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Loans

Planning a strategy to get out of debt

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Property

Loans

N
Ninja
Level 6. Master
Answered 5d ago
Fixed vs variable interest rate should answer your questions
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HDB BTO

Loans

Resale HDB

Salary

Sg 30s Dude
Sg 30s Dude
Level 4. Prodigy
Answered 1w ago
Assume you are referring to the income ceiling for BTO flats since theres no cap for resale HDB. Assessment is based on the average gross monthly income excluding bonuses and OT, including additional allowances. Detailed explanation can be found at HDB website https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/hdb-flat Note that Notice of assessment from IRAS is not acceptable
👍 0

SeedIn

Funding Societies

Loans

Investments

CH
CH
Level 6. Master
Answered 1w ago
Hmm... interested to know too. will be good if the various platforms publish their default rates. i think they have to declare to MAS, but just not sure how frequent do they have to do that.
👍 0

Loans

Home Loan

20 years is way too long to predict. With a mortgage loan, you can always refinance every 3 years, so all you need is a 3-year view. Interest rates have been low for a decade, and it probably won't be coming up anytime soon now that the economic situation has been affected by COVID-19.
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Loans

Debt

Interest Rates

The amount is rather small for another financing company or banks to consider. You may try, but chances are slim (based on what I know). Here is everything about me and what I do best.
👍 0

HDB BTO

Loans

Investments

Property

Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered 3w ago
Your income would be the main source of your repayment for the loan, which should be your priority rather than investing into high risk products. It might take some time to fully pay off the amount, but surely you will get there so don't give yourself too much pressure. If you think your parents might be able to lend you a lump sum, have a talk with them and work out a plan on how you will pay them back this amount over a couple of years.
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PFF Panel 1

Seedly PFF 2019

CPF

Loans

Property

Savings Accounts

Zuhdy Farhan
Zuhdy Farhan, Consultant at Jna Real Estate Pte Ltd
Level 3. Wonderkid
Answered on 03 Mar 2019
Using your CPF for housing will deplete your cash proceeds from the sale of your flat in future. Because: Sale proceeds = Sale price - outstanding loan - CPF used - CPF accrued interest The more CPF you use, the less cash you receive = more money locked up in CPF. Therefore unless you are sure that you will be staying in this flat for the rest of your life, it is more advisable to not use it for housing wherever possible. Feel free to contact me for more information.
👍 2

Investments

Savings

Insurance

Loans

CPF

Victor Lye
Victor Lye, Founder & CEO at SquirrelSave
Level 5. Genius
Answered on 01 Sep 2019
First, do your budget for at least the next 5 years. Make sure you do not overspend and can generate a surplus each year. Second, use the surplus and decide the proportion to pay down debt, invest and build an emergency fund. I recommend building an emergency fund of 3X to 6X your monthly salary. Once you achieve that, consider your investment risk profile. If your potential return based on your risk profile is significantly greater than the loan rate, you can invest, especially if you are young. If not, pay down the debt. All the best!
👍 5

Resale HDB

Lifestyle

Loans

Payments

Property

Savings

Savings Accounts

Davin
Davin
Level 7. Grand Master
Answered 3w ago
Based on my own experience, $30k renovation will be able to cover most of the basic stuff. If you want some fancy design, you will need to allocate $50k. And I don’t think reno loan is a good idea as you still have mortgage loan to serve, so it will be additional burden.
👍 0

CPF

Loans

Property

Payments

Savings

HDB BTO

Geraldo L.
Geraldo L.
Level 7. Grand Master
Updated 3w ago
The HDB grant will be determined at the point of application, whereas the HLE loan can be reassessed (closer to the key collection) to qualify for a higher loan amount. Do note that the first HLE is still required for the selection appointment if you want to take a HDB loan.
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