40 years of HDB Mortgage Loan

[makapaaa]

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Coffeeshop Chit Chat - 40 years of HDB Mortgage Loan</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>interpretsg <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>2:09 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 16) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>32563.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>http://www.facebook.com/group.php?gid=153492722129&ref=ss#!/photo.php?pid=1292324&o=all&op=1&view=all&subj=153492722129&aid=-1&id=1345237721</TD></TR><TR><TD> </TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[makapaaa]

 

[makapaaa]

<TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>3:12 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>6/8,10/9, forums.delphiforums.com/anymos (ANYMOS) <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(3 of 16) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>32563.3 in reply to 32563.2 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>This is the latest HDB Sample Household Survey:

[URL="http://www.hdb.gov.sg/fi10"]http://www.hdb.gov.sg/fi10<!--<WBR />-->/fi10297p.nsf/ImageView/Su<!--<WBR />-->rvey2008/$file/Monogram+2+<!--<WBR />-->Lores_R1.pdf[/URL]

32.3% of elderlies between 55 to 64 yrs and 10.7% of elderlies of 65 and above are still paying off their mortgages!

For former cases, the average outstanding amount was at about $80,300 with an average monthly installment amount of about $640. For the latter cases, the average outstanding amount was about $72,200 with an average monthly installment amount of about $490. In terms of the proportion of monthly household income spent on mortgage, it was 19.4% for the former and 20.9% for the latter.

With the continual influx of cheap FTs, do you think these elderlies can continue to earn household incomes of about $3K to keep paying for their outstanding mortgages?






</TD></TR><TR><TD></TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"></TD><TD class=msgopt width="24%" noWrap> Options</TD><TD class=msgrde width="50%" noWrap align=middle>Reply</TD><TD class=wintiny width="25%" noWrap align=right></TD></TR><TR><TD class=msgbfrbot></TD><TD colSpan=3></TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[longbow]

Most of the 60 something that still have outstanding debt probably upgraded somewhere along.

If you are 60 today and bought flat at 30 (note that most people that are 60 today probably got married earlier - probably early 20s), you would have fully paid off mortgage by today. Also note that 30 years ago, your 4 rm flat probably only cost you $80K and so you will have substantial equity in your flat.

This is not a case of unaffordable flats but of people that took a second dip and did not do their Maths properly. People just have to be careful when upgrading when they are in their late 40s. Should they lose their jobs at late 40s they have trouble find job, face heavy family expenses for children.

 

[zuoom]

thought the idea is to have something like a 20-25 years loan max?

 

[borom]

I went to the Maybank website and this is what I find

HDB Home Loan and HDB Bridging Loan Top 3 FAQs
1. What are the loan tenures available to me?
The minimum loan tenure is 5 years and the maximum is
30 years or age 65
, whichever is earlier.

http://info.maybank2u.com.sg/personal/loans/faq/faq-loan-hdb-home-popup.html

Where can I find the info on 40 years or age 82?

 

[Cestbon]

I think 25 year or age 55 should be cap as the limit. HDB/bank should revise the policy.

 

[jw5]

Most of the 60 something that still have outstanding debt probably upgraded somewhere along.

If you are 60 today and bought flat at 30 (note that most people that are 60 today probably got married earlier - probably early 20s), you would have fully paid off mortgage by today. Also note that 30 years ago, your 4 rm flat probably only cost you $80K and so you will have substantial equity in your flat.

This is not a case of unaffordable flats but of people that took a second dip and did not do their Maths properly. People just have to be careful when upgrading when they are in their late 40s. Should they lose their jobs at late 40s they have trouble find job, face heavy family expenses for children.

And the worst thing is that 90% of people who upgraded probably did it for "face".

 

[gbomega]

Stinkies have themselves to blame for shifting house and cashing out all the time...

 

[longbow]

And the worst thing is that 90% of people who upgraded probably did it for "face".

If so then they are stupid. You could downgrade from a 5rm to a new 3rm and pocket $150K. But if you use that money to buy BMW for face then nothing one can say lah.

 

[Brightkid]

I think 25 year or age 55 should be cap as the limit. HDB/bank should revise the policy.

When the loan tenure is the longest, best is till the last day of the mortgagee's life, the lower the monthly repayment he need to pay.

If bank only lent up to 55 years old, or 25 years tenure, how can our million-dollar mini-ster claim affordability of the market based on maximum 30% of monthly loan versus salary ratio? He does need the bank to support his agenda, as well as his million-dollar salary right ?