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

[Tschuus]

Moi started to pay moi loan with cash starting this year, don't wanna touch OA till 55

What’s wrong with putting cash in fixed deposits and get 3.5% instead of 2.5%? You like less money ? 🫡

 

[Linguist]

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

Never give stats what is consider high price? Never say PR or sinkie or DINK or single?

 

[Prime 13]

Beware of statements using ability to use CPF to payment as proxy to indicate affordability of flats.
Bcoz the increase in housing prices ish reflected in the size of the loan, not the monthly repayment amt.
Yes they may be able to service loans solely from cpf.
But he may be paying a very long tiem.

 

[dushensiao]

curryna how to buy 3rm bto for single

 

[coldish]

How many are new citizens?

 

[Tschuus]

Beware of statements using ability to use CPF to payment as proxy to indicate affordability of flats.
Bcoz the increase in housing prices ish reflected in the size of the loan, not the monthly repayment amt.
Yes they may be able to service loans solely from cpf.
But he may be paying a very long tiem.

Unfortunately PAP have never measured affordability by the number of years it take to be debt free.

 

[Eliwood]

Then there's no need to highlight many sinkies are buying condo. As if those sinkies who are well off are born here. Of course you don't care about that either. Your aim is just highlighting sinkies in general are well off. Adding new citizens to the pool and not segregate them from the ones born here simply supports your claim.

I was replying to another post that ppl used to buy condo last time lol. It is a fact that SC r still buying now.

If u have stats on the segregation then feel free to show them. It will make for interesting discussion.

 

[fandango]

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

The devil is in the details isn't it?

80% of people for buy resale flat, for the first time (not first timer), is able to pay monthly loan repayment from CPF, some no need to top up cash (no figures given) so need to top up cash (no figures again). These 80% probably bought cheaper 3rm and 4rm flats.

That means 20% need to pay alot of cash on top of cpf payment. These 20% are the cockster that bought expensive 4rm and 5rm flats.

 

[The_King]

Let me put laymen term

You have 500k in your oa +sa after fully paying off your housing use CPF


Let say CPF min sum:
Full retirement sum = 200k
BHS = 30k
AI = 200k
You need 470k before your can withdrew anything


500k - 470k = you only can take 30k after you 65yr old

 

[glarerder]

I was replying to another post that ppl used to buy condo last time lol. It is a fact that SC r still buying now.

If u have stats on the segregation then feel free to show them. It will make for interesting discussion.

Ya there are still SC who are buying but as long as there's no segregation we won't know whether new citizens or citizens who are born here makes up the majority. Tfr going down every year and new citizens are coming in every year as well. Difference is the new citizens who are coming in are working adults. So I can't tell unless they provide the data. I'm also curious.

 

[Tschuus]

Let me put laymen term

You have 500k in your oa +sa after fully paying off your housing use CPF


Let say CPF min sum:
Full retirement sum = 200k
BHS = 30k
AI = 200k
You need 470k before your can withdrew anything


500k - 470k = you only can take 30k after you 65yr old

Your point? You are feeling miserable that you have a fully paid house, at least 30k in cash and a lifetime of payout from cpf life?

or are you happy? Cant really tell

 

[The_King]

Your point? You are feeling miserable that you have a fully paid house, at least 30k in cash and a lifetime of payout from cpf life?

or are you happy? Cant really tell

Just telling ppl to have critical thinking, do the sum yourself, don't anyhow believe without doing the calculation

 

[doppypoppy]

Bookmarked

 

[testerjp]

If you hit Frs, why will acrrued interest you paid to yourself matter since you can withdraw the excess in cash at 55.

 

[grevq80o]

Govt has to roll out the pioneer and merdeka package for the ppl working under LKY and GCT era. So i dun think they had it much easier either.

There r still many Sinkies buying condos, just see the new launches.

Every generation will have winners n losers... Ppl who did well earlier n not so well now will always rmb history fondly...

They continue to think rich sinkies can get away with it, then nothing will change. More oppo needed to bring diversity of opinions in Sg. And never EVER trust the PAP.

 

[fandango]

Let me put laymen term

You have 500k in your oa +sa after fully paying off your housing use CPF


Let say CPF min sum:
Full retirement sum = 200k
BHS = 30k
AI = 200k
You need 470k before your can withdrew anything


500k - 470k = you only can take 30k after you 65yr old

I don't catch your point.

 

[Tschuus]

Just telling ppl to have critical thinking, do the sum yourself, don't anyhow believe without doing the calculation

What’s not to believe ?

 

[Tschuus]

I don't catch your point.

I asked him to clarify. He say must have critical thinking …..

 

[Itsnotfunny]

Beware of statements using ability to use CPF to payment as proxy to indicate affordability of flats.
Bcoz the increase in housing prices ish reflected in the size of the loan, not the monthly repayment amt.
Yes they may be able to service loans solely from cpf.
But he may be paying a very long tiem.

Agree. If no job for 6-10 months, see if still affordable. Cpf dry liao, no cash and need to borrow liao.

 

[lls0101]

Let me put laymen term
You have 500k in your oa +sa after fully paying off your housing use CPF
Let say CPF min sum:
Full retirement sum = 200k
BHS = 30k
AI = 200k
You need 470k before your can withdrew anything
500k - 470k = you only can take 30k after you 65yr old

Let's correct some misinformation...

1) BHS is basic healthcare sum. It is the maximum cap for your MA. Why mentioned this number and use it in any calculations for CPF withdrawal?

2) Accrued interest belongs to you. It will go to your CPF OA after the sales of flat.

3) If AI is not used in the calculation for withdrawal. Withdrawal is CPF (OA+SA) deducted by ERS/FRS/BRS (your choice). Please refer to CPF website.

4) So if your OA+SA is 500k, and FRS is 200k, your withdrawal is 300k. Simple as that.

5) Lastly, withdrawal is at age 55, not 65.

People really need to read more and understand that accrued interest belongs to us and is our money!!! It's the amount that will be deducted from the sales proceed and put into your CPF OA.

And if my cash is generating more than 2.5% (many high yield savings accounts generate more than 2.5%), why I should be using my cash to pay the mortgage to avoid accrued interest?

Accrued interest is greatly misunderstood and people really should not take advice from the internet forum... (including mine)