Loan from HDB?
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This is why Sinkies have to play the speculation game on their HDB flats
- Thread starter Papsmearer
- Start date
Imho never lose money but also never made any money is also a retard.
You own your HDB enough that you can renovate it or sell the lease to someone else. Tenants usually can't do either.
Ultimately, it boils down to the principles of Free Market - supply & demand issues which covers all aspects of transanctions.
1. Singapore is only a small but evolving & well managed country. Let no one forget that our homes are located in a STRATEGIC location where all points of the World meets for trade - our ports & airports, as well expressways, rail links & soon even MRT tracks to Msia which would boost BOTH nations' economy & supply chains.
2. Rather than to continue living in slums or the rich in mansions, critical landspace, even once swamps, were converted into multi storey buildings to house both inhabitants & biz enterprises, with modern & even state of the art amenities by our FAR-SIGHTED Founding Fathers & forefathers.
3. Thus, there is demand for housing by inhabitants of Singapore, and bearing no unforseen wild swans events or wars, demand will keep the cost of homes on an upswing, even as 99 yr leases run outs, which NEW BTO homes will be built for the next generations to come, & with evolution & education, so too will salaries rise to meet the rise of construction & materials costs. In 1965, the avg salary of a citizen was only $300/mth. Today, thru intelligent ELECTED legislators in Parliament & Cabinet, the avg salary is $3000/mth.
4. HDB homes were NEVER meant for financial speculation. It was meant as a roof overhead with amenities for citizens to live & thrive. It had been a success but as families, confidence & salaries grew, some need bigger spaces that comes with affluence, & thus they sold off their flats, most often, with profits, to pay for those bigger flats at times even without need of a loan.
eg:- a HDB Clementi 3rm flat bought by a 20yr old couple in 1970 at $15,000 at full loan from HDB would had been fully paid off by yr 2000. They would be in their 50s, & their kids would have applied for BTO flats on their own, & the flat would be 30yrs, with 69yrs left on the 99yr lease. As our population grew from a mere 1.5million in the 70s to now 3.5million population, the need for homes by couples wishing to start a family of their own grew, & thus an issue of supply & demand - command of home price rise, in matured estates.
The couple sold their flat for $250,000. Less CPF, it would be $235,000, to pay for a 5rm resale flat in Holland worth $500,000 in yr2000. As both had been gainfully employed since 1970, their CPF savings from both & employer contribution would be on the avg est to be about $420,000. (avg $1,500/mth salary for each for 30yrs). Thus just using their CPF alone, they would not have to pay a single cent for the 5rm resale flat, & even have left over sums in CPF, let alone personal savings, to live in the flat.
Alternatively, if they wish not to sell their flat, as both can be comfortable in 70s spacious 3rm flat, their flat is only 30yrs old by yr 2000, with balance lease of 69yrs, both aged 50yrs, & their kids with new BTO flats on their own. As the national avg lifespan of citizens is 83yrs old, it would mean when they both passed on, the flat would remain empty for 19yrs till the lease expires.
a)Their kids would inherit the property, but as they have their own homes, & the rule is that they cannot own 2 HDB homes, they can attempt to sell the home to buyers whom need the place due to its mature status & convenient amenities. However, the buyers may need cash, as banks will STILL offer loans, as it is how they earn money to pay off interests, but loan amount based upon the balance lease as well as the age of the buyers.
b) Should there be no buyers, they can sell it back to HDB or apply to HDB & subject to their approval to rent out the premise. Current rent now in yr 2023 of a 3rm flat is on the avg $3000/mth. Per yr would be $36,000. Should they rent it out for 19yrs at current price, which is a low est due to inflation of 4%/yr, it will be $684,000 in total accumulated rent.
Our neighbors used to laugh at us, that we own pigeon holes & would starve to death as we have no gardens & land & farm, grow veggies, rear hens as food & eggs. They were short-sighted. To be successful in property development, it is always about location, location & location. We Singaporeans are fortunate to live in the right location, small but strategic for trade, well managed & will always attract others to live here as well as confidence by Singaporeans that there is a future for their own generations.
We have the last laugh, as just on the capitalization of our 99yrs property where the avg lifespan is only 83yrs, we & future generations can buy over their land holdings with ease.
1. Singapore is only a small but evolving & well managed country. Let no one forget that our homes are located in a STRATEGIC location where all points of the World meets for trade - our ports & airports, as well expressways, rail links & soon even MRT tracks to Msia which would boost BOTH nations' economy & supply chains.
2. Rather than to continue living in slums or the rich in mansions, critical landspace, even once swamps, were converted into multi storey buildings to house both inhabitants & biz enterprises, with modern & even state of the art amenities by our FAR-SIGHTED Founding Fathers & forefathers.
3. Thus, there is demand for housing by inhabitants of Singapore, and bearing no unforseen wild swans events or wars, demand will keep the cost of homes on an upswing, even as 99 yr leases run outs, which NEW BTO homes will be built for the next generations to come, & with evolution & education, so too will salaries rise to meet the rise of construction & materials costs. In 1965, the avg salary of a citizen was only $300/mth. Today, thru intelligent ELECTED legislators in Parliament & Cabinet, the avg salary is $3000/mth.
4. HDB homes were NEVER meant for financial speculation. It was meant as a roof overhead with amenities for citizens to live & thrive. It had been a success but as families, confidence & salaries grew, some need bigger spaces that comes with affluence, & thus they sold off their flats, most often, with profits, to pay for those bigger flats at times even without need of a loan.
eg:- a HDB Clementi 3rm flat bought by a 20yr old couple in 1970 at $15,000 at full loan from HDB would had been fully paid off by yr 2000. They would be in their 50s, & their kids would have applied for BTO flats on their own, & the flat would be 30yrs, with 69yrs left on the 99yr lease. As our population grew from a mere 1.5million in the 70s to now 3.5million population, the need for homes by couples wishing to start a family of their own grew, & thus an issue of supply & demand - command of home price rise, in matured estates.
