Arcachon
17-09-16, 12:30
http://statestimesreview.com/2016/09/14/minister-tharman-sell-or-rent-your-home-when-you-are-old-to-retire/
1) Selling or renting out your home when you are old
TDSR and MSR for Property Loan in Singapore
http://housingloansg.com/hl/resources/housing-loan-guide/tdsr-and-msr
2) Earn higher returns from CPF by investing
http://www.businesstimes.com.sg/government-economy/govt-to-tighten-cpf-investment-scheme-tharman
Govt to tighten CPF Investment Scheme: Tharman
Taking a second HDB loan
If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flat.
You may keep $25,000 or half of the cash proceeds, whichever amount is more. We will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you.
The right-sizing of loan amount ensures that you do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears.
Check out the following 2 scenarios you can find yourself in:
If you are buying a resale flat after selling your current flat
You have to use up to half of the cash proceeds from the sale of your current or immediate past HDB flat, and all of the CPF balance to finance the purchase of your next flat. This applies regardless of when you sold your previous HDB flat.
If you are buying a flat before selling your current flat
As you would not have received the proceeds from the sale of your existing flat when you apply for an HDB loan, we will grant you a bigger loan at commercial interest rates.
The commercial interest rate is pegged to the 3-month average non-promotional interest rate for purchase of HDB flats offered by the 3 local banks. Currently, the rate is 3.38%.
After the sale of your current flat, you will have to redeem this loan with the full CPF refund and part of the cash proceeds from the sale of your existing flat. Upon redemption, the loan will be converted to a concessionary rate loan.
http://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/options-for-your-next-flat
http://sgpropertycompass.com/wp-content/uploads/2014/06/LOAN-TO-VALUE-RATIO-GUIDE.jpg
3) Work as long as you can
http://www.straitstimes.com/singapore/manpower/parliament-re-employment-age-for-older-workers-to-be-raised-to-67-on-july-1-next
SINGAPORE - The Government has finally set the date for raising the age ceiling of re-employment to 67 - July 1 next year.
From that date on, employers will be legally obliged to offer re-employment to eligible workers up to the age of 67, two years older than the age ceiling today.
http://www.siliconplus.com.sg/client/cpf/eNewsletter/issue04/assets/img/chart_ofInterest.jpg
1) Selling or renting out your home when you are old
TDSR and MSR for Property Loan in Singapore
http://housingloansg.com/hl/resources/housing-loan-guide/tdsr-and-msr
2) Earn higher returns from CPF by investing
http://www.businesstimes.com.sg/government-economy/govt-to-tighten-cpf-investment-scheme-tharman
Govt to tighten CPF Investment Scheme: Tharman
Taking a second HDB loan
If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flat.
You may keep $25,000 or half of the cash proceeds, whichever amount is more. We will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you.
The right-sizing of loan amount ensures that you do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears.
Check out the following 2 scenarios you can find yourself in:
If you are buying a resale flat after selling your current flat
You have to use up to half of the cash proceeds from the sale of your current or immediate past HDB flat, and all of the CPF balance to finance the purchase of your next flat. This applies regardless of when you sold your previous HDB flat.
If you are buying a flat before selling your current flat
As you would not have received the proceeds from the sale of your existing flat when you apply for an HDB loan, we will grant you a bigger loan at commercial interest rates.
The commercial interest rate is pegged to the 3-month average non-promotional interest rate for purchase of HDB flats offered by the 3 local banks. Currently, the rate is 3.38%.
After the sale of your current flat, you will have to redeem this loan with the full CPF refund and part of the cash proceeds from the sale of your existing flat. Upon redemption, the loan will be converted to a concessionary rate loan.
http://www.hdb.gov.sg/cs/infoweb/residential/selling-a-flat/options-for-your-next-flat
http://sgpropertycompass.com/wp-content/uploads/2014/06/LOAN-TO-VALUE-RATIO-GUIDE.jpg
3) Work as long as you can
http://www.straitstimes.com/singapore/manpower/parliament-re-employment-age-for-older-workers-to-be-raised-to-67-on-july-1-next
SINGAPORE - The Government has finally set the date for raising the age ceiling of re-employment to 67 - July 1 next year.
From that date on, employers will be legally obliged to offer re-employment to eligible workers up to the age of 67, two years older than the age ceiling today.
http://www.siliconplus.com.sg/client/cpf/eNewsletter/issue04/assets/img/chart_ofInterest.jpg