I will buy rivergate and the sail

[cartman]

What project do you want to buy? $1.5m is actually not a lot if you are looking at Orchard Residences, The Marq@Paterson or Ritz Carlton Residences. Furthermore, for prudence people who buy property, they usually set aside money sufficient to pay for at least 3-5 years of monthly instalments.

for my standard, if can buy RG, Cosmo or Suites@Central already contented.

i also do not like to take loans or be in debt that is why i have always paid cash for my cars too and i am setting aside a budget of 1.5m cash to buy a property. quite keen to explore buying 2 as someone here suggested since i am quite comfortable to set aside another $5-10K per month to pay off loans if necessary plus may also get rental income from one of the 2 units. just not sure what to do since there appears to be so many options available

[DW]

RIVERGATE SGD1,967,650 1,711sf 1,150psf Mar-09
RIVERGATE SGD1,239,600 1,033sf 1,200psf Mar-09
RIVERGATE SGD1,250,000 1,033sf 1,210psf Mar-09
RIVERGATE SGD1,853,610 1,550sf 1,196psf Feb-09
RIVERGATE SGD1,291,250 1,033sf 1,250psf Feb-09
RIVERGATE SGD1,266,000 1,055sf 1,200psf Feb-09
RIVERGATE SGD2,200,000 1,550sf 1,419psf Dec-08
RIVERGATE SGD1,705,000 1,550sf 1,100psf Dec-08
RIVERGATE SGD2,345,000 1,539sf 1,523psf Oct-08

[repanse71]

Ｒead my earlier posts.
1) I never said my bank never asked for top-up.
2) I listed conditions where people are in danger of being asked to top-up

If you are ready customer looking for pure home financing, seek the bank you think provide the best deal.

regards

Well, as mentioned, I'm a ready customer whom I believe any of the local or foreign banks will be all too ready to do business with. So if repase71 is so sure his bank do not ask people to top up, I see it as a win-win situation for both of us to do business.

In fact, I believe a lot of forumers will also want to take their mortgage to his/her bank. UNLESS, he is not sure of his own statement or he is just not speaking the truth which explains why he/she doesn't dare to reveal the bank/ branch.

Ok, let me relax the `rule' a bit, just tell the forum the bank will do

Otherwise, do not speak so boldly and claim as though you are the authority and work for a bank and thus know that banks do not ask people to top up, because I know of cases where banks to ask people to top up.

[teddybear]

As repase71 mentioned, he is not in sales and he doesn't gain from it. He want to have some privacy regarding which bank & branch he works in is perfectly reasonable (since he already said he is a banker). (In retrospect, why not you say what job you do, which company you work, what is your company's address?)
So, best way is to go and confirm with the banks. You want to know which bank give better rates? Check with DBS, Maybank or Standard Chartered (as far as I know). Otherwise, check with HSBC, UOB, OCBC, Citibank. There are just so few banks in Singapore!

Well, as mentioned, I'm a ready customer whom I believe any of the local or foreign banks will be all too ready to do business with. So if repase71 is so sure his bank do not ask people to top up, I see it as a win-win situation for both of us to do business.

In fact, I believe a lot of forumers will also want to take their mortgage to his/her bank. UNLESS, he is not sure of his own statement or he is just not speaking the truth which explains why he/she doesn't dare to reveal the bank/ branch.

Ok, let me relax the `rule' a bit, just tell the forum the bank will do

Otherwise, do not speak so boldly and claim as though you are the authority and work for a bank and thus know that banks do not ask people to top up, because I know of cases where banks to ask people to top up.

[HP65]

As repase71 mentioned, he is not in sales and he doesn't gain from it. He want to have some privacy regarding which bank & branch he works in is perfectly reasonable (since he already said he is a banker). (In retrospect, why not you say what job you do, which company you work, what is your company's address?)
So, best way is to go and confirm with the banks. You want to know which bank give better rates? Check with DBS, Maybank or Standard Chartered (as far as I know). Otherwise, check with HSBC, UOB, OCBC, Citibank. There are just so few banks in Singapore!

Pls do not side-tracked from the issue at hand. Its not the best rates that people are seeking. That, any 3 year old toddler can go on the net and compare. Or, i just need to drop my PBs a line and they will just quote me the rates.

