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

[coyote]

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

Wah. But this is not what edmwers said. They said have to service their loan till their death.

 

[foxer77]

They should understand why ppl get resales.
If there bto within their time frame many might consider new flat..

 

[foxer77]

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.

Resale levey 4 room 40k
5 RM 50k
If u getting next bto and top now very hard to land a bto for 2 Nd timer

 

[Foetid]

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

last time they sing the song, 1k salary can buy hdb, $8 can go heart surgery, now change tunes liao?

 

[kitsura]

Resale levey 4 room 40k
5 RM 50k
If u getting next bto and top now very hard to land a bto for 2 Nd timer

Forget about getting another HDB unless you don't mind waiting up to 6-8 years for it to be completed and for the location to be less than ideal. If you want to upgrade just get condo otherwise continue in your existing flat.

 

[hachi]

Forget about getting another HDB unless you don't mind waiting up to 6-8 years for it to be completed and for the location to be less than ideal. If you want to upgrade just get condo otherwise continue in your existing flat.

Why not a cheap or free 2nd bto.. A few of my neighbour and frds going this route. Collecting keys this or next year.

Got one said the same... 2nd bto hard to get... Now regret and keep applying for the past few years during covid. And age is catching up with him.

 

[Eliwood]

Resale levey 4 room 40k
5 RM 50k
If u getting next bto and top now very hard to land a bto for 2 Nd timer

This is very gd. Flipping shd be discouraged.

 

[kitsura]

Why not a cheap or free 2nd bto.. A few of my neighbour and frds going this route. Collecting keys this or next year.

Got one said the same... 2nd bto hard to get... Now regret and keep applying for the past few years during covid. And age is catching up with him.

Why bother waste time and money to ballot. Now with the new plus and prime scheme, good locations have 10 year MOP and won't let you rent out. So this is to stop speculation on property. No longer so easy to earn already.

 

[matrix05]

Some yrs later. 8 in 10 do not have enough CPF to retire: CPF board.

 

[Tschuus]

Why bother waste time and money to ballot. Now with the new plus and prime scheme, good locations have 10 year MOP and won't let you rent out. So this is to stop speculation on property. No longer so easy to earn already.

You can rent out plh. owner need to stay in one room. Anyway all the plh are too good to sell/rent out la . Just stay .

 

[lls0101]

Some yrs later. 8 in 10 do not have enough CPF to retire: CPF board.

We do have some stats for 2022.

1. The proportion of active CPF members turning age 55 who have set aside their FRS fully in cash is about 5 in 10 in 2022.

2. About 2 in 10 active CPF members turning age 55 each year between 2018 to 2022 have set aside their FRS in a mixture of property and cash, instead of fully in cash.

3. About 3 in 10 of active CPF members who turned 55 in 2022, had not set aside the FRS in cash, or in cash and property. This corresponds to about 13,400 members.

https://www.mom.gov.sg/newsroom/par...r-to-pq-on-full-retirement-sum-frs-attainment

Hopefully the numbers continue to improve. The stats did improve when comparing 2018 to 2022.

Purchase our first property with prudence and not over extend ourselves. We might lose out in potential windfall from rising property prices but we will also be protected against financial mishaps when unfortunate events strike.

 

[billiejoe]

Yes, plus bto now priced more expensive for 4 room. Even for tengah bto. Tampines west bto was priced at $450k min for 4 room. Plus levy for prev hdb, have to pay alot more to buy a bto now. Haiz.

Resale levey 4 room 40k
5 RM 50k
If u getting next bto and top now very hard to land a bto for 2 Nd timer

 

[billiejoe]

Hdb giving them higher amount of loan for them to pay thru their cpf for their overpriced resale hdb. By the time they reach 58-65, then finish paying for hdb, of cos not enough to retire. Have to wait till 65 to get monthly payment.

Some yrs later. 8 in 10 do not have enough CPF to retire: CPF board.

 

[usarmy]

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.

Many only see what they want to see. People that I know owned 3 - 4 properties are all true blue sinkies, the only truth is these people start their property journey much earlier. Some was inherited from their parent. Yes, these group of people still buying...

But times change, for someone who start from zero is much tougher compare to 2-3 decades ago...



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