The couple sold their flat for $250,000. Less CPF, it would be $235,000, to pay for a 5rm resale flat in Holland worth $500,000 in yr2000. As both had been gainfully employed since 1970, their CPF savings from both & employer contribution would be on the avg est to be about $420,000. (avg $1,500/mth salary for each for 30yrs). Thus just using their CPF alone, they would not have to pay a single cent for the 5rm resale flat, & even have left over sums in CPF, let alone personal savings, to live in the flat.
Alternatively, if they wish not to sell their flat, as both can be comfortable in 70s spacious 3rm flat, their flat is only 30yrs old by yr 2000, with balance lease of 69yrs, both aged 50yrs, & their kids with new BTO flats on their own. As the national avg lifespan of citizens is 83yrs old, it would mean when they both passed on, the flat would remain empty for 19yrs till the lease expires.
a)Their kids would inherit the property, but as they have their own homes, & the rule is that they cannot own 2 HDB homes, they can attempt to sell the home to buyers whom need the place due to its mature status & convenient amenities. However, the buyers may need cash, as banks will STILL offer loans, as it is how they earn money to pay off interests, but loan amount based upon the balance lease as well as the age of the buyers.
b) Should there be no buyers, they can sell it back to HDB or apply to HDB & subject to their approval to rent out the premise. Current rent now in yr 2023 of a 3rm flat is on the avg $3000/mth. Per yr would be $36,000. Should they rent it out for 19yrs at current price, which is a low est due to inflation of 4%/yr, it will be $684,000 in total accumulated rent.
Our neighbors used to laugh at us, that we own pigeon holes & would starve to death as we have no gardens & land & farm, grow veggies, rear hens as food & eggs. They were short-sighted. To be successful in property development, it is always about location, location & location. We Singaporeans are fortunate to live in the right location, small but strategic for trade, well managed & will always attract others to live here as well as confidence by Singaporeans that there is a future for their own generations.
We have the last laugh, as just on the capitalization of our 99yrs property where the avg lifespan is only 83yrs, we & future generations can buy over their land holdings with ease.
best for old hdb flats is to sublet to 4 others (2 per room) to earn rental incum of up to $3.69k per month while keeping one room for self like my old landlady is doing. no point selling it as it’s hard to find a cash buyer plus where are you going to stay after selling it for not much gain? some tiongbu and vietbu prostitutes are more than willing to shell out $1.85k per room just to be sole tenant for a room (in order to service their cumstomers). if you’re unker landlord you can get quid pro quo services too. hdb has becum sg’s underground whoring hub.
Got no takers. u can ask whatever price u want for your flat. Whether u can get it or not is another question.
By right, HDB should be able to provide housing loans regardless of the age of the flat. After all, its their own flat and their own property. Bank don't want to provide, never mind. But HDB should be able to do it. What this means is that HDB don't stand behind their own product.
Otherwise, let private lenders provide the loan the buyer of older flats. Right now, only big banks on the approved list of HDB lenders can give the loan. If a young couple want to borrow money from their relatives to buy an older flat, they cannot do it.
That is not the solution. These old unkers want to just sell their flat, take the money and go quietly into retirement and stretch their money until they up lorry. But they can't do it because they cannot find buyers for their 40 year old flats. You asking these old farts, who are already set in their ways, and with 40 years of accumulated furniture and junk in their flats to lease out rooms at 2 per room. U crazy or what. They have to share kitchen and toilet with strangers? That is not the way.
So that biggest landlord can sell mah
U are not selling the lease, you fucktard. U are assigning the rights to enjoy and use your flat to someone else. This "sale" is actually a sublease to another person. That is why the landlord (HDB) has to approve all "sales".
i happen to see old sinkies doing just that in older hdb estates. they know they can’t sell for more thus they resign themselves to subletting one or two rooms to strangers. their kids help them remove clutter and furniture and rent them out on wechat. for other families, their kids buy bto and move them in together and rent out the old flats after decluttering them. i spend much time visiting families at hdb estates from east to west. i don’t have time for fun and whorehouses thus i spend them all visiting old folks in sg as they don’t have many years left. one of them just passed away from natural causes.
Hahhhaha. I love these PAP IBs. Do you get paid by the word or what? Come out with this long winded shit, without addressing any of the issues.............. And the first sentence is already wrong. THERE IS NO FREE MARKET IN SINGAPORE. Get that thru that minuscule brain of yours. When one entity owns or controls 90% of the land in Singapore, and owns and controls 90% of all residential housing, there is no free market. Its a monopoly. There is only one market maker. They make the supply and they make the demand. Got it?
Why u say like that.... SG is smartest nation in the world mah?
Yes, but as I said that is not the solution. Who wants to jagar tenants in their old age?Every type of tenant got their own issues. Tiongs are messy and dirty. Indians are dirty and smelly. etc. After they leave, u have to spend days cleaning their rooms. for indians, u have to repaint the walls to get rid of the curry smell. Essentially based on what u are saying, they are working till they die. working as a landlord. Who wants to do that?
Yeah, so smart they want moron Ministers and pay them millions to fuck it up
Cannot say like that De woh... These are few good mans who are really 为国为民according to 61% De woh
Yes gov created the problem, gov should solve the problem by absorbing the loans.
