Singaporean earning $2,500 monthly cannot obtain loan from HDB to buy flat

[Narong Wongwan]

from what some banker said. HDB dumped the works onto pte banks, who have no issue repossessing flats. now it becomes a purely commercial issue.

Yes interests at market rates....hdb flats 'market subsidy'..... with so many restrictions....pigeonholes are really a bad deal

 

[I_Hate_Pappies]

Government has no confidence in the value of HDB? or no $$$ to loan liao?

 

[Narong Wongwan]

Government has no confidence in the value of HDB? or no $$$ to loan liao?

Loan out at subsidized rate cannot maximize profits....
I wonder what is so public about public flats.

 

[zhihau]

the price vs 10 years ago is at least twice in some cases. that makes you in debt for a super long time.

come to think of it, my folks bought their HDB in the mid 90s, around SGD$170.00 psf. the price my brother paid ten years later was about SGD$250.00 psf. now yet another decade soon to pass, think the price is now about SGD$300.00 psf for BTO. imagine those folks buying the DBSS at 400~600 psf...

 

[I_Hate_Pappies]

Loan out at subsidized rate cannot maximize profits....
I wonder what is so public about public flats.

Bank loan interest rates has been lower than HDB interest rates for the past few years.
In a business point of view, what are the reasons for tightening of loan? Worrying about loan defaults? Why? Loan takers' income not strong? Why again? Singaporeans earning local income but not enough to buy a local property?
HDB can always repossess the property, why HDB worry? Cos they foresee value cannot sustain?

 

[gz0707]

come to think of it, my folks bought their HDB in the mid 90s, around SGD$170.00 psf. the price my brother paid ten years later was about SGD$250.00 psf. now yet another decade soon to pass, think the price is now about SGD$300.00 psf for BTO. imagine those folks buying the DBSS at 400~600 psf...

that's my point. for those pp who bought 10+ years ago and paid off the loan quickly, they are pretty 'safe', if they did not profit off the HDB unit an upgrade to a 700k condo. at the price of getting 50k per capita income label, coupled with non increasing pay, how does this equate to increasing wealth when public housing means that you are in debt for 30 years, instead of 10 to 15 yr loan periods previously?

 

[I_Hate_Pappies]

Wait a minute! Who is the current ministar in charge? Lao Chee Bye KBW! Motherfucker! :oIo:

 

[zhihau]

that's my point. for those pp who bought 10+ years ago and paid off the loan quickly, they are pretty 'safe'.

just checked whampoa area BTO, SGD$450.00 psf, low floor!
this type of pricing can buy small condo in late 90s after the 97 crisis!

 

[gz0707]

just checked whampoa area BTO, SGD$450.00 psf, low floor!
this type of pricing can buy small condo in late 90s after the 97 crisis!

correct me if i'm wrong.
450 psf = 450,000 for 1,000 sq ft flat
car = 50,000 or 100,000 when new
so that means the 2 most expensive items for anyone to buy already puts you half a mil in debt. a young person has to service this debt for 30 years until 50 yo, then he can start saving? thats a simple point of view.

has anyone compared this with costs in other countries? yet, they choose to omit these 2 items on convenience (if you have bought it, no need to count). That is purely selective comparison.

 

[chonburifc]

correct me if i'm wrong.
450 psf = 450,000 for 1,000 sq ft flat
car = 50,000 or 100,000 when new
so that means the 2 most expensive items for anyone to buy already puts you half a mil in debt. a young person has to service this debt for 30 years until 50 yo, then he can start saving? thats a simple point of view.

has anyone compared this with costs in other countries? yet, they choose to omit these 2 items on convenience (if you have bought it, no need to count). That is purely selective comparison.

HDBs and COEs are killing Singaporeans.

 

[zhihau]

HDBs and COEs are killing Singaporeans.

me supposed the HDB, CPF and SAF is the ultimate trident that binds Sinkies till their death :o:o:o

 

[zhihau]

450 psf = 450,000 for 1,000 sq ft flat

quite right, the whampoa BTO around 90 sqm, or about 1000 sqf. much like a typical 4 room flat built in the 80s and early 90s.

 

[chonburifc]

me supposed the HDB, CPF and SAF is the ultimate trident that binds Sinkies till their death :o:o:o

Bro Zhihau!!!!! You are the man!!

Yes, I managed to kill this trident. No more HDB loans, No more CPF contributions and also received a letter from SAF informing me 'Thank you for your.......... you are old and Fxxk off!'

 

[scroobal]

Bro, this one caught me by surprise. Was not aware that strict.

In the old days, if you are employed for a period of time sure can get. Govt policy, no if and buts. And we give HDB flat to FT Sekhar to rent.

Agreed bro,buying a hdb flat now is different from last time

 

[Narong Wongwan]

HDBs and COEs are killing Singaporeans.

They are enslaving sinkies to work till their death.
You see all the policies of HDB is too enslave sinkies....30 years loan, downpayment with full amount in CPF account, lock up 50% monies from proceeds of last sale etc.

 

[Fishypie]

If your Loan is taken direct under HDB, no matter how jiaLat you are ; they can't and wouLd not cheong-kong your fLat, your utiLities maybe be cut off; but your fLat is save.
If your Loan is under Pte institutions, they are your LegaL LandLords, at max of 3 x Loans' defauLt ; and you are
OUT ! !

 

[zhihau]

If your Loan is taken direct under HDB, no matter how jiaLat you are ; they can't and wouLd not cheong-kong your fLat, your utiLities maybe be cut off; but your fLat is save.
If your Loan is under Pte institutions, they are your LegaL LandLords, at max of 3 x Loans' defauLt ; and you are
OUT ! !

so that explains the homeless we see?

 

[halsey02]

That "Penang Cow" now applying means testing to HDB and not publicizing it! Whom did Spencer voted for or believed in?, did he do his calculation before he started "procreating" ?? did he do his calculation before he commit to a marriage? He didn't mention, where he is living now? 30K for a self employed is very little, what was he applying for? 3 rm flat, he will get a loan. Must be those over-rated D.B.S.S. or B.T.O. , pity he wasn't a certain race & please tell H.D.B. of their motto:

'HOMES FOR THE PEOPLE", and please ask them to define the word "people", which people?? ha ha ha ha

 

[Fishypie]

so that explains the homeless we see?

In a way, yes.There was a time when some HDB dweLLers fooLishLy re-mortgaged their HDB fLats to these Pte Banks just to gain that bit of upfront cash component, and thereby changing their so-caLLed LandLordships.Once
the Loan is transferred, and they defauLted on the instaLLments; their game's up.Keong-kan.ALL up Lorry !

 

[Narong Wongwan]

If your Loan is taken direct under HDB, no matter how jiaLat you are ; they can't and wouLd not cheong-kong your fLat, your utiLities maybe be cut off; but your fLat is save.
If your Loan is under Pte institutions, they are your LegaL LandLords, at max of 3 x Loans' defauLt ; and you are
OUT ! !

If hdb loan then even bankrupt the official assignee cannot touch your flat....if bank loan mean chong kong like private properties....am I right?
Another example of you die your business....