Newbie
From what was gathered, as long as you regularly service your housing loan on time, there will not be any so-called margin calls. You should read all fine prints of your bank loan agreement to spot any unusual clauses mentioning this. I couldn't find any in mine.
Newbie
With a loan of $763K for 35 years, your monthly instalment is $2.9K (3%) to $3.8K (5%). You can work out how much you can save per household after deducting all other expenses. Your CPF can help to service the monthly instalment for up to $2K. So cash outlay is between $900 to $1.8K. You can still live your life comfortably unless you have other large committments.Originally Posted by ocoloco79
ERm no, we are taking a loan of $763000 for 35 years loan.. so not reali 2K plus leh.. But I am reali glad that now we have an even clearer picture of wat risk we could face.. Esp on the article above regarding owners dumping condos.. so scary.. How I wish I can buy a condo during that time.. but cannot because of HDB MOP for 5 years
We dun bear to sell our hdb cos we reali hope to stay there upon retirement. It is a dream place to stay minus the irritating neighbous above...But if left with no choice, have to give it up..
As for HDB, you should sell when your penthouse TOP in 3 yrs. Then when you retire at the age of 60, sell your penthouse and buy back a 3 room HDB to cash out for retirement.
Newbie
Actually my sense is that they would keep both.. using the rental from HDB to finance their apartment if they want to retire early or to use as a modified form of pension while staying at the apartment.
They can afford the purchase if everything remained the same... just that they need to have a backup plan or a lifeline to be safe. Like wearing life jackets or having insurance. The problem now is that they are naked. Just like a new born baby.. they need more injections (cash) to prepare them for the future.
No need to buy back 3rm HDB... buy a LH30 year old folk studio is better and they can rent out their apartment. Subject to eligibility conditions. If not eligible, consider other options.
Newbie
BTW, the whole system is well protected. The bank do not release direct to the developers as well. The funds are released into a project account. The developer can only draw the money from the project account at different phases of the development.
At the end of the day, banks are not suckers. If you don’t pay, they just take back the house. The buyer has no rights to the house in the event of a payment default.
You answered it correctly “Pay all remaining sum..die liao”. We will never pay the remaining sum which is why the buyer will never pay the developer directly in parts. The developer is not a bank and they are not interested in loan business.
If the bank can stop disbursing the developer, the whole system will fail. Does not make sense.
I am not sure and you are also not sure... hopefully someone can be sure and post.
But some flaws in your reasoning... Mortagage... If banks will not stop disbursing the funds to the developer... then I will not pay and just relax when I know that the banks will not stop disbursing to the developer. Banks will never be suckers!
CPF first charge? Used to be in the past... should not be the case now.. ask your lawyers now. http://mycpf.cpf.gov.sg/CPF/my-cpf/buy-house/BH6.htm
b) Private PropertyThe CPF charge will take effect on the property when the CPF savings are released. For private residential properties bought or refinanced after 1 September 2003, the ranking of the charge is shown in the Table below:
1st Charge Outstanding housing loan from your financier
2nd Charge CPF principal sum up to 100% Valuation Limit plus CPF withdrawals used for the legal and stamp fees in the purchase
3rd Charge Equal ranking (pari passu) -CPF principal sum beyond the 100% Valuation Limit plus accrued interest -Repayment of outstanding balance of the housing loan interests
4th Charge Equal ranking (pari passu) -CPF legal costs and expenses -Financier's legal costs and expenses
Pay all remaining sum... if so die liao... more than the cost of HDB, into negative equity... die die
Newbie
Very easy. Ggo ask those firesale ex-owners.. or property agents who are familiar or the friendly bankers! Do you know the term firesale or not?
http://www.investopedia.com/terms/f/firesale.asp
Same goes for properties. They are like shares but just not as liquid and you can actually touch and stay in them.
http://ezinearticles.com/?Understand...ess&id=1919197
Its the same for completed and uncompleted properties. The banks will repossess when it rains. Give you a umbrella when it is sunny.
http://theonlinecitizen.com/2007/03/...ed-since-2003/
Even HDBS are not spared.
When you have money, you are respected. When you have no money... heh heh heh.
Be cashrich is also good if you place them at the right place and the right time at the right country or countries.
Newbie
The system will not fail.. the people will fail... they continue to pay and make each other happy... the loser shall be the owner/debtor who would lose the property and a large sum of money... the banks will put it up for cheap sales... via auction or cheap sales. The real losers will be the owner/debtor and sometimes the banks would lose as well. But the banks can recover it from somewhere else.
Newbie
Yes, as always. The debtor will be the loser.
The banks might not be able to recover it (depending on the duration of the repayment). I talked to several bank staff (taking care of loans) in the bank during the onset of the crisis. The number of people facing payment issues during Oct 08 - Apr 09 was considerable. Some of these folks bought it at the high of 2007. The interest collected over 1-2 years was not enough to cover the valuation difference in the the property during that time. Hence, for quite a number of cases, the bank had to come up with measures such as mortgage holidays, interest payments for a limited amount of time. If the bank is required to take over the house and sell it during bad times, it is a lose-lose situation. It is executed only when it is necessary.
