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silverkris

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Posts posted by silverkris

  1. Posted

    I think you got it wrong. If you are not going to keep the flat when you purchase the condo, you still can take 80% loan. Actually , upgrading will be easier if prices stablises in the next few mths.

    You will need to sell your HDB first then before buying the condo, and while the condo is building, where do you stay then for the period of 3 years?

    Even 80% loan will mean a 200k downpayment. Unless the flats can appreciate so much ....... Just my point of view.

  2. Posted

    From what I see in these 2 years of properties movement, especially in HDB. I forsee a serious problem: Unless you are super-rich, you will have a hard time to do upgrading in the future, and your current HDB flat might be your final home.

    Reasons:

    1. Supply and demand of new flats: The government keeps on supplying new flats and EC now, and far above what the market is demanding. Now people still buying because it is their 1st home, so what happens when all the homes are ready and people have already lived beyond their Minimum period of 5 years, most probably in 2014-2016. There is so much supply and no one is interested in buying resale then. What happens to the HDB owners then? they definitely cannot sell high, maybe just sell enough to cover their loans.

    2. Upgrading to Privates from HDB: At 4 rooms going at $300k now, most people need to use most of their CPF money to pay for the HDB, and 30 years too. This new rule of need to pay 40% from cash/cpf is already enough to put the new generation out of private. A $1M condo will need $400K from CPF/Cash, and since ALL CPF already gone into current flat, where to get the $400K then.

  6. Posted

    In the end, still a HDB flat but need to follow pte rule just because it is built by pte developer. I think comparing DBSS and EC, i will go for EC. Smelly smelly must have 100k ~ 200k at least cash on hand if all your funds are locked at your property.

    Contra facility is for people taking HDB loan.

    Yes, you are right in saying that, except for nowadays EC selling price has already risen to the 700psf range, and not quite affordable to many.

  7. Posted

    I see, thank you. Why developers for DBSS so desperate for payment like those pte condo? EC residents need to pay "extra money" when converting to Strata?

    EC residents do NOT need to pay extra whn going private.

    If you are referring to the recent case of HUDC residents paying when going private, the difference between EC and HUDC is that HUDC residents do not own the carparks and the public land that their "private" units sit on. So in order to go private, they will need to pay the govt the stated amount to buy over the carpark and such so that they can develop it or sell it to developers as a whole.

    As for EC, they already own the carpark, pools, etc that are in their compound therefore no need to pay extra.

  8. Posted

    Put it simply, the government (URA) will tax the developers according to the size of the unit they built the last time.

    So bigger unit the developer built, the higher the tax.

    BUT planters and area above bay windows are not taxed as URA deemed those areas as "unusable" spaces.

    So developers make use of this and build loads of bay windows and big big planters, and sell the units that states the unit sizes with the planters and bay windows.

    Then people start to be creative and build covers for planters instead of using them for plants, then make bay windows into beds, sofas, etc etc.

    So URA in 2008 changed the rules and will now tax the developers for the planters and baywindows spaces too if they build them.

    So to answer the queries, yes, now developers will cut down on building bay windows and planters since they will be taxed. And no, you will not get a bigger space because of this, just a same unit without planters and baywindows, which in fact makes the unit smaller.

  9. Posted

    To answer most of the queries:

    If you are looking into buying DBSS, you MUST have 5% CASH in the first place. The developer will require you to write a cheque out on the day of booking and WILL take the cash.

    Your CPF / CASH MUST have the rest of the 15% ready. Once the option is executed in HDB, HDB will deduct off the 15% as downpayment for the DBSS. Note: If your CPF has enough at this point of time to pay the full 20% of the downpayment, you MAY request the 5% CASH to be refunded to you at this point of time.

    the rest of the 80% can borrow either from HDB (if eligible) or private bank which will pay the developers as and when the stated progress in constructions has been made. this is the major difference between BTO and DBSS, which you only pay (besides downpayment) after you have collected the flat.

    Note: DBSS will NEVER be entitled to STRATA status and will NOT privatise in 10 years or 20 years. This is the main difference from EC. It is a HDB flat and will remain so, unless there comes a time where ALL the residents can clear the debts from HDB. EC applicants are never allowed to borrow from HDB in the first place.

    Hope the above is clear enough?

  11. Posted

    Anyone has the indicative psf GENERALLY for housing development ?

    New BTO = 300

    New DBSS = 500

    New EC = 750

    Resale HDB = 350 ~ 400

    Resale DBSS = 550

    Resale EC (>10yr) = 800

    L99 Suburban = 750

    L99 Near MRT = 950

    FH Suburban = 700

    FH Urban = 1000

    Resale DBSS: Unknown, so far no DBSS has reached MOP

    FH Urban = Very hard to find, if have should be above 1300

  12. Posted

    Whether partial or in full by using cpf money, u have to be insured by HPS. You may be exempted if you have any in-force personal life insurance policy which can cover the remaining loan amount.

    How does HDB knows if you void the insurance policy halfway? Tricky issue. Better check with HDB officer to see what other alternatives you have, I also want to know.

    At same time, I will write to HDB to see what is the reply.

    I think what he is trying to say is that CPF board rejects his application for HPS due to his medical conditions, not that he doesn't want to be insured by HPS. So it is no point for you to mention that he have to be insured by HPS or not. And that he is worried that if CPF rejects his HPS application, does he have to pay the housing installments by cash then instead of CPF?

    What I understand is that if it is CPF board that rejects your application for HPS, you can still pay your housing loans by CPF, just that there is no insurance on your house.

  13. Posted

    hi bepgof

    When i bought my place, I chosed the option to pay my housing loan instalment partially paid via CPF and cash from my own account (because CPF account was opened only recently so not enough cash inside to service the loan). Downpayment for the house was all paid fully in cash and not CPF.

    So am I still required to sign up with HPS? So does it mean that if my HPS Application is rejected - I have to pay my entire instalment in cash?! omg i'm **** sad now

    If your HPS is rejected because of medical reasons, then it is just that you do not have insurance to cover your house mortgages. It does not affect your CPF payment in any way. You can still use your CPF to pay for the house. No issues on that.

  14. Posted

    Budget of $800 hard to get brand new Denon sets. I suggest you go to Sim Lim Towers and check out the used sets. They are still of great quality (amid some scratches) but you can ask the shop owners to help you pair with some used speakers. Should be a more worthy investment than those Samsung Panasonic types that look good only.

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