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Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
beppi
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Postby beppi » Fri, 07 Mar 2014 4:45 pm

A S$600k loan with 2.5% interest and 30 years term (which I believe is usual for subsidized HDB loans) requires a monthly repayment of approx. S$2400.
How do you manage that with your low salary?
And what will you do if the fixed interest expires and you'll have to pay more???

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sundaymorningstaple
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Postby sundaymorningstaple » Fri, 07 Mar 2014 5:01 pm

Maybe got rich FiL who pay 400K downpayment/bribe? :-k :devil:

Beeroclock
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Postby Beeroclock » Fri, 07 Mar 2014 5:30 pm

beppi wrote:A S$600k loan with 2.5% interest and 30 years term (which I believe is usual for subsidized HDB loans) requires a monthly repayment of approx. S$2400.
How do you manage that with your low salary?
And what will you do if the fixed interest expires and you'll have to pay more???
Perhaps like a lot of people he's on lower variable rates (e.g SOR/SIBOR plus 0.9% = say 1.25%) and hoping/praying it stays low.... But even at 1.25% the monthly repayment should be close to S$2000, more than half of salary !

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Wd40
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Postby Wd40 » Fri, 07 Mar 2014 5:33 pm

Indians are usually conservative, the fact that he had the guts to borrow that much, tells me that he has very solid backing from his home. Like another person Faelle, similar case salary 6k and I was wondering how did he buy a condo. Later after several posts/months he mentioned his father is a CEO of a company in India.

I knew another Indian colleague who lived a lavish lifestyle and he actually used to get money from India. His salary and job here were just for residency sake. Some people are very rich in India and for them having a son in Singapore is a matter of huge pride in their circles and for others its a way of white washing their black money. Send the Indian money to Singapore through illegal channels and then route it back as legal remittance from their relative.

kanna_ece
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Postby kanna_ece » Fri, 07 Mar 2014 5:52 pm

my interest rate is 1.29 only.
my condo is under construction so i no need to pay full interest.
my first loan dist amt is 190k(Monthly principal+int=$750)

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ecureilx
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Postby ecureilx » Fri, 07 Mar 2014 6:52 pm

Sergei82 wrote:1) If with that salary you could take 600K loan, then I should be able to take approx 2.4 mil loan, but why in fact I can't??? Wouldn't you give away all if not most of your salary as mortgage?

2) Who is Gross root leader? If I become one of them, can I buy expensive condo?

3) condo 999 years seems too far in the future, there is no guarantee mankind won't exterminate itself in 1000 years ahead.


grass root leader ...

sometimes people say it helps, by of late, it doesn't help. since a lot of 'Expats join RC just to score points and once they have no benefit promptly stop contribution

FaeLLe
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Postby FaeLLe » Mon, 10 Mar 2014 6:10 pm

Wd40 wrote:Like another person Faelle, similar case salary 6k and I was wondering how did he buy a condo. Later after several posts/months he mentioned his father is a CEO of a company in India.


Not CEO of a company in India, he has not lived in India for several decades...

Its true I had a small starting salary but I was working for several years before I moved to Singapore and having no liabilities I managed to invest them in very risky structured products while being highly leveraged.

This helped me get a lot of returns and covered most (if not all) of my initial deposit... so having a financially supportive background might have helped but was not the sole reason I managed to get a condo in Singapore.

Singapore's no capital gains tax regime totally helped me put 100% of my returns into property as well.

Wd40 wrote:its a way of white washing their black money. Send the Indian money to Singapore through illegal channels and then route it back as legal remittance from their relative.


Singapore is not the best place to white wash black money... and a lot of people I know would not consider Singapore to be ideal to perform such transactions (though not denying it might not happen).


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