Originally posted by ghost2345:
Are Singaporeans overpaying for HDB flats?
Assuming I took a 200k home loan from HDB @ 2.6% interest for 30
years, I would need to pay $800.68 monthly. This would work out to
be:
Monthly Payment: $800.68 Total Paid: $288244.59 Total Interest:
$88244.59
Need to have CPF(33%): $1201.02 Monthly Pay: $3639.45
At the end of 30 years, I would probably be left with little amount
in cpf. Not to forget that cpf contribution from employers will
drop when you are above 50.
b]
2.6% interest rate is low compared to other asian
countries:
[b]''The expansion of the mortgage sector in east Asia has been
facilitated by the decline of market rates, at least until
mid-2005, which enabled a larger creditworthy portion of the
middle-income population to get access to housing finance.
Adjustable mortgage rates vary from 5% to 8%, which remains
relatively affordable. The majority of loans are indexed on prime
lending rates, base lending rates or official inter-bank lending
index. In Indonesia, the macro volatility has kept rates at a
higher level (17%), which prevents any large expansion through
conventional mortgage loans.''
quoted from: East Asia Revives, 8 January, 2007 http://www.thebanker.com/news/fullstory.php/aid/4721/East_Asia_revives.html
If people in other countries can survive (some barely survive),
then why not singaporeans? Why quit so easily? Go to the lesser
develop asian countries and you will find more beggars on the
streets, you're just another whinger....
Read more about other countries, that would help you to get a
better perspective of things.
