Sunday, April 4, 2010

Slave to the HDB flat

From: "AleXX"
Subject: Slave to the HDB flat
Imagine buying an HDB pigeon hole for $950,000/- Paying and upfront deposit
of 20% would be $190K. The rest of the $760K shall be on loan. Lets say the
on going rate is 3.5% and taking 35 years to pay. Interest accumulated will
be 122.5% and the final sum payable after the loan period should be $1.691
million. Monthly instalment is around $4,026.00 How many people can afford
to do it?


From: "truth"

Average Singaporeans are dead.
They will be priced out of Singapore.
They will become homeless.
From: Siansiansian

Some Singaporean is waiting for Singapore Govt to collect their dead
body when they can't afford to pay for the heavy loan.
This is the strategy to adopt as Govt want to save face to ensure
everyone has a roof.

In Hokien is called " see ho yi kuah"
In Mandarine is "Shi Ge Ta Kan"
In English is " jump into MRT track"
Queenstown HDB flat nearly sold for $950,000
Irene Tham
Sun, Apr 04, 2010
The Straits Times

A family in Singapore nearly sold their home in Strathmore Avenue for $950,000 - possibly the highest amount fetched for an HDB flat.

But the deal did not go through.

The buyer could not get a bank loan for the rare penthouse valued at $875,000.

1 comment:

  1. AleXX your calculations on the home loan is unTruth. Unlike cars, home loans are based on monthly rest - total int paid $559,223 with mthly $3141 repayment based on 3.5% on 760k for 35yrs.

    Yes it is still expensive, but at least the numbers are a tad bit more palatable.