Date: Sat, 3 Oct 2009 22:31:24 +0800
Local: Sat, Oct 3 2009 10:31 pm
Subject: Buying a "subsidized" HDB pigeon flat
Lets say you are 30 years old and have saved enough for a 20% down payment
for a miserable tiny 4 room flat buying directly from HDB at a government
"subsidized" rate for $250,000. You paid $50,000 upfront and got a loan of
$200,000 from the bank and another $50,000 renovation loan. At 4% interest
rate, and taking up a maximum repayment period of 35 years, the repayment
figure should be $600,000. For every month, rain or shine, whether you are
employed or unemployed; you have to fork out $1,428 for the monthly
installment. What about the money-eating conservancy charges from town
council? Household utility bills? Food? Clothing? Medical bills?
Transportation? Government Taxes and Charges? How much can you afford to
pay?
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