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Recent suggestion for changes on housing loans using CPF.


DACH
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13 members have voted

  1. 1. Do you think it's a workable solution?

    • Yes
      4
    • No
      7
    • Not sure
      2


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Twincharged

Need to renew HDB leases, otherwise the asset enhancement strategy (aka ownself pay ownself) will collapse and many who wiped out their CPF to fund the roof over their heads will have no retirement funds and govt will need to bail them out.

 

Do we really have a lot of time to sort this out?

 

But where did all those land money went to? Subsidized or not, it is still cold hard cash. In our reserves?

If so easy to renew then no need for people to buy new HDB.

 

Just buy 98 year old HDB and wait for Govt to renew.

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Supersonic

If so easy to renew then no need for people to buy new HDB.

 

Just buy 98 year old HDB and wait for Govt to renew.

But there's no 98 year old HDB yet.
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Hypersonic

....like saying ownself loose to ownself  

 

Of course it is

 

SLA sells land to HDB@300 psf

HDB pays contractor 200 psf construction cost

 

HDB sells you for 400 psf so they lose 100 psf.

 

Not subsidy meh?

 

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Twincharged

Therein lies one crux of the problem.

 

Most HDB owners/dwellers will not really be alive by then, but are just as concerned about the expiry of the lease as if they would still be alive.

 

One reason for the unhappiness I feel is the legacy that many hope to leave behind to their descendants. However, HDB is not the right tool to obtain for that purpose. It should not be. It should serve social and housing purposes only, and maybe a little investment aims in the first 30 years of lease.

 

will we still be alive by then?

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(edited)

fully agreed with your point.

however, cannot blame them fully

for the longest time we keep hearing

hdb = asset enhancement

hdb = nest egg

hdb = rental / passive income

 

so hdb = simoly a roof over your head and your family head

or hdb = investment and speculation tool?

 

too many expectation people got on their million dollar hdb

 

the next for people to complain is if they cannot make $200k-$250k (min expectation) when they flip their bto after MOP

 

Therein lies one crux of the problem.

 

Most HDB owners/dwellers will not really be alive by then, but are just as concerned about the expiry of the lease as if they would still be alive.

 

One reason for the unhappiness I feel is the legacy that many hope to leave behind to their descendants. However, HDB is not the right tool to obtain for that purpose. It should not be. It should serve social and housing purposes only, and maybe a little investment aims in the first 30 years of lease.

Edited by Wt_know
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Twincharged
(edited)

To be exact, from 2000 to 2011, the concept was HDBs as assets. It was an investment and speculation tool for many. Any HDB islandwide was an asset that grew in value during those periods. SERS was not a problem given those kind of growth in value.

 

We all know what happened in 2011 that caused deep reflections within the PAP camp. The whole policy was rejected by the population at large resulting in probably the worst election results ever.

 

So fast forward 7 years, this is where we are. Buy to stay, all happy. Buy to sell and change HDB, still good. Buy to upgrade or speculate, very hard to gain. BTO still have some meat, resale very unlikely. Buy to sell and upgrade to private, it will be quite painful. SERS became next to impossible with the dwindling values.

 

Right now, speculation is still possible but much harder to gain that much.

 

Even though a few are extremely upset, most are happy with this.

 

As they said, no need appreciation. Sell high buy high, sell low buy low. Policy aim achieved.

 

fully agreed with your point.
however, cannot blame them fully
for the longest time we keep hearing
hdb = asset enhancement
hdb = nest egg
hdb = rental / passive income

so hdb = simoly a roof over your head and your family head
or hdb = investment and speculation tool?

too many expectation people got on their million dollar hdb

the next for people to complain is if they cannot make $200k-$250k (min expectation) when they flip their bto after MOP
 

 

Edited by Showster
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Can’t imagine people still taking about this after 30 yrs. by letting people use cpf pay for property, and by being the largest landlord and seller of property in Singapore, govt went from owing billions to the people, to the people owing billions to the govt in a stroke of the pen. why would they change that?

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It is an asset with limits. 

 

It serves a very strong social agenda.

 

If allowed to use as a collateral easily, some might gamble it away or spend on holidays. 

 

Even if used as a business loan, what happens if the business ultimately collapses and the couple ends up in their 50s or 60s with a huge pending HDB loan due to this collateral?

 

At least, if it remains fully paid, the couple in their 50s or 60s can sell it away and raise some (more) funds for some options.

 

actually I don't understand if G said HDB is an asset, then why cannot use flat as collateral as loan.

 

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aiya ... only JOHOR sultan&prince can do that la

as long as they are happy ... anything also can

ask any other states in msia can do what johor can do?

 

This is what is know as really caring for the people. What for give GST vouchers and simi rebates?

 

https://www.channelnewsasia.com/news/asia/rm70000-3-bedroom-terrace-johor-royal-family-affordable-housing-10849758#cxrecs_s

 

Edited by Wt_know
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All i know is that if you use CPF to buy house and you got no other money.

When you 55 yrs old, you cannot retire.

When you 62yrs old, you cannot retire

When you 75yrs old, you cannot retire

 

If you retire, you must sell your property or move out of Singapore.

Of sell and down grade.

Ho sey liao. Welcome to your retirement

Congratulations.

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