Anyone noticed that it whether the chap needs his car for his
work is actually irrelevant ?
Regardless of whether the car was neccessary, for work or for
show or whatever, it's been bought, and it was already taking a
large chunk of their combined income BEFORE they bought this nearly
half a million property. The car was an expense they were already
paying before their property purchase, and it was something they
knew they had to factor in.
But still, they went ahead and overcommitted themselves, chosing
such an expensive flat in a prime area when they could have chosen
another cheaper location, or a smaller unit. If they did their
homework and knew they would be overstretched, why did they commit
? No one can save anyone from their own stupidity.
Moreover, to the chaps here who already, or actually own a flat,
or those who have done their homework towards actually buying one,
notice something fishy ?
How is it that after their monthly contributions from their CPF
towards their house, they are still living from hand to mouth ?
Let's do some sums.
30% of monthly
household income is their stated cap for housing loan, and that is
BEFORE deducting their CPF ordinary account's contributions towards
their loan repayment
So, based on their stated 5k income, their CPF ordinary
account contribution is approximately 1k per month ...... and based
on a 30%, 30 year HDB
loan calculation, their monthly loan installment is
approximately 1.5k a
month ...
1.5k, -
1k from CPF
ordinary account contributions, = 500
500 dollars a month, it's probably less than the monthly
installment for their "neccessary" car ....
so what are they ranting about ?!?!