As long as debtors can keep paying, the bank will not want to kill the cash cow.
Newbie
Thank you.
Newbie
Govt just release tender for new site at D18 due to upcoming singapore 4th uni and high rental potential. buy double bay residence for great investment.
Yes.. I was surprised too... normally he/she will just post 1 liners....
But amazingly.... so many lines.... too bad conclusion is the same... DBR
guess all seen too much postings by him/her on DBR
Newbie
I chanced into some property threads at asiaone forum.. was amazed that people there are so different from the people here.. they are soooo negative, cursing and swearing the govt to take actions etc and praying and hoping to see a bubble burst.. Am amazed...so scary too..
Junior
we don't have a bubble yet, and if there is a rather tiny one
so bursting it now won't be that painful, and can in fact be healthy
Global recession is coming....
Ha ha ha! Those must be the vocal minorities who missed the boat (or sold their properties too early at a cheap price just to be caught wrong footed) and hoping the price to crash so that they can buy cheap cheap? Since almost 90% of people in Singapore already own at least a property, no one in this 90% in their right sense of mind will hope for property to crash (except those who have not bought yet or hoping to buy another investment property cheap cheap).
Junior
post link leh
Senior
that forum must be for people left by the wayside after missing the boat
Junior
"asiaone.com Complainers' Forum" = "Straits Times Complainers' Forum", which had been around since the pre-Internet days.
Junior
Some of these older articles are so more articulate
Junior
Gd luck to these losers.. i got a couple frd,kena ballot for hdb.. but still choosy over the floor level,facing,no balcony for smoking and price too high. no wonder mr mah wanna fxxk them over the national tv for being picky
Junior
The power of PROPERTISM is that the believers who just "buy now in order not to miss the boat!"Some of these older articles are so more articulate, no matter how inarticulate, had been proven right time and again, whereas the non-believers, no matter how "articulate", ended up having to use their articulacy to write fake letters and astroturf
to try to turn back the boat
The Straits Times
March 27, 2010
Honest feedback welcomed
THE Government welcomes honest public feedback on policies and issues, but is wary of online campaigns that pressure leaders to take certain actions, said Prime Minister Lee Hsien Loong on Saturday.
One such campaign took place recently regarding the sizzling property market. A flood of emails called on the government to lower property prices, and threatened to withdraw support for the ruling party at the next general election if this was not done.
The emails, sent to many recipients in and outside government, were 'well-written and cogently argued', obviously by someone with knowledge of the property market, said Mr Lee.
But the identities of the writers proved to be fake. They included names of grassroots leaders purportedly from Yio Chu Kang and Pasir Ris-Punggol GRC, but these people did not exist. In the case of one who did, he was Chinese-educated and could not have written the letter.
Said PM Lee, to laughter: 'We were a bit suspicious, because the language was excellent. There was no use of Singlish.'
He was was speaking at a dialogue with about 100 active contributors to the Government's feedback arm, Reach. 'I do not know who was behind this campaign, but this was clearly not a straightforward effort to give the government honest feedback.
'Rather, it was a covert attempt to pressure the government, perhaps for personal benefit,' he said. He added: 'We must expect to see such astroturfingcampaigns from time-to-time, and learn to assess online content critically and carefully.'
Read the full story in tomorrow's edition of The Sunday
Newbie
Quite likely... I would think that it may be mainly those new PRs, and new HDB applicants. That's why some say pity the next generation.
All existing property owners will want the price to hold and appreciate.. except for those who are buying some more properties.
Some other forums
1. http://www.myhometown.sg/
2. http://forums.asiaone.com/
3. http://www.skyscrapercity.com/
4. http://forum.singaporeexpats.com/index.php
5. http://singaporeforums.com/forum/
6. http://sgforums.com/
7. http://www.singaporepropertyforum.com/
8. http://www.iproperty.com.sg/iexpert/...on.aspx?ID=271
Junior
Based on personal experience, the correct statement should be "All existing property owners will want the price to hold and appreciate.. including those who are buying some more properties."
It serves no purpose for property prices to come down so that I can buy cheap, if all my existing properties lose their value.
Nevertheless, as property prices continue to appreciate, there will be less and less room to increase my portfolio.
Newbie
But that is not as good as some owners who bought somemore properties after the lehman saga... if it is always buying and buying... how do they reap the gains of any correction. The art of it is to be able to stomach the correction and swallow some more... not just swallow and swallow like a whale. But if you are very rich... don't bother... just buy and buy.Based on personal experience, the correct statement should be "All existing property owners will want the price to hold and appreciate.. including those who are buying some more properties."
It serves no purpose for property prices to come down so that I can buy cheap, if all my existing properties lose their value.
Nevertheless, as property prices continue to appreciate, there will be less and less room to increase my portfolio.
Newbie
Hi Jlrx,
Am curious, since it seems to be peak now, are you still buying? Or will you buy during this period?
Global recession is coming....
Reasons for buying now:
1) If you need a roof over your head (buy those that can immediately move-in).
