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Ask TeamSeedly anything on Wednesday, 2 December from 8 to 9pm and we'll answer them in 15 minutes or less!

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SeedlySOS

If I have sufficient funds in my USD wallet, will my DBS CC deduct my transactions from there or from my SGD funds?
If have balance in usd, they will deduct that first

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SeedlySOS

Investments

Fresh Graduates

Education Loans

Can you invest while paying off your student loan? Or should you clear your loan first before investing?
Hi anon, I did both at the same time. But if we are talking about priorities, then you should try and repay back your loan asap since your loan interest is guaranteed for now while your investment returns are not. And its also a matter of allocation. Will I allocate all the money i have to invest and not pay off my loan? Unlikely. So it is possible to do both at the same time. Just be watchful of your investment strategy. If you have a monthly allocation of paying off your loan, you can do a dollar cost strategy in an index fund for better cost-effective diversification instead of hitting hard on individual shares. Financial planning is an integral part of life. You can reach me here to find out more.

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Stocks Investing

SeedlySOS

Is BlackRock Global Funds - World Energy Fund A2 SGD Hedged good to invest in DBS unit trust?
Is this a good and safe funds?

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HDB BTO

HDB Resale

Loans

Home Loans

CPF

SeedlySOS

I don't like that I am currently paying my HDB with a loan. Should I rush to pay back my housing loan using CPF savings?
Why do you not like it? Is it because you feel uncomfortable living with a debt...? Or is it because you have money sitting in OA while you are servicing a HDB loan? Housing loan is not an expensive debt. If you have money sitting in OA, you can make use of this to invest or transfer to SA for more interest. Locking your money in your house is not recommended unless you can't produce returns of more than 2.6% p.a.

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Loans

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DBS

POSB

UOB

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Property

HDB BTO

SeedlySOS

Procedure of Bank Loan for HDB BTO?
Before you select your BTO unit, you will have to decide if you're going for an HDB loan or a bank loan (or even no loan!). This is because you at least need to have the HDB Loan Eligibility (HLE) letter when you select your unit if you're choosing an HDB loan. If you choose to go with a bank loan, you will have up to the signing of Agreement of Lease to decide which bank to get the loan from (this is about 1-2 months after you have selected your flat, so no rush). Do consider consulting a mortgage broker like Mortgage Master for advice (our service is free and no obligation) on the best home loans offered by the banks. If you have gone with a HDB loan, you can refinance from a HDB loan to a bank loan about 6 months after loan disbursement (i.e. after you've collected your keys). Note that once you refinance to a bank loan, you will not be able to revert to a HDB loan. If for any reason you cannot get the full amount from the bank, then of course you will need to pay the difference in cash and/or CPF. Due to MAS regulations, banks can only loan up to 75% of the property's value.

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HDB BTO

Home Loans

SeedlySOS

How to get higher housing loan from banks?
J

J

Level 3. Wonderkid

Updated 2w ago

1. No you can’t get 2 bank loan for 1 BTO 2. You can’t get 1 parent to do this because you are applying under Fiancé/Fiancée scheme. 3. Are you unable to get a hdb loan? Hdb loan will definitely be the best choice for you due to their flexibility. However, your monthly mortgage cannot be more than 30% of your household income and monthly debt repayment cannot be more than 60% of your household income. If you meet these conditions, you’ll be eligible for a hdb loan. And if you take a hdb loan, it is possible to use your existing cash to shorten your payment period. Additionally, you can change from a hdb loan to bank loan anytime after getting your keys. If you really want to get a bank loan and want to put in a higher downpayment, you can consider getting the 26-30 year loan tenure that allows you to get 55% of the value from the bank and the rest to be paid in cash assuming you have enough cash on hand. This will greatly reduce your monthly mortgage and your bank loan will more probably be able to secure the bank loan.

7

Loans

Home Loans

DBS

POSB

UOB

OCBC

HDB BTO

Property

SeedlySOS

Will bank reassess our income and allow us to borrow higher loan amount when close to BTO key collections?
Hello there, In my personal experience, taking up a bank loan upfront for your HDB might not be an ideal situation for most. This is due to the high liquidity required, as well as the high downpayment required for your HDB BTO. As you mentioned, you both are currently drawing an income which does not meet the criteria for your loan. While yes, bank loans do offer a lower interest rate with reference to a HDB loan, you can take up a HDB loan and switch to a bank loan after you have gained an increase in your drawn incomes. In the interim, the lower downpayment might help you to secure the flat, while you source for your funding to make up the difference of 200k. Hope i was able to shed some insight!

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SeedlySOS

Insurance

Investment Linked Policies (ILP)

What are the options available when considering investment-linked insurance, and which one should I consider? I am a 20 year old who is just starting to learn more about insurance?
Hello Kiat Siong, welcome to Seedly! For ILPs, you should consider Funds that are: ! The time horizon is the time you think you need to put the money in and take the money out. There are many different names for the funds so be sure to ask your agent about which of the category above it is in. This is from the M9 textbook for insurance agents. As a 20 year old though, I would strongly advise against ILPs for now because of it's high cost. I suggest that you look at other investment products like ETFs (a great passive investing tool) before you decide again. Good Luck!
Answer preview

1

Tiq GIGANTIQ

Insurance

Singlife Insurance

Singtel

Singtel Dash EasyEarn

SeedlySOS

Recently found out about the GIGANTIQ insurance savings plan but I think it's quite similar to Singlife and Singtel Dash Easyearn. But which is better?
All three plans are short term insurance savings plans that promise attractive returns. Dash EasyEarn and GIGANTIQ are underwritten by Etiqa Insurance Pte. Ltd while the SingLife account is by SingLife. In terms of crediting rate, Dash EasyEarn crediting rate is 1.8% p.a. while “GIGANTIQ” and SingLife is 2.0% p.a. . Do note that SingLife's returns are non-guaranteed while both “Dash’s EasyEarn” and “GIGANTIQ” crediting rate consist of both guaranteed and non-guaranteed returns. You can check out this article for a full detailed comparison of the Singlife account, “Dash EasyEarn”, and “GIGANTIQ”.

1

Retirement

Investments

Savings

CPF

Robo-Advisors

ETF

Lifestyle

SeedlySOS

Hi everyone. I'm 33 years old this year, I would wish to retire around 50 years old with $1.5 million, is it too ambitious? My monthly income is close to $5K and I can save half of my take home.?
Ryan Poh Jia Mun

Ryan Poh Jia Mun

Level 3. Wonderkid

Answered on 31 Oct 2020

Hello Lovegood, Im am by no means a specialist , but im gonna take a crack at this using some really elementary methods. Sorry if it look abit half baked. 1.5million at age 50 Starting from age 33 with a savings of 200k and 60k from CPF Leaves you with 17 years to accumulate 1.27million You wanna make use of 2.5k monthly take home to reach this amount , if you manage to save 2.5k a month for 17 years , you would have roughly 500k saved up over that many years. Assuming you never got any pay raise or any promotions . Ill use the the rule of 72/17yrs, assuming it will take a regular interest of 4.2%++ to double your investment ( thats if you have 500k now ) The safest way would be to put into your CPF SA , earn a return from SA as well as some Tax rebates. Although this limits you from withdrawing the full sum at 55. You can still withdraw til the BRS limit at 55. (Correct me if im wrong ) With the info given , and the safest route , my reccomendation is monthly top ups to SA for 17 years and you may well have your 1.5m or more by 55 (SA is at 4% interest per year)

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