Its the bold claim that his bank do not ask people to top-up that attracts my attention. And i can easily meet those conditions set by repase71. So, if there is money to be made, why would anybody reject business? Even if he is not front-line, it will benefit his bank and as an employee, shouldnt he be keen that his bank does well?

I hope you are not my staff coz your idea that only front-line should be concerned with sales is dangerous. A successful organisation requires all employees to think for the company.

[HP65]

Ｒead my earlier posts.
1) I never said my bank never asked for top-up.
2) I listed conditions where people are in danger of being asked to top-up

If you are ready customer looking for pure home financing, seek the bank you think provide the best deal.

regards

I quote from your post:-

"Hi all

If you only have housing loan, no overdraft nor term loans, as long as you service your monthly installment, you are safe and will NOT be asked to top up when valuations falls."

I know of cases where people meet your above conditions and still was asked to top-up. That's why if your bank, as claimed by you with a CAPITAL `NOT', do not ask people to top up, I will be glad to inform those people, 1 of whom is my staff.

While you have asked people to, I quote, `Stop causing and perpetuating unnecessary fear based on unsubstantiated claims and hearsay.', I asked you to back that up with actions. Otherwise, please stop giving false hopes or confidence to people who may over-stretch themselves by buying at prices they actually can't afford.

[august]

fight fight fight!

[teddybear]

It is already well-known that banks ask for top-up only under certain conditions and these have been spelled out by repase71 and the news article. As long as a person is financially strong, there is no need to worry about the top-up. So why you worry? If a person is so scare of top-up, then he/she should be advised to just steer clear of taking a property loan (simple as that).

You really believe all employees work and think for the employers? Even those at the top claiming millions of dollars of salary (AIG, Merrill Lynch, etc) cannot do so, what to expect from the Tom, Dick, and Harry? As a matter of fact, a good employee should be one who should just do his own job well. If he is not in sales, why he care & meddle about sales? He can comments on some terms & conditions etc but he cannot represent his bank (in this example) in sales and so the best thing to do is to ask you to go ask the bank! As far as I know, nobody in the bank will commit (give you a written letter etc) saying that they will not ask you to top-up! (because things change after loan approved and you may max out your credit cards, get a second property loan, start defaulting on monthly payments and do some silly things etc!).

Pls do not side-tracked from the issue at hand. Its not the best rates that people are seeking. That, any 3 year old toddler can go on the net and compare. Or, i just need to drop my PBs a line and they will just quote me the rates.

Its the bold claim that his bank do not ask people to top-up that attracts my attention. And i can easily meet those conditions set by repase71. So, if there is money to be made, why would anybody reject business? Even if he is not front-line, it will benefit his bank and as an employee, shouldnt he be keen that his bank does well?

I hope you are not my staff coz your idea that only front-line should be concerned with sales is dangerous. A successful organisation requires all employees to think for the company.

[repanse71]

Thanks for being so understanding.

Regards

It is already well-known that banks ask for top-up only under certain conditions and these have been spelled out by repase71 and the news article. As long as a person is financially strong, there is no need to worry about the top-up. So why you worry? If a person is so scare of top-up, then he/she should be advised to just steer clear of taking a property loan (simple as that).

You really believe all employees work and think for the employers? Even those at the top claiming millions of dollars of salary (AIG, Merrill Lynch, etc) cannot do so, what to expect from the Tom, Dick, and Harry? As a matter of fact, a good employee should be one who should just do his own job well. If he is not in sales, why he care & meddle about sales? He can comments on some terms & conditions etc but he cannot represent his bank (in this example) in sales and so the best thing to do is to ask you to go ask the bank! As far as I know, nobody in the bank will commit (give you a written letter etc) saying that they will not ask you to top-up! (because things change after loan approved and you may max out your credit cards, get a second property loan, start defaulting on monthly payments and do some silly things etc!).

[focus]

Ya, there is no point in forcing people to reveal their work location and such..

This is a forum and everything said should be taken with a pinch of salt ...and maybe put an umbrella on the glass for best results.

I say I am not rich but comfortably retire with a multimillion fortune.
You can say you are a top pte banker in DBS...

No need to argue over such things lah.

