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Thread: Biggest loan you make in yuor life before?

  1. #1
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    Default Biggest loan you make in yuor life before?

    care to share?

    what do you think of loaning $1million..
    is it the norm nowadays?

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    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.

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    Quote Originally Posted by yowetan
    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 yr
    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)

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    Quote Originally Posted by yowetan
    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.
    ... it does look a bit stretching ..... do you already have a liquid asset that's about 500k ?

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    Quote Originally Posted by roly8
    care to share?

    what do you think of loaning $1million..
    is it the norm nowadays?
    how old are you ? in the report in front of me, I read, for housing loan of age group 35-39 :

    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

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    Quote Originally Posted by amk
    how old are you ? in the report in front of me, I read, for housing loan of age group 35-39 :

    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?

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    Quote Originally Posted by amk
    ... it does look a bit stretching ..... do you already have a liquid asset that's about 500k ?
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    Your household income - is it for one person or two persons or more?

    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).

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    suggest you stay in your nice HDB flat. You are boxing above your weight class.

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    urhh... how you buy another pte if you have a "newly" bought hdb ??..

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    450k is still a huge amount of debt to clear, imo.

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    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.

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    Quote Originally Posted by yowetan
    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.
    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.
    Otherwise just concentrate on paying up the $450K.

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    Quote Originally Posted by rymccondo77
    Your household income - is it for one person or two persons or more?

    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).
    My household income = myself and my wife.

    We are getting a total of approximately 7k plus with close approximate to 8k.

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    Quote Originally Posted by roly8
    450k is still a huge amount of debt to clear, imo.
    Your first HDB? 450k is alot!!

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    Quote Originally Posted by Mr.Keh
    Your first HDB? 450k is alot!!
    Yes, I got myself a HDB 5 room flat.

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    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

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    Quote Originally Posted by Adva181
    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!

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    Quote Originally Posted by Adva181
    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
    Yup.... agree with you.

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    Quote Originally Posted by Adva181
    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
    Thanks for the opinion.

    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.

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    Quote Originally Posted by ysyap
    You don't need $20k/mth for a million loan to be without risk lah... $10k/mth can liao!
    I have colleagues and friends who goes for million valued housing spree with household income of 10k.

    I believe they must have done their calculation.

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    Quote Originally Posted by yowetan
    Nope. As a matter of fact, I still have an outstanding loan of 450k for my newly bought HDB flat.
    i thought you sold off your PC, then use the proceeds to fully paid your HDB, that's why you can sleep soundly now.

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    Quote Originally Posted by yowetan
    My household income = myself and my wife.

    We are getting a total of approximately 7k plus with close approximate to 8k.
    I think no bank will lend you.

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    Quote Originally Posted by hopeful
    i thought you sold off your PC, then use the proceeds to fully paid your HDB, that's why you can sleep soundly now.
    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.

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    Quote 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.
    wah biang, you mentioned you nearly kena retrenched and still want to take million dollar loan..
    Bedok Reservoir waiting for you.

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    Quote Originally Posted by yowetan
    I have colleagues and friends who goes for million valued housing spree with household income of 10k.

    I believe they must have done their calculation.
    Hi, can PM me the names of colleagues and friends and the name of PCs they purchased?

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    Quote Originally Posted by yowetan
    I have colleagues and friends who goes for million valued housing spree with household income of 10k.

    I believe they must have done their calculation.
    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...

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    Quote Originally Posted by ysyap
    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...
    What is your current household income then?

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    Quote Originally Posted by ysyap
    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...
    And you let her become a SAHM while you slave out the loan?

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    Quote Originally Posted by hopeful
    Hi, can PM me the names of colleagues and friends and the name of PCs they purchased?
    Why do you need their name?

    Anyway, they just bought the watertown, hillier, meyerise, horizon hill residence to name a few.

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