Home loan stretch to 50 years?
- Thread starter BMWM3
- Start date
Centurion9990
Well-Known Member
wt_know;856887 said:
The advantage is mortgage loan is almost 0% interest or put in another way.. your saving deposit is earning the same interest rate as your mortgage loan interest.. or if can put the cash into good use and the interest gain is more than mortgage interest rate.. that will be even better..
ktnpl
Well-Known Member
Re: Home loan stretch to 50 years?
Here's how to get a free loan by actively managing the loan:
My property was purchased during launch. Due to progressive payment, the bank's disbursement to the developer is spread over two years. By the final disbursement, the lock-in period is over and there is no penalty for full redemption. During the preceding two years, I monitored closely and arranged for instructions for lump sum payment from both CPF account and cash to be made to the bank upon each disbursement. Due to lead time of about one week for each execution and sometimes incomplete payment, there was some interest levied from time to time, otherwise the principal amount is kept low or zero during the loan tenure. By the time I had fully redeemed the loan after 2 years, I had paid up to $3k interest to the bank. But I had also saved more than $3k from the legal subsidy. So effectively, the loan is free.
Had I not taken the loan, I would have been $3k poorer and I would not have been able to use my CPF monies for the progress payment.
wobbles;856870 said:Bro, can help advise/educate idiot like me on how to literally pay 0% on bank mortgage? Please?
Gum Xia many many
Here's how to get a free loan by actively managing the loan:
My property was purchased during launch. Due to progressive payment, the bank's disbursement to the developer is spread over two years. By the final disbursement, the lock-in period is over and there is no penalty for full redemption. During the preceding two years, I monitored closely and arranged for instructions for lump sum payment from both CPF account and cash to be made to the bank upon each disbursement. Due to lead time of about one week for each execution and sometimes incomplete payment, there was some interest levied from time to time, otherwise the principal amount is kept low or zero during the loan tenure. By the time I had fully redeemed the loan after 2 years, I had paid up to $3k interest to the bank. But I had also saved more than $3k from the legal subsidy. So effectively, the loan is free.
Had I not taken the loan, I would have been $3k poorer and I would not have been able to use my CPF monies for the progress payment.
BimmerHead
Well-Known Member
Re: Home loan stretch to 50 years?
This is really a good deal..so even if housing loan rises to 5% ..you are future proof...given that deposit interest historically will not match the loan interest..will go check out H...C...bank..
Centurion9990;856980 said:
This is really a good deal..so even if housing loan rises to 5% ..you are future proof...given that deposit interest historically will not match the loan interest..will go check out H...C...bank..
brosiss
Well-Known Member
Re: Home loan stretch to 50 years?
I can see property prices going to rise again. The bank is just facilitating the trend. DBS already offered 40 years since 2010. Impressions and facts. Garmen tells u they building more housing but did not say price dropping. The fundamentals of SG economy is not about Europe, USA or BRIC not doing well, it's understanding rich man economy, that's what garmen is after and we have the prerequisites to go after rich man economy. We have shifted from manufacturing to services which is more resilient to bad times. Also niche manufacturing is way to go for us.
Put your yourself in the shoes of billionaires whose money is in Europe, USA and BRIC, if their economies not going well, where would they channel their money, investment and assets protection to? ROI. Our garmen had figured that out.
I was expecting lower interest rate but they stretch the loan tenure. If you are over age, you need to joint name with younger person to qualify. Younger couples can own property so less complaints on garmen. Inflation will continue to fuel GDP growth. Garmen hope to moderate it but not stop it. If you plan to buy property, buy soon. If you have more 1 property, you be smiling.
I can see property prices going to rise again. The bank is just facilitating the trend. DBS already offered 40 years since 2010. Impressions and facts. Garmen tells u they building more housing but did not say price dropping. The fundamentals of SG economy is not about Europe, USA or BRIC not doing well, it's understanding rich man economy, that's what garmen is after and we have the prerequisites to go after rich man economy. We have shifted from manufacturing to services which is more resilient to bad times. Also niche manufacturing is way to go for us.
Put your yourself in the shoes of billionaires whose money is in Europe, USA and BRIC, if their economies not going well, where would they channel their money, investment and assets protection to? ROI. Our garmen had figured that out.
I was expecting lower interest rate but they stretch the loan tenure. If you are over age, you need to joint name with younger person to qualify. Younger couples can own property so less complaints on garmen. Inflation will continue to fuel GDP growth. Garmen hope to moderate it but not stop it. If you plan to buy property, buy soon. If you have more 1 property, you be smiling.
Jimmy1978
Well-Known Member
Re: Home loan stretch to 50 years?
I was looking at dbs home loans page, looks like they're sticking to the 40 years. I mean 50 years is just a crazy time to service the loan. 40 years bad enough..now 50?! Just be in debt your whole life..sigh.
I was looking at dbs home loans page, looks like they're sticking to the 40 years. I mean 50 years is just a crazy time to service the loan. 40 years bad enough..now 50?! Just be in debt your whole life..sigh.
