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

[pwongkk]

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

What is the loan tenure?
If 30 years of course all can, then with the accrued interest, no $$$ for leetirement already.

No wonder leetitement age keep going up.

 

[marshalTan93]

Excuses incoming. No help given to Singaporeans again.

But want us to vote for them.

 

[VEF888]

Your math works based on both couples holding onto the same job for the 30 years assuming they don't make partial repayment, no increment, not retrenched, no divorce. Flat math. In reality, does the majority situation fit into that scenario?

estimated bah, where got time to do detail cal for edmw, in reality maybe something like 3k-4K starting pay, 2-3% increment, then promotion or what ever, just assuming 5K average throughout, point is to illustrate case which is pretty achievable by majority and in fact quite conservative, no? esp for grads or poly couple, which is the case for most sinkies now.

one need to sort out their own problems, retrench? find new job, divorce, get new family etc etc , how can the gov factor in dysfunctionalities/uncertainties into pricing of bto? that's where the grants or extra help come into play.

 

[Eliwood]

Your math works based on both couples holding onto the same job for the 30 years assuming they don't make partial repayment, no increment, not retrenched, no divorce. Flat math. In reality, does the majority situation fit into that scenario?

Now u r moving into the realm of statistics lol, which govt alrdy shared...

 

[mirukuboi]

What would edmwers say now?

 

[The_Davis]

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

Good job. Continue to monitor while the turtles get cooked

 

[coldware]

Was affording a hdb an issue before LHL took over? Honest question really don't know.

I only remember everyone was taking about upgrading to Condo during GCT era.

Now somehow it's okay to have your CPF, "retirement fund" emptied out for a public housing seems like a good thing to the current incumbents. Condo seems like a farfetched concept nowadays, even owning a HDB need heavy subsidies.

So what about your golden years? I could be wrong but they are telling you to sell back remaining lease back to them for you to meet your FRS? their 如意算盤 really go ones whole round.

Create and solve the problem no one ask for.

 

[EdenHazard]

Pap is the best

 

[The_Davis]

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

The accused interest will kill you.

lol accursed interest

 

[Lchlch]

When they grow old, their cpf couldn't hit the min sum.
Must work until die.

 

[kitsura]

So Jialat 80% ppl who overleveraged! I just pay off everything using CPF OA didn’t even bother getting mortgage.

 

[coldware]

When they grow old, their cpf couldn't hit the min sum.
Must work until die.

can sell back the remaining lease to hdb mah no meh

 

[Tschuus]

So Jialat 80% ppl who overleveraged! I just pay off everything using CPF OA didn’t even bother getting mortgage.

Indeed. Housing is too cheap . Who need loans! Huat ah!

 

[Lchlch]

can sell back the remaining lease to hdb mah no meh

Not sure about say 30 to 50 years in future.
Mayne sell back can get little money back.

 

[kitsura]

What is the loan tenure?
If 30 years of course all can, then with the accrued interest, no $$$ for leetirement already.

No wonder leetitement age keep going up.

2026 gahmen quietly raising retirement age to 64. Back then it was 62 which is already quite old. Going to be like CPF FRS soon, keep increasing and moving the goalposts.

 

[kitsura]

Not sure about say 30 to 50 years in future.
Mayne sell back can get little money back.

Can pledge your HDB back to CPF.

 

[Lchlch]

Can pledge your HDB back to CPF.

Kind of forever indebt to the government.

 

[kitsura]

When they grow old, their cpf couldn't hit the min sum.
Must work until die.

Got security guard, food delivery, taxi/bus driver jobs or cleaner waiting to be filled.

 

[Lchlch]

Got security guard, food delivery, taxi/bus driver jobs or cleaner waiting to be filled.

Maybe in another 10 years, left only toilet cleaner jobs for us only.

 

[The_King]

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

It will still add to your full retirement sum when you plan to withdraw it