Your house loan how long?
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Singaporeans need at least 36.4 years to afford a roof over their heads
According to a Chinese Finance magazine, Singaporeans need to slog the longest to afford a 70 square meter condominium in their own countries. (read article here)
Berliners need only work 3 years to pay off the housing loan while Singaporeans need to work a shocking 36.4 years in order to do so.
In Asia, Thais need only work the shortest period of time to buy a similar-sized condominium. Though the wages of Thai workers are relatively low compared to Singapore, their properties are much cheaper which explain the discrepancy.
While Japan is the most expensive country in Asia to live in, the average Japanese need only work 16 years to purchase such a condominium, 20 years less than Singapore.
The authoritative article was not published by the state media which continues to churn out propaganda daily to support the PAP’s lop-sided housing policies in favor of foreigners.
The results should come as no surprise. A UBS report published last year revealed that Singaporeans have the lowest wages and domestic purchasing power among developed nations.
After Hong Kong, Singapore has the largest income gap between the rich and the poor among the thirty most advanced world economies.
The median salary of the average Singapore worker has remained stagnant at $2,400 monthly while the cost of living, especially that of housing has sky-rocketed in recent years.
The low wages of the Singapore worker is contributed partly by the PAP pro-foreigner and ultra liberal-immigration policies which have seen the country being flooded by foreign workers.
A Wall Street Journal article in January this year wrote that the relentless influx of foreigners has depressed the wages of ordinary Singaporeans, increased the cost of living and led to an overall decline in the standards of living.
It will be interesting to know the number of years an average Singapore worker needs to work to afford a similar-sized HDB flat. Based on current prices, it is unlikely to be less than 30 years.
Source: www.temasekreview.com
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the longer of years (mortgage loans), the higher interest compounded.
I opted for 25 years... but fully paid in 8 years.... !! Debt free is always sweetest.
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I actually never need to pay up fully my HDB, sold it after 7 years, sold it with extra money pay for down payment of a condo, and since then its value already appreciated by over 50%. 36 yrs of repayment?
New launch of HDB in ponggol still got 13 appliants chasing for 1 unit, singaporean must be very very cash rich, or are these applicants all PR?
the magazine carries the following disclaimer at the end of the article.
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The last sentence says, "do your own verification of the content of the article."
Those who believe in the article should avoid buy property in Singapore.
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wow 36 years !!!
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Me and my gf has sufficient to pay down 1 HDB from BTO (not resale)
36.4 years? But why not? 2.6% loan from HDB is cheap when corporate bonds yield 3% or more easily.
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F***, Does it means that I am <XX> years know now and i need to be <XX+36.4 years> to pay off my debt? -BEEP-, VOTE PAP OUT! IF YOU DON'T WANT THE NEXT GENERATION TO SUFFER, PLEASE VOTE WISELY! PLEASE
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It's affordable if you stretch out the loan period.
Really.
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of course, it is still affordable.
Pass the loan instalement to your next generation
parents debt, children pay
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I read COV has been rising again.
Better make that 40 - 50 years to afford a HDB flat.
Just in case.
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property prices are rising everywhere in singapore. Even if you sell the unit and get hundreds of thousands, anywhere else you shift to is expensive. Yes no?
Even if you have enough to fully pay up one HDB unit, would you want to? Putting all the money into zeng hu's account lol
Someone I know has been paying a HDB the past 10 years, the price rose and he sold the unit......this time to buy a condo at Bukit Timah which is smaller but more expensive. Hehe.....that's loan after loan right? And a bigger loan at that.
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I've opted for 25 years and hope to repay it asap..selected DBS managed mortgage loan for financing my property…quite relaxed since it offers sibor rates..don’t need to worry about hike in interest rates.
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why loan and pay interest, if cannot afford dun buy, just rent or live in tents, unless you can paid all, then paid one shot, clear all interest, dun let people take away your money unneccessary ya.
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Originally posted by angel7030:
why loan and pay interest, if cannot afford dun buy, just rent or live in tents, unless you can paid all, then paid one shot, clear all interest, dun let people take away your money unneccessary ya.
easy say than done..
all newly wed coupies love to have their own lovenest...
HDB loans come in handy.. who will have that $$$ to fully paid at the point of purchase... pls don't use (photo below) this to think can ?
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Originally posted by Just_do_it_lah:
easy say than done..
all newly wed coupies love to have their own lovenest...
HDB loans come in handy.. who will have that $$$ to fully paid at the point of purchase... pls don't use (photo below) this to think can ?
different people think differently mah, cannot meh? how I know your pathetic condition, most of the people I know buy straight off, some bought landed property, then sold it, earns millions, buy condo and live happily everafter. -
Originally posted by angel7030:
different people think differently mah, cannot meh? how I know your pathetic condition, most of the people I know buy straight off, some bought landed property, then sold it, earns millions, buy condo and live happily everafter.
my house in Bishan fully paid... you no read the previous post ?? pathetic ? yours ? -
When we complete University we pay back parent's money into their CPF account.
When we buy house we pay loan for 30 years plus.
Lastime my mom dun need so long to afford a house over their heads, a few years can liao.
Buy car also car loan dun forget COE.
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Originally posted by Mountain Dew:
When we complete University we pay back parent's money into their CPF account.
When we buy house we pay loan for 30 years plus.
Lastime my mom dun need so long to afford a house over their heads, a few years can liao.
Buy car also car loan dun forget COE.
Instead of pay pack CPF education loan at one shot, I dump the cash into SPH for a cool 6.8% dividend yield while paying the 2.6% interest on the CPF loan and repaying the CPF loan slowly.
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Originally posted by eagle:
Instead of pay pack CPF education loan at one shot, I dump the cash into SPH for a cool 6.8% dividend yield while paying the 2.6% interest on the CPF loan and repaying the CPF loan slowly.
U pro in trading stocks?
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no, I'm damn lousy in it. I put in SPH for long term. My dividend strategy has been successful so far.
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Originally posted by eagle:
no, I'm damn lousy in it. I put in SPH for long term. My dividend strategy has been successful so far.
U buy stocks with high dividends? -
Depends. Must be selective and with my own personal dumb logic.
Example I have 10 Starhub lots at $1.90
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Singaporeans need at least 36.4 years to afford a roof over their heads
According to a Chinese Finance magazine, Singaporeans need to slog the longest to afford a 70 square meter condominium in their own countries. (read article here)
Funny.....why must compare 70sq m CONDOMINUM???
Majority of pple living in hdb flats lah!
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Selective comparisons mah.
In Singapore, the upper middle class stay in condos of small sizes, but the lower middle class stay in HDBs of larger sizes.
July 16th, 2010 | 
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