New VERS scheme for aging HDB

[DACH]

i brought mine less than 60 years as well. ð 3room corner unit. stupid cpf/hdb rule stop me from using cpf to pay up even though me and wife add up more than sufficient to buy three units. evenutally 40% cpf remain balance they expect me to take hdb loan or bank loan. i brought cashier order. i told the officer using coffin money also wont take loan and tied myself down to a never ending cycle. i did wrote to them, see MPas well, on the usage of cpf. Their advise is to get a newer unit or go private so as to fully untilise our cpf money. Of course i was very angered back then. Here i am trying to be prudent not to over spend and yet wanting me to commit a long term laibility.

 

happened about 5/6 years ago.ð¤

i paid mine 3 room 45OK.ð¤

That's why some people say it's a ponzi scheme.

[13177]

That's why some people say it's a ponzi scheme.

[Kopites]

That's why some people say it's a ponzi scheme. ð

 

But then it's a leasehold property. They won't let you pay the full sum even if you can afford. The regular payments must still be put in place.

i didnt opt for any loan so no regular monthly payment.. They cant catch and trap me...hahaha..

Can full pay the sum if the age of the flat is below 40 year old la. Lately i have one friend who sold his hdb flat, her buyer bought the house with no loan at all. Should be full paid by cpf.

yes lease more 60 years can full use cpf. once exceed the 60 years there is a formula. age over lease over purchase price something like that.. Edited September 26, 2018 by Kopites

[DACH]

Can full pay the sum if the age of the flat is below 40 year old la. Lately i have one friend who sold his hdb flat, her buyer bought the house with no loan at all. Should be full paid by cpf.

Your friend has a flat before he bought the current one. Don't think he bought full sum for that.

Your friend should be very old now? Can sell old flat and cover the costs for a new one including a loaded CPF account

 

But many of the younger generation do not have this luxury.

[Kopites]

by the way tiong bahru 4 storey was going at about 500k average for 3 room. we did checked out one unit but on the ground floor. wifey afraid of siao qiang..

Edited September 26, 2018 by Kopites

[13177]

Your friend has a flat before he bought the current one. Don't think he bought full sum for that.

Your friend should be very old now? Can sell old flat and cover the costs for a new one including a loaded CPF account

 

But many of the younger generation do not have this luxury.

My friend is the seller not the buyer la. The buyer who bought my friend's house with no loan at all, so assume the buyer paid full in cpf. And my friend's house is not an old flat, below 30 year old flat lo.

by the way tiong bahru 4 storey was going at about 500k average for 3 room. we did checked out one unit but on the ground floor. wifey afraid of siao qiang..

[DACH]

My friend is the seller not the buyer la. The buyer who bought my friend's house with no loan at all, so assume the buyer paid full in cpf. And my friend's house is not an old flat, below 30 year old flat lo.

 

Siao qiang can appear in your house even you stay in high level.

Pai say.

Read wrongly.

 

That guy should be quite old and cash rich. CPF can also only use up to a certain limit.

Less than 30 years old flat is can still fetch about 300k, depending on the size and location.

[13177]

Pai say.

Read wrongly.

 

That guy should be quite old and cash rich. CPF can also only use up to a certain limit.

Less than 30 years old flat is can still fetch about 300k, depending on the size and location.

Not old and they buy as a couple lo. Combined cpf should be able to full paid if the house is not too expensive. Is that a cpf limit that can use? Thought they will wipe off everything in your cpf? So if example each person have $150k in cpf, and price of the flat is 300k. Both cpf combined would be $300k, so paid off in full.

[Angcheek]

wah so good ar ...

no wonder orbiwan say buy a 50 years old flat still can appreciate and make more money ... huat ah!

 

VERS at 70 years old sounds like ah gong gonna pay him $790K ... wah jin ho jiak! why reject

easily can exchange another 99 years at Tengah sounds like *no need to pay one* (1-to-1 exchange) .... huat ah!

if he need to pay another $790K i wonder where he got the $$ ... opps may be he made $35k/mth T2 regional HR guy

 

i think this guy is SIBEI SMART leh ... old is gold! (sitting on a gold pot) ... sure win

 

that 30 yr VERs are likely to be too litter. Give you a new flat , u also no money to pay by then . 

 

End up , most will opt for the 30 yr lease bto Old folk condo . 

 

So very good business for the HDB . Give you 30 yrs lease , take back the whole block and sell for 99 yr lease or maybe rebuild as condo lagi better.     

[Vratenza]

Then if really sell 30yr lease, garmen cannot sell you koyok about retirement home, retirement savings, leave for children and many generations to come.....

