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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - Prices of HDB and salary.</TD><TD id=msgunetc noWrap align=right>
Subscribe </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>LauZoeTay <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>10:06 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 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>27862.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Cost of flat = SGD300,000
Downpayment = SGD60,000
Subsidized loan = SGD 240,000
The couple have worked for 5 years, and the each husband and wife now earns $2200.
1. Before I give you my numbers, I would like you to understand that in Singapore, probably 20% of our primary 1 cohort will end up in ITE, or completed O level.
2. Another 40% of them will end up in JC or Polytechnics.
3. Is it possible for an ITE graduate to earn $2200 after having started work for 5 years? If impossible, what other available housing options given to our ITE graduates?
4. According to MBT reported in ST, new 3RM flats in CCK or Buangkok may fetch up to $250K. Thus a $300K may be spartan, and you probably get a 3RM in Queestown or a 4RM in CCK ..., so I believe that you will advise ITE graduate to by 2RM in CCK or Yishun.
5. Back to numbers, one need to pay 20% downpayment for first payment. You have deliberately taken a couple who have worked for 5 years. Or rather a couple must indeed toiled for 5 years before they can have sufficient savings in the CPF ORDINARY account, such that they have a total amount of 60K. 0 fallback! one must always hang on to that job. Unless they have rich daddy like MBT, who can simply sign a 60K cheque for his son purchase.
6. Assuming each earns $2200, husband and wife will have total $1012 each month in their CPF ordinary account.
7. If the couple manage to obtain HDB subsidised loan (at 2.6%) for the remaining $240000 for a 30years loan period. Each month, the estimated monthly instalment for their loan shall be $961. Fortunately for the young couple they are able to use their ordinary account sum to total offset their loan each month.
7a. But wait, what happen if their age now hit 35 yo? Or rather what happen if their age now hit 60?
8. That couple get older, and as they cross 35~45 years old, their ordinary account contribution drops to: 462 per person.
9. That couple get older, and as they cross 45-50 years old, their ordinary account contribution drops to: 418 per person.
10. That couple get older, and as they cross 55~60 years old, their ordinary account contribution drops to: 253 per person
Yup, that's the time when they must fork out using hard cast to service that house loan. Starting from 35 yo, they have to use real hard cash to service their HDB SUBSIDISED LOAN.
11. At 60 yo, finally they can 'relax one corner' and 'toy' with their kid, for they have manage to complete their loan. But wait, how much monies do they have in the Ordinary Account then?
0, they have 0 dollars in their ordinary account after working for 30 years!!!
12. And do they think they have their own piggy banks? After using cash to service their loans from 35 yo onwards, do your think they may still have some monies in their biscuit tins?
13. What if they have lost their jobs?
14. What if one met a mishap?
15. What if their marriage cannot make it? Will they have any more monies to start a second family?
16. At current situation, globalisation has forced many to out of jobs, many are blessed if they can still hold on to a job, now people even suffer pay cuts, my ex company still has not recover the 10% pay cut.
17, And what happen to their kid?
18. They can only start a family at 30 yo!!!! (for they need to work for 5 years prior having monies for downpayment).
19. What if they have tuition loan to service?
20. What if their job need a car? (sure they just have to forgo that car).
21. Above is a possible scenario for a couple who both are diploma - holder. And 60% of our primary 1 cohort may be diploma qualification and below.
22. They might not even have monies to pursue their graduate studies.
23. ANd they must be very, very blessed if eveything indeed '……•s‘–…'C 'shui shui boh zao shui'! everything must be very smooth!!
24. What joys can that couple have? They probably living in miseries.
25. I sincerely hope MBT and HDB to seriously look into our 'Public-housing' policies, please have a hard-look on the remaining 60% primary 1 cohort who might not have a degree.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Downpayment = SGD60,000
Subsidized loan = SGD 240,000
The couple have worked for 5 years, and the each husband and wife now earns $2200.
1. Before I give you my numbers, I would like you to understand that in Singapore, probably 20% of our primary 1 cohort will end up in ITE, or completed O level.
2. Another 40% of them will end up in JC or Polytechnics.
3. Is it possible for an ITE graduate to earn $2200 after having started work for 5 years? If impossible, what other available housing options given to our ITE graduates?
4. According to MBT reported in ST, new 3RM flats in CCK or Buangkok may fetch up to $250K. Thus a $300K may be spartan, and you probably get a 3RM in Queestown or a 4RM in CCK ..., so I believe that you will advise ITE graduate to by 2RM in CCK or Yishun.
5. Back to numbers, one need to pay 20% downpayment for first payment. You have deliberately taken a couple who have worked for 5 years. Or rather a couple must indeed toiled for 5 years before they can have sufficient savings in the CPF ORDINARY account, such that they have a total amount of 60K. 0 fallback! one must always hang on to that job. Unless they have rich daddy like MBT, who can simply sign a 60K cheque for his son purchase.
6. Assuming each earns $2200, husband and wife will have total $1012 each month in their CPF ordinary account.
7. If the couple manage to obtain HDB subsidised loan (at 2.6%) for the remaining $240000 for a 30years loan period. Each month, the estimated monthly instalment for their loan shall be $961. Fortunately for the young couple they are able to use their ordinary account sum to total offset their loan each month.
7a. But wait, what happen if their age now hit 35 yo? Or rather what happen if their age now hit 60?
8. That couple get older, and as they cross 35~45 years old, their ordinary account contribution drops to: 462 per person.
9. That couple get older, and as they cross 45-50 years old, their ordinary account contribution drops to: 418 per person.
10. That couple get older, and as they cross 55~60 years old, their ordinary account contribution drops to: 253 per person
Yup, that's the time when they must fork out using hard cast to service that house loan. Starting from 35 yo, they have to use real hard cash to service their HDB SUBSIDISED LOAN.
11. At 60 yo, finally they can 'relax one corner' and 'toy' with their kid, for they have manage to complete their loan. But wait, how much monies do they have in the Ordinary Account then?
0, they have 0 dollars in their ordinary account after working for 30 years!!!
12. And do they think they have their own piggy banks? After using cash to service their loans from 35 yo onwards, do your think they may still have some monies in their biscuit tins?
13. What if they have lost their jobs?
14. What if one met a mishap?
15. What if their marriage cannot make it? Will they have any more monies to start a second family?
16. At current situation, globalisation has forced many to out of jobs, many are blessed if they can still hold on to a job, now people even suffer pay cuts, my ex company still has not recover the 10% pay cut.
17, And what happen to their kid?
18. They can only start a family at 30 yo!!!! (for they need to work for 5 years prior having monies for downpayment).
19. What if they have tuition loan to service?
20. What if their job need a car? (sure they just have to forgo that car).
21. Above is a possible scenario for a couple who both are diploma - holder. And 60% of our primary 1 cohort may be diploma qualification and below.
22. They might not even have monies to pursue their graduate studies.
23. ANd they must be very, very blessed if eveything indeed '……•s‘–…'C 'shui shui boh zao shui'! everything must be very smooth!!
24. What joys can that couple have? They probably living in miseries.
25. I sincerely hope MBT and HDB to seriously look into our 'Public-housing' policies, please have a hard-look on the remaining 60% primary 1 cohort who might not have a degree.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
