About 8 in 10 first-timers who bought resale flats in 2023 could service loans with CPF, little to no cash outlay: MND

[Enola88]

Ili Nadhirah Mansor/TODAYResale transactions with high prices continue to make up a small minority of total resale transactions, the Ministry of National Development said.

• The majority of families who bought resale flats for the first time in 2023 could pay their monthly loan instalments with CPF savings
• The Ministry of National Development said this in a written response to a parliamentary question from Member of Parliament Saktiandi Supaat
• Transactions of resale flats with high prices continue to make up a small minority of total resale transactions
• There has been no conclusive evidence so far that the Prime Location Public Housing model is driving up the resale prices of other flats in choicer locations

https://www.todayonline.com/news/8-10-resale-loan-cpf-2473486

 

[Anghtj]

They get up to $190,000 resale flat grants. Just buy a 3 room flat for $300,000, the net price is $110,000. Monthly installments around $400

 

[beer4105]

up to wor.... sounds like a placard in a departmental store sale....

and 300k for 3 room resale? sounds like swing to the other end of the spectrum...

 

[Ghost_is_here]

Of course..... Little to no cash outlay. Service by CPF.

The accused interest will kill you.

 

[rabies79]

Of course..... Little to no cash outlay. Service by CPF.

The accused interest will kill you.

Little to no cash outlay but can also mean 80%-100% wiped out leaving little to none for retirement.

 

[tuxguy]

Of cos can, two ppl working, note keywords ‘with little to no cash outlay’, it means paying for next 30yrs every month left few dollars in ordinary account also satisfy condition.

so assuming couples buy HDB at 30 yrs old, by the time finished paying, no need to guess also know cannot hit cpf minimum sum

Another keyword within keywords is little. No mention how much is little

 

[Ghost_is_here]

Little to no cash outlay but can also mean 80%-100% wiped out leaving little to none for retirement.

Correct!

 

[theMKR]

what is the definition of "little cash outlay"????

 

[pmetpmet]

The 2 out of 10 who can't belong to EDMW

 

[pmetpmet]

Of course..... Little to no cash outlay. Service by CPF.

The accused interest will kill you.

Who call you sell?

 

[sukukia]

Of course..... Little to no cash outlay. Service by CPF.

The accused interest will kill you.

accrued interest is just a number if you don’t sell your hdb bought using cpf…

 

[daylight]

Still need to use cash to pay

 

[daylight]

Of cos can, two ppl working, note keywords ‘with little to no cash outlay’, it means paying for next 30yrs every month left few dollars in ordinary account also satisfy condition.

so assuming couples buy HDB at 30 yrs old, by the time finished paying, no need to guess also know cannot hit cpf minimum sum

Very hard to upgrade to condo liao

 

[sukukia]

Little to no cash outlay but can also mean 80%-100% wiped out leaving little to none for retirement.

better than no roof over your top at retirement age…worst come to worse, you can generate income by renting out a room…

 

[Greent]

Fail to see the accused interest that kills you which will keep rolling annually
plus not enough for retirement.

 

[pmetpmet]

Fail to see the accused interest that kills you which will keep rolling annually
plus not enough for retirement.

Why sell? HDB is a good investment that's practically free. Just hold on to it and rent it out lah

 

[Tyrian]

The goal is not to use CPF at all. This is called affordability.

 

[billiejoe]

U can sell ur first subsidised hdb upon reaching 5 years mop and buy ur 2nd hdb to pay less accrued interest and get profit. Then stay at ur 2nd hdb till u die. Hopefully can get enough cpf at 55 to sustain ur retirement.

Fail to see the accused interest that kills you which will keep rolling annually
plus not enough for retirement.

 

[a4973]

U can sell ur first subsidised hdb upon reaching 5 years mop and buy ur 2nd hdb to pay less accrued interest and get profit. Then stay at ur 2nd hdb till u die. Hopefully can get enough cpf at 55 to sustain ur retirement.

I keep seeing people say sell off first bto upon 5 years mop then buy 2nd bto doesn't this attract Resale Levy? Thank you

 

[Eliwood]

The goal is not to use CPF at all. This is called affordability.

Everyone has the option to choose to pay hdb using cash.

If dun wanna pay cash, and shdnt use cpf, then pay using what lol.

Fyi affordability is assessed by on income, so whether u use the take home component or cpf component there is no difference.