[HP65]

It is already well-known that banks ask for top-up only under certain conditions and these have been spelled out by repase71 and the news article. As long as a person is financially strong, there is no need to worry about the top-up. So why you worry? If a person is so scare of top-up, then he/she should be advised to just steer clear of taking a property loan (simple as that).

You really believe all employees work and think for the employers? Even those at the top claiming millions of dollars of salary (AIG, Merrill Lynch, etc) cannot do so, what to expect from the Tom, Dick, and Harry? As a matter of fact, a good employee should be one who should just do his own job well. If he is not in sales, why he care & meddle about sales? He can comments on some terms & conditions etc but he cannot represent his bank (in this example) in sales and so the best thing to do is to ask you to go ask the bank! As far as I know, nobody in the bank will commit (give you a written letter etc) saying that they will not ask you to top-up! (because things change after loan approved and you may max out your credit cards, get a second property loan, start defaulting on monthly payments and do some silly things etc!).

Which is my point exactly. If not so sure and confident, then don't proclaim so loudly that his bank DO not ask people to top up, just shut up and don't try to give people fase sense of security.Some people may read his comments and decide to hold on to a property instead of selling it now but instead later had to force sell at a lower price. Since repase71 is now so quiet and dare not reveal his bank's name, I'll just tell my friends there is no such bank.So buyers beware, banks DO ask you to top up when valuation is below your loan outstanding. And in a declining market, better to be prudent in buying properties. Whatever your banker approve in principle, give yourself 10% buffer when offering to sellers.

[HP65]

Ya, there is no point in forcing people to reveal their work location and such..

This is a forum and everything said should be taken with a pinch of salt ...and maybe put an umbrella on the glass for best results.

I say I am not rich but comfortably retire with a multimillion fortune.
You can say you are a top pte banker in DBS...

No need to argue over such things lah.

To be honest, I do not expect him to be so daring to reveal his bank's name, that is if he is even working in a bank. Because there is no such bank who will be so stupid as to claim they will not ask owner to top up. In addition, i have seen 4 cases where even when the financial situation of the borrower has not changed, banks still ask them to top-up.

[teddybear]

Please note that your statement:
"banks DO ask you to top up when valuation is below your loan outstanding" is NOT TRUE!
Banks DO NOT, I repeat, "DO NOT" ask you to top up just because "valuation is below your loan outstanding". Please do not spread such rumour. Usually, banks ask you to top up only when your credit rating has deteriorated or perceive you to be of high risk to default type! The exact factors & determinants will differ from bank to bank. There were a few cases previously where the affected complain to newspapers etc and end up they had been exposed to have either defaulted on their monthly loan instalments or credit card payments etc (for various reasons which affected their credit ratings)! In your 4 cases, one of these possibility may have occurred. Unless you are one of them, you may not know the details.

To be honest, I do not expect him to be so daring to reveal his bank's name, that is if he is even working in a bank. Because there is no such bank who will be so stupid as to claim they will not ask owner to top up. In addition, i have seen 4 cases where even when the financial situation of the borrower has not changed, banks still ask them to top-up.

[qwertyuiop]

Hi Bro HP65, lets put your 4 so-called 'cases' aside. Have you ever been asked to top up when your property/properties devaluate?

Please advise. Many thanks

Which is my point exactly. If not so sure and confident, then don't proclaim so loudly that his bank DO not ask people to top up, just shut up and don't try to give people fase sense of security.Some people may read his comments and decide to hold on to a property instead of selling it now but instead later had to force sell at a lower price. Since repase71 is now so quiet and dare not reveal his bank's name, I'll just tell my friends there is no such bank.So buyers beware, banks DO ask you to top up when valuation is below your loan outstanding. And in a declining market, better to be prudent in buying properties. Whatever your banker approve in principle, give yourself 10% buffer when offering to sellers.

[proud owner]

Ya, there is no point in forcing people to reveal their work location and such..

This is a forum and everything said should be taken with a pinch of salt ...and maybe put an umbrella on the glass for best results.

I say I am not rich but comfortably retire with a multimillion fortune.
You can say you are a top pte banker in DBS...

No need to argue over such things lah.

Are you guys aware that you can contact individual Forum-er privately ???

If HP65 has contacted repanse71 individually .. I am sure they can strike some kind of connection ... personal level ..

But unfortunately asking him where / which etc etc here .. even if i was Repanse71 I would reveeal ...

