"We (HDB) have scheduled an appointment for you to sign the purchase, mortgage and CPF documents.
Date: 04/11/2008
Time: 10:00 AM
Venue: HDB Sales Operations Unit @ HDB Hub
To exercise the Option to Purchase,..."
We are finally going down to HDB Hub to sign our paperwork to complete the purchase of our own HDB flat! Yeah!... but it is also the start of being 'heavily' in debt... to repay $526,000 in 30 years... that works out to about $1,700+ monthly!!
Well, i guess what is more important is that we are really happy and excited about the idea of being able to own a flat ourselves and we are both contented with the location of our new flat =)
Friday, October 31, 2008
Friday, October 17, 2008
Updates from HDB (finally...)
Wow! it has been more than 1/2 month ago since i last posted anything here =P
Have recently received some letters from HDB with regards to our Park Central flat purchase
(1) On 9th Oct 2008, HDB informed us that our application for CPF Housing Grant hae been approved and a total of S$40,000.00 will be credited into our CPF accounts (S$20k each)
(2) On 10th Oct 2008, HDB sent us another letter. This is with regards to offering us a housing loan for the purchase of the flat. Guess what... It's an whopping loan of S$445,800.00, !! Geez... once we sign the loan agreement form, we will be $446k debt!! It will take us our lifetime (okay.. i'm exaggerating.. it's 30 years... but it feels like a lifetime lor...) to repay the loan.
After some calculation, i figured that we will be able to get back the initial 5% that we have paid in cash. But my colleagues have advised me to use that 5% to offset the HDB loan so as to reduce the total interest of the loan.
Should i do what they have advised? Or should i take that money and put it in fixed deposits (since MAS have just announced today that all deposits made to Singapore banks will be fully guranteed till end 2010)... Any advise anyone ??
Have recently received some letters from HDB with regards to our Park Central flat purchase
(1) On 9th Oct 2008, HDB informed us that our application for CPF Housing Grant hae been approved and a total of S$40,000.00 will be credited into our CPF accounts (S$20k each)
(2) On 10th Oct 2008, HDB sent us another letter. This is with regards to offering us a housing loan for the purchase of the flat. Guess what... It's an whopping loan of S$445,800.00, !! Geez... once we sign the loan agreement form, we will be $446k debt!! It will take us our lifetime (okay.. i'm exaggerating.. it's 30 years... but it feels like a lifetime lor...) to repay the loan.
After some calculation, i figured that we will be able to get back the initial 5% that we have paid in cash. But my colleagues have advised me to use that 5% to offset the HDB loan so as to reduce the total interest of the loan.
Should i do what they have advised? Or should i take that money and put it in fixed deposits (since MAS have just announced today that all deposits made to Singapore banks will be fully guranteed till end 2010)... Any advise anyone ??
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