANZ allow you to default for years before taking your flat away?

 

I only mention abt prepayment

 

Don't twist and turn ok?

Edited March 20, 2015 by Sabian

[KiaCeratoHB]

Sorry I'm not into loan, I just wish to have the space with my loved ones.

 

loan also pay by cpf... if cpf dont use to pay mortgage then keep inside also useless. n i rather give private developer then giving it to them via hdb.

[Blurxiu]

if you can't service the bank loan, how soon they come and repo the flat?

[Albeniz]

Hi folks,

 

I have question regarding housing loan from bank.

 

I am currently staying in flat A which has almost been fully paid by mostly CPF (and some cash).    My CPF account is almost empty at this point of time, as almost all my CPF monies are in Flat A.

 

I intend to buy a flat B (of a smaller value), and intend to pay for Flat B using CPF.  However, I need to sell Flat A in order to free up the CPF first.

 

If I were to pay full cash now for Flat B, I will be CPF-rich but cash-poor by the time Flat A has been sold.  For my case, Flat A can only be sold (within 6 months) after Flat B has been purchased.

 

I am thinking of creating a buffer by taking a short term loan (e.g. 6 months, $200k) from bank.  So that by the time my CPF becomes available (after selling Flat A), I can immediately pay the bank with one lump sum CPF, without incurring too much interest.

 

Would this arrangement work?  Is there any minimum loan period and would there be any penalty if one redeems the loan too early?  I know car loan has.

 

Many thanks.

Edited June 6, 2016 by Albeniz

[Showster]

Hi folks,

 

I have question regarding housing loan from bank.

 

I am currently staying in flat A which has almost been fully paid by mostly CPF (and some cash). My CPF account is almost empty at this point of time, as almost all my CPF monies are in Flat A.

 

I intend to buy a flat B (of a smaller value), and intend to pay for Flat B using CPF. However, I need to sell Flat A in order to free up the CPF first.

 

If I were to pay full cash now for Flat B, I will be CPF-rich but cash-poor by the time Flat A has been sold. For my case, Flat A can only be sold (within 6 months) after Flat B has been purchased.

 

I am thinking of creating a buffer by taking a short term loan (e.g. 6 months, $200k) from bank. So that by the time my CPF becomes available (after selling Flat A), I can immediately pay the bank with one lump sum CPF, without incurring too much interest.

 

Would this arrangement work? Is there any minimum loan period and would there be any penalty if one redeems the loan too early? I know car loan has.

 

Many thanks.

Check out bridging loan. Many banks have it. I do not have experience with it though.

 

https://www.dbs.com.sg/personal/loans/home-loans/bridging-loan

[Little_prince]

most banks do provide bridging loan.

 

should not be a problem.

 

https://www.sc.com/sg/borrow/mortgages-hdb-bridging-loan.html

 

Hi folks,

 

I have question regarding housing loan from bank.

 

I am currently staying in flat A which has almost been fully paid by mostly CPF (and some cash).    My CPF account is almost empty at this point of time, as almost all my CPF monies are in Flat A.

 

I intend to buy a flat B (of a smaller value), and intend to pay for Flat B using CPF.  However, I need to sell Flat A in order to free up the CPF first.

 

If I were to pay full cash now for Flat B, I will be CPF-rich but cash-poor by the time Flat A has been sold.  For my case, Flat A can only be sold (within 6 months) after Flat B has been purchased.

 

I am thinking of creating a buffer by taking a short term loan (e.g. 6 months, $200k) from bank.  So that by the time my CPF becomes available (after selling Flat A), I can immediately pay the bank with one lump sum CPF, without incurring too much interest.

 

Would this arrangement work?  Is there any minimum loan period and would there be any penalty if one redeems the loan too early?  I know car loan has.

 

Many thanks.

 

Edited June 6, 2016 by Little_prince

[Jman888]

Hi folks,

 

I have question regarding housing loan from bank.

 

I am currently staying in flat A which has almost been fully paid by mostly CPF (and some cash).    My CPF account is almost empty at this point of time, as almost all my CPF monies are in Flat A.

 

I intend to buy a flat B (of a smaller value), and intend to pay for Flat B using CPF.  However, I need to sell Flat A in order to free up the CPF first.

 

If I were to pay full cash now for Flat B, I will be CPF-rich but cash-poor by the time Flat A has been sold.  For my case, Flat A can only be sold (within 6 months) after Flat B has been purchased.

 

I am thinking of creating a buffer by taking a short term loan (e.g. 6 months, $200k) from bank.  So that by the time my CPF becomes available (after selling Flat A), I can immediately pay the bank with one lump sum CPF, without incurring too much interest.

 

Would this arrangement work?  Is there any minimum loan period and would there be any penalty if one redeems the loan too early?  I know car loan has.

 

Many thanks.

 

 

either try bridging loan or get the agent to coordinate the timing of the contra sales (or extend the stay in flat A with the new owner).

 

 

[Kurty]

Hi,

 

been thinking if I should consider switching to a bank to pay off my housing loan?

 

Current income for my wife and I, are pretty healthy and regular.

 

Paying around $1100 monthly to HDB whereby half of the payment goes to the interest.

 

Been doing this for the last 3 years.

Whats your view?

Switch or remain?

 

My goal is to stay debt free, the earlier I can pay off the loan, I could probably invest in a condo?

or shift out from Singapore and sell beancurd in Ipoh?

[inlinesix]

Hi,

 

been thinking if I should consider switching to a bank to pay off my housing loan?

 

Current income for my wife and I, are pretty healthy and regular.

 

Paying around $1100 monthly to HDB whereby half of the payment goes to the interest.

 

Been doing this for the last 3 years.

Whats your view?

Switch or remain?

 

My goal is to stay debt free, the earlier I can pay off the loan, I could probably invest in a condo?

or shift out from Singapore and sell beancurd in Ipoh?

 

For HDB loan, you can always do partial redemption as & when u like.

 

I pay off HDB loan within 10 yrs with biannual partial redemption using CPF.

[Kurty]

For HDB loan, you can always do partial redemption as & when u like.

 

I pay off HDB loan within 10 yrs with biannual partial redemption using CPF.

what do you mean by partial redemption?

 

early payment?

for example, excess in O.A, use it and pay off the loan?

 

in my scenario, I don't earn much..

hence my O.A probably got less than 5 digit..

[inlinesix]

what do you mean by partial redemption?

 

early payment?

for example, excess in O.A, use it and pay off the loan?

 

in my scenario, I don't earn much..

hence my O.A probably got less than 5 digit..

 

Every 2 years, we will have excess in OA.  We will use almost entire OA (have to leave 1 mth installment in OA) to pay down the loan.

[Kangadrool]

Makes negligible difference. Was advised by HDB opicer to let the loan drag on. Anyway, I still redeem my loan with my CPF "surplus" 'cos I can't see the naggy monthly transactions.

 

what do you mean by partial redemption?

 

early payment?

for example, excess in O.A, use it and pay off the loan?

 

in my scenario, I don't earn much..

hence my O.A probably got less than 5 digit..

 

[Kusje]

Wasn't there a dbs loan where they promise that their interest will ALWAYS be lower than HDB for 10 years?