HDB BTO

Build To Order HDB flats

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Resale HDB

HDB BTO

CPF

Insurance

BL
Brian Lee,
Level 3. Wonderkid
Updated 7h ago
You mean Term (Level Term) vs HPS (Reducing Term)? MRTA and HPS basically the same where it takes care of your house loan upon the insured death. MRTA is used by the bank and HPS is used by HDB loan that uses CPF monies. If Term vs HPS, then you can go to comparefirst website and generate the loan amount and see the premium vs what you are currently paying for your MRTA/HPS. You might be surprise the Term might cost about the same or slightly more than your MRTA/HPS. Maybe just to add some e.g. on how Term vs MRTA/HPS payout. Assume insured took $400k loan for 30years and bought the same protection. Death happen on year 20. A) MRTA/HPS will pay off the remaining 10 years (of about 168k) B) Term will pay the full 400k. So you can use the 400k to pay the remaining 168k loan and have additional $232k for other purpose. Bonus: You can "re-use" your term policy should you plan to sell current house and buy a new one.

CPF

HDB BTO

Savings

Junus Eu
Junus Eu,
Top Contributor

Top Contributor (May)

Level 8. Wizard
Answered 2d ago
It's a question that I am facing myself as well - but I am single and have no kids on the way (Congrats on no. 2 coming btw! And also savings of $150k at age 35!) There are several data points you would need to evaluate. If you took up a bank loan, do check to see how interest rates have changed (they have gone up) if you took it at a floating rate, and also see if there are any penalties whatsoever for early repayment. I was also considering refinancing my mortgage, but post doing the calculations (which included other admin fees), it made more sense for me to wait. If your wife is looking to stay at home, and you are essentially the sole breadwinner to a household of 4 (not including your parents on both sides), it is important for you to evaluate your cashflows. Paying up fully with cash now might not make the most sense, UNLESS you have enough buffer.

Property

CPF

HDB BTO

Glenn Toh
Glenn Toh, Founder at Whatcard.sg
Level 3. Wonderkid
Updated 20h ago
Never gone through the process, but sharing from personal knowledge (anyone who has personally gone through the process can feel free to correct any errors!) The CPF money will be taken in two stages. For this initial period where you are about to sign the lease/book the flat you only need to pay the 5% downpayment, which can be done via CPF or cash. After this you have the 4-5 year waiting period where no additional payments are required, and then only when the house is complete HDB will take all the money currently sitting in your CPF OAs and use that to paydown the cost of the house. The remaining value will then be your home loan. If you have a lot of money in CPF OA, this is the stage where you will need it in the account to payoff the loan value.

Property

HDB BTO

CPF

Wnk
Wnk,
Level 3. Wonderkid
Answered 2w ago
Hi yes, CPF OA can be used to service your bank loan. You can refer to the below link for a good article written for a comparison between Bank Loan VS CPF Loan: https://blog.seedly.sg/the-complete-guide-bank-hdb-loan/

Property

HDB BTO

Your property price should fall between 5 - 7 X your combined annual income. In this case since you guys make 144k a year, you can afford a 700k to 1m dollar home.

Savings

HDB BTO

CPF

Lifestyle

Family

If income is the only consideration then, I say as high as possible. Don’t put a ceiling for yourself. That being said, it is important to balance out the work and relationships too. No point being a multi millionaire and having nothing or no one to spend on. We can’t bring our wealth to the grave with us after all.

CPF

Property

SeedlyTV EP06

HDB BTO

Grace Cong
Grace Cong,
Level 4. Prodigy
Answered 4w ago
See Gabriel's answer for checking your accrued interest. Refer to CPF website to see how to repay your OA and stop accrued interest from getting bigger. You would need to repay the accrued interest first then make partial or full payment of your principal. https://www.hdb.gov.sg/cs/infoweb/residential/servicing-your-hdb-loan/mortgage-loan/payment

HDB BTO

99.co Event

Douglas Chow
Douglas Chow, Chief Enlightenment Officer at Empower Advisory
Level 3. Wonderkid
Answered on 26 May 2019
Hi there. Douglas here. 2nd keynote speaker. It should be ok. HDB will assess on a case to case basis. As long as you have the funds for the booking and downpayment of the BTO HDB, it should clear. IF in doubt just check with an HDB officer in charge. You can always connect with me via https://www.facebook.com/douglas.chow.908 or simply whatsapp/sms my company 24/7 hotline @83324283 Remember, plan your finances properly, don’t overstretch, do your homework and enjoy your property investment journey. Regards Douglas Chow

99.co Event

HDB BTO

Investments

Property

Douglas Chow
Douglas Chow, Chief Enlightenment Officer at Empower Advisory
Level 3. Wonderkid
Answered on 26 May 2019
Hi, Douglas here, 2nd Keynote Speaker. If you were to sell it to fund your next property, I assume you are going to stay in that "next" property too. Yeah, many Singaporeans do that. Since selling a BTO after MOP of 5 years "gtes" a profit. You can use it to upgrade to a private property. But that said, your life plans may change or circumstances change, so you might acutally prefer to stay on your BTO even after 5 years. For example to be close to ageing parents or to be within 1 km of your child's future pri school. You can always connect with me via https://www.facebook.com/douglas.chow.908 or simply whatsapp/sms my company 24/7 hotline @83324283 Remember, plan your finances properly, don’t overstretch, do your homework and enjoy your property investment journey. Regards Douglas Chow

99.co Event

Investments

Property

HDB BTO

Douglas Chow
Douglas Chow, Chief Enlightenment Officer at Empower Advisory
Level 3. Wonderkid
Answered on 26 May 2019
Hi, Douglas here. 2nd Keynote speaker from the event. If you qualify, go for an EC as a new launch EC is priced at a discount to comparable mass market condos. A lot also depends on your life plans and lifestyle. There are not many new EC launches and you have to be ok with their locations and your budget must allow for it. There’s one coming up at Sumang Walk, Punggol. Prob launching in June. And another at Canberra Link in late 2019 or 2020. Anchorvale Crescent, opposite Sengkang General Hospital and one at Tampines Ave 10 will be launched at a later date. If an EC is out of your consideration or budget, a BTO will do just fine. You can always connect with me via https://www.facebook.com/douglas.chow.908 or simply whatsapp/sms my company 24/7 hotline @83324283 Remember, plan your finances properly, don’t overstretch, do your homework and enjoy your property investment journey. Regards Douglas Chow
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