Thaiyotakamli Supersonic February 7, 2019 Share February 7, 2019 errmm.. you only need 14-15k combined income to loan 2mil at under 30... HOWEVER...monthly repayments are HALF of the gross... ** not i TCSS** ocbc say one https://www.ocbc.com/personal-banking/loans/calculators/homeloan.html ie .. if status quo.... eat grass for the rest of your life in local context... .. if pay increase over the years.... can survive better .. if lose job.... gg liao.... Even so the downpayment would be ard 600k at least. And high monthly repayment, not rich then what? I cant afford lor such high loan ↡ Advertisement Link to post Share on other sites More sharing options...
SuPerBoRed Twincharged February 7, 2019 Share February 7, 2019 Half of gross is how much? In mcf can mean from $1000 to $500 k, hor.... Link to post Share on other sites More sharing options...
SuPerBoRed Twincharged February 7, 2019 Share February 7, 2019 (edited) Even so the downpayment would be ard 600k at least. And high monthly repayment, not rich then what? I cant afford lor such high loan To be honest.. our era much easier to do all this... now property markets are stable at higher levels.. no correction... almost impossible to buy dirt cheap when people panic. difficult to flip and make the downpayment... when i stepped into the working society... i had a lady boss(7yrs my senior) who leveraged heavily and bought 3 properties (2005~2006), got hit stop loss trigger (lack of rental revenue)... had to cut back on all spending and ask for family help to survive... She retired 10yrs ago... Edited February 7, 2019 by SuPerBoRed 1 Link to post Share on other sites More sharing options...
Evillusion Supersonic February 7, 2019 Share February 7, 2019 half of gross income la wei... 7k+ in the eg aboveSadly i am not in that category.......can only afford cheap hdb. Link to post Share on other sites More sharing options...
Heartlander Turbocharged February 7, 2019 Share February 7, 2019 The real rich is the one with more than 2m mortgage This shows the bank willing to lend them such amount of money Can you? This I definitely agree. A close relative was complaining during recent CNY reunion dinner that he owe his bank 14mil to rebult his commercial property. But can hear his haolian-ness that his bank is willing to loan him that much money. He owns many commercial and residential properties and has benefitted from multiple enbloc sales, latest being a Tulip Garden unit that earned him > 2mil in profit just last week. But somehow I not jealous lah. Poor as I am, I always trying to be happy with what I have haha. 9 Link to post Share on other sites More sharing options...
Krieger 5th Gear February 7, 2019 Share February 7, 2019 As long you stay happy most of the time, you are already richer than anyone else. By the way what's 2 million profit for him to haolian about? One do not own properties or items if not fully paid up. They belongs to the bank. This I definitely agree. A close relative was complaining during recent CNY reunion dinner that he owe his bank 14mil to rebult his commercial property. But can hear his haolian-ness that his bank is willing to loan him that much money. He owns many commercial and residential properties and has benefitted from multiple enbloc sales, latest being a Tulip Garden unit that earned him > 2mil in profit just last week. But somehow I not jealous lah. Poor as I am, I always trying to be happy with what I have haha. 1 Link to post Share on other sites More sharing options...
Showster Twincharged February 7, 2019 Share February 7, 2019 (edited) It's a misunderstanding that properties not fully paid up belongs to the bank. Sure, the mortgage (loan) comes from (is financed by) the bank. But the amount that is paid up (equity) belongs to the owner. A bank can force sell an unpaid mortgage to recover only the amount of mortgage unpaid. The amount paid up still belongs to the owner and that is recoverable after a forced sale. If equity loan is possible, according to current regulations, a retiree needs to maintain at least 50% paid up before triggering forced sale. If a forced sale takes place with 50% paid up, the owner can recover at least 30-40% of the property current price (paid up capital equity) as well. As long you stay happy most of the time, you are already richer than anyone else. By the way what's 2 million profit for him to haolian about? One do not own properties or items if not fully paid up. They belongs to the bank. Edited February 7, 2019 by Showster 2 Link to post Share on other sites More sharing options...
Heartlander Turbocharged February 7, 2019 Share February 7, 2019 As long you stay happy most of the time, you are already richer than anyone else. By the way what's 2 million profit for him to haolian about? One do not own properties or items if not fully paid up. They belongs to the bank. To be fair to this relative, his net worth is easily 50mil to 100mil. And he also owns a few successful restaurants that also pull in quite some money constantly, so he definitely can haolian about it. Link to post Share on other sites More sharing options...
