care to share?
what do you think of loaning $1million..
is it the norm nowadays?
care to share?
what do you think of loaning $1million..
is it the norm nowadays?
Sorry to intercept; Is it wise for me to take up 1.2 to 1.5 million loan with a household income of around 7-8kSGD with 30 years loan? I like to get one landed terrace unit.
i went to calculate for 1.5 million @ 2.25% interest for 30 yrOriginally Posted by yowetan
you need to pay around $6800++/mo
i put 2.25% interest so that we don't get offguard with rise of interest rate later in 10 or 20 yr time ..(as compare to the low interest happen at current market now)
... it does look a bit stretching ..... do you already have a liquid asset that's about 500k ?Originally Posted by yowetan
how old are you ? in the report in front of me, I read, for housing loan of age group 35-39 :Originally Posted by roly8
3.72% have loan 1M or more
9.25% have loan 500k to 999,999
12.29% have loan 300k to 499,999
12.14% have loan 200k to 299,999
29.09% have loan 100k to 199,999
21.84% have loan 50k to 99,999
11.66% have loan <50k
Where's the source of this report?Originally Posted by amk
Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.Originally Posted by amk
Your household income - is it for one person or two persons or more?Originally Posted by yowetan
I am personally cautious - I will take a loan on the assumption of having one person's salary paying for the monthly loan payments (or at least one person's salary covering most of the monthly loan payments).
suggest you stay in your nice HDB flat. You are boxing above your weight class.Originally Posted by yowetan
urhh... how you buy another pte if you have a "newly" bought hdb ??..Originally Posted by yowetan
450k is still a huge amount of debt to clear, imo.Originally Posted by yowetan
I don't think it's wise to commit another property at this point in time. Your dear wife will not have the option of taking time off her work to care for the kids if needed. Both of you will have to slog at your jobs for 30 years.Originally Posted by yowetan
With the salary you are getting and an outstanding loan of $450k, it is unwise to take that amount of loan unless you have other investments which are giving you a stable source of revenue.Originally Posted by yowetan
Otherwise just concentrate on paying up the $450K.
My household income = myself and my wife.Originally Posted by rymccondo77
We are getting a total of approximately 7k plus with close approximate to 8k.
Your first HDB? 450k is alot!!Originally Posted by roly8
Yes, I got myself a HDB 5 room flat.Originally Posted by Mr.Keh
He must be paying the HDB with his cpf. But if u only earn 8k n u want to take a million loan, that's big risk. Try to hit 20k/m before even considering. IMHO
You don't need $20k/mth for a million loan to be without risk lah... $10k/mth can liao!Originally Posted by Adva181
Yup.... agree with you.Originally Posted by Adva181
Thanks for the opinion.Originally Posted by Adva181
I was hypothectically thinking of venturing into million housing purchase with my humble household income. Apparently, the reception is not going well and I believe the general perception is probably right.
Nonetheless, it is a good interaction and exchanges of views and opinions.
Let more to flow in, and sorry for interrupting the thread starter original thread.
I have colleagues and friends who goes for million valued housing spree with household income of 10k.Originally Posted by ysyap
I believe they must have done their calculation.
i thought you sold off your PC, then use the proceeds to fully paid your HDB, that's why you can sleep soundly now.Originally Posted by yowetan
I think no bank will lend you.Originally Posted by yowetan
Yes, I am just making a hypothetical example; to have a feel where I stand, and if it is possible for me to invest on a landed.Originally Posted by hopeful
wah biang, you mentioned you nearly kena retrenched and still want to take million dollar loan..Originally Posted by yowetan
Bedok Reservoir waiting for you.
Hi, can PM me the names of colleagues and friends and the name of PCs they purchased?Originally Posted by yowetan
Yes you have to do your calculations properly... I use to have 2 people contributing to the household income until my wife decided to stay home full time to look after kids when we still have a $1mil plus housing loan so now I cannot relax in my job otherwise we all eat northwest wind already...Originally Posted by yowetan
What is your current household income then?Originally Posted by ysyap
And you let her become a SAHM while you slave out the loan?Originally Posted by ysyap
Why do you need their name?Originally Posted by hopeful
Anyway, they just bought the watertown, hillier, meyerise, horizon hill residence to name a few.