***People only failed when they give up***
My loan is 290k, after paying about 11 years still own then 230k.... Scary !!
Canon 30D, G11, 50 f1.8II, 10-22 f3.5-4.5, 24-70 f2.8L, 70-200 f2.8L IS, EX580II
Ask yourself..do i have my birth rights ? Born debt to parent and grave debt to children.
Let's photography and forget about this.....
if u are buying a flat at $100k,after 30 years u are actually paying $178k.
i had also cut short my installment by dumping in a lump sum from my CPF which i will also be clearing by then early 40s which should be about 15 years of loan in total.
Of course... but nevertheless, if no one is willing to lend... then most of us won't ever be able to pay up this kind of amount in pure CASH. Therefore... it is still kind of a Win Win situation... just top up more cash or increase monthly installment when you have a pay rise. The sooner you done paying... the better.
Its HDB loan... taken in 1999... not sure what's the interest rate was. Cause at that time... you have no other type of loan beside HDB...
Scuba & Father... For Life
My friend bought a 4-room HDB flat in central area for $230k++ 5 years ago. Now his outstanding loan with HDB is left with $40k. He told me that he cam clear it within 1-2 years. After which, he is debt free. As such, he will buy a 2nd property for investment purposes. He praying that property prices will crash so that he can buy it at lelong price.
I am impressed that he can clear his HDB loan within 7 years. He is driving, so have car loan too.
Once he finished his remaining HDB loan, he is considered non-debt obligation. With the new measure of not exceeding 40% of your income, he can still afford it.
By the way, he bought his car when price was cheap last time. $70k with COE. Now outstanding loan is around $20k. This will not affect his purchase of his 2nd property.
However, the only "sour" is that he needs to pay additional 7% stamp duty. Therefore, he is hoping that the prices will collapse more than 7% to offset the stamp duty. I think that prices will drop more than 10% once global interest rate rise next year.
In fact, almost of my ex-colleagues own more than 1 property. This is how people use money to work for them. Last tme buying a 2nd property can simply close one eye.
We always hear complaints about high property prices but do we always hear that people make a killing from properties? Most of us do not share their success stories with the outside world.
Based on my observation, if you want to be debt free at early age, you have to buy a house which is less than $300k. You can settle the loan within 10 years assuming no other heavy debts. If both husband and wife are working, you can even clear it faster and also enjoy other lifestyles.
simply greed. and keeping quiet when others are getting the blame for it.
do not re-direct the thread towards your agenda Sion. Please refrain from stealth sh*t stirring thanks
Last edited by ed9119; 5th July 2013 at 09:36 AM.
shaddap and just shoot .... up close