New Hdb Rule!

[Warrior88 0]

Thank you blue_skies, for your feedback.

Currently besides UOB, OCBC and Standard Chartered home loan is also under my consideration.

I saw this term "SIBOR-pegged Home Loan" from one of the bank. Anyone knows how does this works?

SIBOR stands for Singapore Interbank Offered Rate

Sibor is influenced by the supply and demand for funds in the Singapore interbank market

Currently hoovering around 0.6 ~ 0.8%

http://www.sgs.gov.sg/sgs_data/daily_domes...bank_rates.html

[bepgof 20]

SIBOR stands for Singapore Interbank Offered Rate

Sibor is influenced by the supply and demand for funds in the Singapore interbank market

Currently hoovering around 0.6 ~ 0.8%

http://www.sgs.gov.sg/sgs_data/daily_domes...bank_rates.html

Bros, loyalty pays. I love UOB, but they keep forgeting me. Wee family needs to strengthen their PR with customers. I've written f/b but the paper kena as if being thrown into ocean. DBS quite hungry also, keep calling me up to offer this & that. I just fall in love with local banks, especially UOB. Don't say u don't know: I ever 1 time shouted to an UOB officer, in front of so many ppl, really lost my temper & patience, even threathen to close all accounts with them immediately.

For banks, you can speak louder when they see you have so many accounts with them. of course not those 1 account with $1 types.

Worrior, give him a past years sibor rate picture better, so can make wiser move. I've shared before I wanted cheap, wife wanted safe, ended up taken "fixed"- anyway still lower than HDB's "concessionary" loan @2.6%. Banks can offer as low as 1.5% without lockin. But Aust, China, Malays, Thailand already "up" their interest quite recently, be careful.

Edited August 3, 2010 by bepgof

[Roflmaoxz 0]

Cash proceeds = CPF Used + Accrue Interest + Bal Loan

Fully Redeem, CPF Used Up = Accrue Interest Up => Cash proceeds Down

If got bal bank loan, Interest is paid monthly together with installment. Thus, CPF used will be lower,

The less CPF used upfront, the less your accrue interest. Remember difference between savings & loan is only 0.1%. Besides for the 1st 20k, your are getting 3.5%

If you want good deals of bank loan, can PM me

Or I see. Thanks.

So Cash proceeds Down, in other words, the CPF OA will be up?

Let's say my dad fully paid up one shot for his 4 room resale 10 years ago. He bought it @ 80k. His flat is estimated @ $380k now. How much cash profits can he get? I understand that from July 2010, the CPF Minimum Sum will be revised to $123,000. So $123k will be kept in his retirement account. Balance will be his cash profits?

[Roflmaoxz 0]

Worrior, give him a past years sibor rate picture better, so can make wiser move. I've shared before I wanted cheap, wife wanted safe, ended up taken "fixed"- anyway still lower than HDB's "concessionary" loan @2.6%. Banks can offer as low as 1.5% without lockin. But Aust, China, Malays, Thailand already "up" their interest quite recently, be careful.

Thanks for the advice, bepgof. I think I am not so good in figures. Got to ask experts liao.

[Warrior88 0]

Or I see. Thanks.

So Cash proceeds Down, in other words, the CPF OA will be up?

Let's say my dad fully paid up one shot for his 4 room resale 10 years ago. He bought it @ 80k. His flat is estimated @ $380k now. How much cash profits can he get? I understand that from July 2010, the CPF Minimum Sum will be revised to $123,000. So $123k will be kept in his retirement account. Balance will be his cash profits?

Yes, still you money, but only in your pocket, not Ah Kong ones.

Besides the MS=123K, there is this MSS=34.5 (Medisave Minimum Sum)

It depends the age of your dad. Current rule is 30% of your bal ( OA+SA) can take out.

Come year 2013, this 30% drop to 0%. And the MS + MSS kicks in.

[Roflmaoxz 0]

Yes, still you money, but only in your pocket, not Ah Kong ones.

Besides the MS=123K, there is this MSS=34.5 (Medisave Minimum Sum)

It depends the age of your dad. Current rule is 30% of your bal ( OA+SA) can take out.

Come year 2013, this 30% drop to 0%. And the MS + MSS kicks in.

So after 2013, he do not have any cash cheque to take if he sell away his flat?

[Spikey 0]

Bros, loyalty pays. I love UOB, but they keep forgeting me. Wee family needs to strengthen their PR with customers. I've written f/b but the paper kena as if being thrown into ocean. DBS quite hungry also, keep calling me up to offer this & that. I just fall in love with local banks, especially UOB. Don't say u don't know: I ever 1 time shouted to an UOB officer, in front of so many ppl, really lost my temper & patience, even threathen to close all accounts with them immediately.

For banks, you can speak louder when they see you have so many accounts with them. of course not those 1 account with $1 types.

Worrior, give him a past years sibor rate picture better, so can make wiser move. I've shared before I wanted cheap, wife wanted safe, ended up taken "fixed"- anyway still lower than HDB's "concessionary" loan @2.6%. Banks can offer as low as 1.5% without lockin. But Aust, China, Malays, Thailand already "up" their interest quite recently, be careful.

yup...agree with u. Shout, scream and throw temper - it saves lots of $$$. Citibank tolerates me. Their PR and customer service is top notch. Managed to secure a 0.5% +3mth SIBOR, 0.6% +3mth SIBOR and 0.7% + 3mth SIBOR even after the promo expired. Financed three properties thru them and everytime i had to kao-peh to escape the breakage fee from one property to another...must push them a bit.

I love AMEX as well...really good deals and customer service.

[bepgof 20]

yup...agree with u. Shout, scream and throw temper - it saves lots of $$$. Citibank tolerates me. Their PR and customer service is top notch. Managed to secure a 0.5% +3mth SIBOR, 0.6% +3mth SIBOR and 0.7% + 3mth SIBOR even after the promo expired. Financed three properties thru them and everytime i had to kao-peh to escape the breakage fee from one property to another...must push them a bit.

I love AMEX as well...really good deals and customer service.

I very wary abt those nice voice & "sweet" stuff, after deal already, all the insects follow you, can't get away and need fire. You try cancel AMEX service & see. Easy to go in, difficult to come out! Took me almost abt 2 years to completely chop them off, with a single letter. I even volunteer my name to be included in their blacklist.

Edited August 3, 2010 by bepgof

[Warrior88 0]

So after 2013, he do not have any cash cheque to take if he sell away his flat?

No... lah ... read this ..

https://www.cpf.gov.sg/cpf_trans/ssl/financ..._assumption.asp

For calculation, try this

https://www.cpf.gov.sg/cpf_trans/ssl/financ...l_cal.asp?prof=

[bepgof 20]

Thanks for the advice, bepgof. I think I am not so good in figures. Got to ask experts liao.

Read MAS's database for the 3month-sibor moving average, key in 1987 jan till 2010 july. See 2007, see you scare or not.

https://secure.mas.gov.sg/dir/domesticinterestrates.aspx

A hokkien song says: listen to wife's mouth is big wealth.

Edited August 3, 2010 by bepgof

[Warrior88 0]

Read MAS's database for the 3month-sibor moving average, key in 1987 jan till 2010 july. See 2007, see you scare or not.

https://secure.mas.gov.sg/dir/domesticinterestrates.aspx

A hokkien song says: listen to wife's mouth is big wealth.

Year 2005 ~ 2006, bank interest rate was like 5 ~ 6%. That time, how I wish I had HDB loan.

Somemore that time where got lock, SIBOR ...peg.. Surprising that period HDB loan rate still remain

2.6%