 

Also cannot "force" you to be gainfully employed till 70 yrs old just to fund the overpriced leased pigeon hole.

 

Also cannot use upgrading as carrot to "buy" votes.

 

 

that 30 yr VERs are likely to be too litter. Give you a new flat , u also no money to pay by then . 

 

End up , most will opt for the 30 yr lease bto Old folk condo . 

 

So very good business for the HDB . Give you 30 yrs lease , take back the whole block and sell for 99 yr lease or maybe rebuild as condo lagi better.     

 

[Angcheek]

Then if really sell 30yr lease, garmen cannot sell you koyok about retirement home, retirement savings, leave for children and many generations to come.....

 

Also cannot "force" you to be gainfully employed till 70 yrs old just to fund the overpriced leased pigeon hole.

 

Also cannot use upgrading as carrot to "buy" votes.

 

from the start , if you kana a VERS , it means you likely nothing much left for your kids liao lor . 

 

THose 30 yr lease flat = retirement home ... no meh ? 

 

THey dont need to buy vote by then ... they can import      

 

 

No matter how we look at it .......... we DIE     

[Vratenza]

 when you come out to work say 25yrs old...."buy" your 1st retirement BTO 30yrs lease home, by time lease runs out, you only 55yrs old.....

 

PAP still want you to work till 70 yrs old if they have their way....so 15yrs left till retirement you stay where? better still have savings to buy another new home by that time.

after retirement also need place to stay.

 

from the start , if you kana a VERS , it means you likely nothing much left for your kids liao lor . 

 

THose 30 yr lease flat = retirement home ... no meh ? 

 

THey dont need to buy vote by then ... they can import      

 

 

No matter how we look at it .......... we DIE     

 

Edited September 26, 2018 by Vratenza

[13177]

that 30 yr VERs are likely to be too litter. Give you a new flat , u also no money to pay by then . 

 

End up , most will opt for the 30 yr lease bto Old folk condo . 

 

So very good business for the HDB . Give you 30 yrs lease , take back the whole block and sell for 99 yr lease or maybe rebuild as condo lagi better.     

Confirmed that VERS thing is beneficial for hdb than house owner la. Most owner might be already quite old if their flat reached 70 year old or more, where got money to buy another new flat?! Also don think hdb would compensate a good price for the flat under VERS.

 

Lets say even a single who bought a 40 year old flat at the age of 35 year old. By the time the flat reached 70 years, the owner already 65 year old, should be retired with no income or not high income. 

[DACH]

Confirmed that VERS thing is beneficial for hdb than house owner la. Most owner might be already quite old if their flat reached 70 year old or more, where got money to buy another new flat?! Also don think hdb would compensate a good price for the flat under VERS.

 

Lets say even a single who bought a 40 year old flat at the age of 35 year old. By the time the flat reached 70 years, the owner already 65 year old, should be retired with no income or not high income. 

 

Single guy should be able to accumulate more savings then people who have children, unless all the years he doesn't have a proper job or steady income all the while.

[13177]

Single guy should be able to accumulate more savings then people who have children, unless all the years he doesn't have a proper job or steady income all the while.

Single guy who can accumulate more savings in terms of cpf or cash, the person must start off with quite a high salary, if not also not easy. Combined income would be much easier as compared to a single income, even earning might not be very high. Imagine if both earn $3k, combined income would be $6k liao as compared to a single guy who earn $3k only.

Edited September 26, 2018 by 13177

[DACH]

Single guy who can accumulate more savings in terms of cpf or cash, the person must start off with quite a high salary, if not also not easy. Combined income would be much easier as compared to a single income, even earning might not be very high. Imagine if both earn $3k, combined income would be $6k liao as compared to a single guy who earn $3k only.

 

It still depends if the couple have kids or not.

If they do not have kids, the couple can save more money.

 

Single guy do not have much commitments, and they should be able to save more over the long run. 

[inlinesix]

Confirmed that VERS thing is beneficial for hdb than house owner la. Most owner might be already quite old if their flat reached 70 year old or more, where got money to buy another new flat?! Also don think hdb would compensate a good price for the flat under VERS.

 

Lets say even a single who bought a 40 year old flat at the age of 35 year old. By the time the flat reached 70 years, the owner already 65 year old, should be retired with no income or not high income. 

 

By the time my HDB hit 70 yrs old, i am more than 90 yrs old.

 

Might have moved to old folks home already.

[DACH]

By the time my HDB hit 70 yrs old, i am more than 90 yrs old.

 

Might have moved to old folks home already.

In JB or Singapore one?