Jamesc Hypersonic February 7, 2019 Share February 7, 2019 To be fair to this relative, his net worth is easily 50mil to 100mil. And he also owns a few successful restaurants that also pull in quite some money constantly, so he definitely can haolian about it. He has a goog looking daughter? 2 Link to post Share on other sites More sharing options...
Kopites Supersonic February 7, 2019 Share February 7, 2019 He has a goog looking daughter? Don't need good looking. As long as daughter will do. 1 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic February 7, 2019 Share February 7, 2019 To be fair to this relative, his net worth is easily 50mil to 100mil. And he also owns a few successful restaurants that also pull in quite some money constantly, so he definitely can haolian about it.Ok la he got the right to haolian hahahaDon't need good looking. As long as daughter will do.ðYah if not happy can repair the face He has a goog looking daughter? Thought ur MIL good looking? 1 Link to post Share on other sites More sharing options...
Evillusion Supersonic February 7, 2019 Share February 7, 2019 It's a misunderstanding that properties not fully paid up belongs to the bank. Sure, the mortgage (loan) comes from (is financed by) the bank. But the amount that is paid up (equity) belongs to the owner. A bank can force sell an unpaid mortgage to recover only the amount of mortgage unpaid. The amount paid up still belongs to the owner and that is recoverable after a forced sale. If equity loan is possible, according to current regulations, a retiree needs to maintain at least 50% paid up before triggering forced sale. If a forced sale takes place with 50% paid up, the owner can recover at least 30-40% of the property current price (paid up capital equity) as well. As long can off-load without bank hot on the heels and defaulting after losing a job or business should be in good health.......happy can oredy. Envy? Can.....but if small bottle (like me) better dont go adventuring in the desert! Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 7, 2019 Share February 7, 2019 Wah.....sweat and blood! You invaded and conquered somebody else property or what? Link to post Share on other sites More sharing options...
Evillusion Supersonic February 7, 2019 Share February 7, 2019 Big Brother, my money also use sweat blood and tears to earn. Not drop from sky leh Thought you use wine and cigars nia! But as you said.....best are those that toiled and worked hard for his own and i am sure you are one. I only pulling your legs about conquering someone's else..... Link to post Share on other sites More sharing options...
Nhyone 4th Gear February 7, 2019 Share February 7, 2019 (edited) Screenshot_20190206_220915_com.facebook.katana.jpg When pay housing loan using cpf do take note of valuation limit. Once a person hits Valuation Limit, it won't be long before he hits CPF Withdrawal Limit (120% of VL). The rules are there all along. You can't borrow from your CPF forever. This is a good thing. Edited February 7, 2019 by Nhyone 2 Link to post Share on other sites More sharing options...
Dafansu Turbocharged February 7, 2019 Share February 7, 2019 Once a person hits Valuation Limit, it won't be long before he hits CPF Withdrawal Limit (120% of VL). The rules are there all along. You can't borrow from your CPF forever. This is a good thing. a lot of people are not aware of this rule. Link to post Share on other sites More sharing options...
Icedbs Turbocharged February 7, 2019 Share February 7, 2019 a lot of people are not aware of this rule. A lot of DIY buyers doesn't know this. Some didn't even know about CPF restriction for properties above 39 years old. 1) The only time when the CPF doesn't have limit is when you take a HDB loan for a BTO. For this, you can use your CPF until the loan is fully paid of. 2) If you take HDB loan for resale or DBSS, there is a Valuation limit. When the CPF hits the VL, you need to set aside the BRS. 3) If you take bank loan for HDB (regardless new or resale) or DBSS, there will be VL and Withdrawal limit (WL). WL being 120% of VL. When VL is reached, BRS has to be set aside, any extra then can service up to WL. 4) For private property, same as (3) above. The above rules have been there for the longest time. Link to post Share on other sites More sharing options...
Throttle2 Supersonic February 7, 2019 Share February 7, 2019 a lot of people are not aware of this rule. Not aware? Then Huat lor Muayhahahah ↡ Advertisement Link to post Share on other sites More sharing options...
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