2) If you want to ride the current uptrend and buy an additional investment property (some people said prices too high, but my impression is the uptrend is still intact and not even reach the middle of the uptrend yet).
Reasons for not buying or selling now:
1) Too nervous whenever prices climb and hence want to lock in the profits.
2) If you have no emergency cash flow and feel insecure in case the uptrend ends too early and want to lock in profits or don't commit your cash in hand.
The worst and most detrimental thing to do now is to sell the only roof over your head. You may find that you may have to wait another 4-5 years before you have a chance to get back in again at a reasonable price. You may end up setting up tents to live in on the seaside as reported in the newspapers when rental spikes up again from foreigners inflow as IRs continue to take up more hiring as they open in stages!
Newbie
Better to buy now at D18 condo as good investment in terms of singapore 4th university and upcoming developement at changi business park. gooooooooooooooooooooooooooooooooo
Reasons for buying now:
1) If you need a roof over your head (buy those that can immediately move-in).
2) If you want to ride the current uptrend and buy an additional investment property (some people said prices too high, but my impression is the uptrend is still intact and not even reach the middle of the uptrend yet).
Reasons for not buying or selling now:
1) Too nervous whenever prices climb and hence want to lock in the profits.
2) If you have no emergency cash flow and feel insecure in case the uptrend ends too early and want to lock in profits or don't commit your cash in hand.
The worst and most detrimental thing to do now is to sell the only roof over your head. You may find that you may have to wait another 4-5 years before you have a chance to get back in again at a reasonable price. You may end up setting up tents to live in on the seaside as reported in the newspapers when rental spikes up again from foreigners inflow as IRs continue to take up more hiring as they open in stages!
Newbie
Please ! What is so good about that. If you have foresight.. District 15 is a better bet!Better to buy now at D18 condo as good investment in terms of singapore 4th university and upcoming developement at changi business park. gooooooooooooooooooooooooooooooooo
You are now in my ignore list
Newbie
due to upcoming singapore 4th uni ---- u don't know
Senior
we are now under the 2nd wave of attacks. there was one wave last year, the frequency of attacks died down for awhile but is picking up again, visible in many threads!
Newbie
serious note double bay residence offer great potential.
we are now under the 2nd wave of attacks. there was one wave last year, the frequency of attacks died down for awhile but is picking up again, visible in many threads!
Junior
I have just bought another property.
My previous motto was: "Properties should only be bought and not sold. Unless enblocked then quickly buy a replacement property".
Now that I think the market is getting smarter, I have to move one step ahead and the motto has changed to "... buy a replacement property even before the en bloc!".
You need to pre-empt those who may pre-empt you.
The reason I have posted so many old news clippings is to drive home the point that all these corrections whatever doesn't matter at all.
The most dangerous thing in buying properties is not buying (does that sound like a riddle?) and not the corrections.
Look at the following 1985 property classfieds (I know some members here are quite tired of looking at them but I need to drive home a point).
Does it really matter if one of these $400,000 landed houses you bought corrected by 20% and you lost $80,000? What's $80,000?
Nowadays even the COV of HDB flats is much highter than that (Reporter has just reported that a $170,000 COV confirmed for a Bishan HDB flat).
http://forums.condosingapore.com/sho...&postcount=674
The corrections, if they occur, only appear stressful during the here and now. But on hindsight, its actually quite irrelevant because money loses its value real fast and when COV of HDB reaches $1.7 million, you will realise that what a waste of time it was agonising over whether to buy a $1 million condo.
“The modern banking process manufactures currency out of nothing.”.
- Lord Josiah Stamp, Former Director of the Bank of England (1937)
“At the end fiat money returns to its inner value—zero.”
- Voltaire (21 November 1694 – 30 May 1778)
Newbie
where u bought n which district.
I have just bought another property.
My previous motto was: "Properties should only be bought and not sold. Unless enblocked then quickly buy a replacement property".
Now that I think the market is getting smarter, I have to move one step ahead and the motto has changed to "... buy a replacement property even before the en bloc!".
You need to pre-empt those who may pre-empt you.
The reason I have posted so many old news clippings is to drive home the point that all these corrections whatever doesn't matter at all.
The most dangerous thing in buying properties is not buying (does that sound like a riddle?) and not the corrections.
Look at the following 1985 property classfieds (I know some members here are quite tired of looking at them but I need to drive home a point).
Does it really matter if one of these $400,000 landed houses you bought corrected by 20% and you lost $80,000? What's $80,000?
Nowadays even the COV of HDB flats is much highter than that (Reporter has just reported that a $170,000 COV confirmed for a Bishan HDB flat).
http://forums.condosingapore.com/sho...&postcount=674
The corrections, if they occur, only appear stressful during the here and now. But on hindsight, its actually quite irrelevant because money loses its value real fast and when COV of HDB reaches $1.7 million, you will realise that what a waste of time it was agonising over whether to buy a $1 million condo.
“The modern banking process manufactures currency out of nothing.”.
- Lord Josiah Stamp, Former Director of the Bank of England (1937)
“At the end fiat money returns to its inner value—zero.”
- Voltaire (21 November 1694 – 30 May 1778)
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