[HP65]

Hi Bro HP65, lets put your 4 so-called 'cases' aside. Have you ever been asked to top up when your property/properties devaluate?

Please advise. Many thanks

Short answer, no. Reasons being:-

For my 1st property, which is for own stay,

i) I bought when property mkt was `normal' ie not speculated like pre '96 or pre '07 (Sg mkt). Thus opportunity cost for own stay is low.
ii) LTV was 50%. When market tank in '97, I was still above water. Banks had no reason to ask me to top-up since devalued property price still above loan outstanding
iii) Hse fully paid off in 10 yrs, so banks couldn't touch it at all.

Subsequent investment properties:-

i) Maximum LTV is 50%. Even if I have the cash, I do not pay more. I like leverage and banks love that too. Chance for them to earn stable interest income, on top of other fees/ commissions income
ii) Buy only when market is not over-heated. My fav time to buy is when there is over-supply in the mkt (that is coming very soon). Sell when there is a supply squeeze.

Thus banks has never ask me to top up even when my properties devalued like in 1996 and 2002.

[KT_Lim]

same here. who are you to ask people where you are working?! so crass!

Are you guys aware that you can contact individual Forum-er privately ???

If HP65 has contacted repanse71 individually .. I am sure they can strike some kind of connection ... personal level ..

But unfortunately asking him where / which etc etc here .. even if i was Repanse71 I would reveeal ...

[KT_Lim]

sure!~ And I am warrant buffet.
Talk is cheap anyway. Make sure you keep your liquidity. Alot of loudmouth have seen their biz tanked anyway. Oops.. not saying yours would...

frivolous and thoughtless? you must be living in a well

its a fact that when i was thinking of taking a short term loan due to business expansion and cash flow reasons, i was told its very difficult to get the banks to approve and there were tons of paperwork to be filled and one needs to show a long track record of profits etc. when i have tons of money idling in the banks (my own personal funds), i start to get unsolicited calls from banks to offer me all sorts of financing without any collateral or having the need to fill up tons of paperwork which i obviously do not need. throughout this period, my business has also been the same.

the key difference being i pumped in my own money to finance the company's purchases

[qwertyuiop]

Thanks fr your reply. As you have not personnally experienced call up from bank to top up, I shall take what you have suggested previously (if it's just based on your 'friends') with a table-spoon of salt.

Short answer, no. Reasons being:-

For my 1st property, which is for own stay,

i) I bought when property mkt was `normal' ie not speculated like pre '96 or pre '07 (Sg mkt). Thus opportunity cost for own stay is low.
ii) LTV was 50%. When market tank in '97, I was still above water. Banks had no reason to ask me to top-up since devalued property price still above loan outstanding
iii) Hse fully paid off in 10 yrs, so banks couldn't touch it at all.

Subsequent investment properties:-

i) Maximum LTV is 50%. Even if I have the cash, I do not pay more. I like leverage and banks love that too. Chance for them to earn stable interest income, on top of other fees/ commissions income
ii) Buy only when market is not over-heated. My fav time to buy is when there is over-supply in the mkt (that is coming very soon). Sell when there is a supply squeeze.

Thus banks has never ask me to top up even when my properties devalued like in 1996 and 2002.

[cartman]

sure!~ And I am warrant buffet.
Talk is cheap anyway. Make sure you keep your liquidity. Alot of loudmouth have seen their biz tanked anyway. Oops.. not saying yours would...

lol what a retard you are more like OKT

[cartman]

Thanks fr your reply. As you have not personnally experienced call up from bank to top up, I shall take what you have suggested previously (if it's just based on your 'friends') with a table-spoon of salt.

why should he experience it if he had been borrowing prudently and not leveraging to the max?

you can choose to take good advice or choose to be funny about this issue.

he's not saying banks will ALWAYS ask anyone to top up their loans if the valuation drops. he's just pointing out a simple fact that unlike what someone supposedly working in a bank claimed, that banks DO NOT ask for topups.

its common sense that for many who do not leverage to the max, they are not so much at risk when the valuations drop as is what's happening now. its just wrong to give people false hope that so long as they are prompt in monthly repayments, banks will never ask for topups no matter how much the valuation drops relative to their loan amount. its proven that they do based on various factors.

[Rapister]

u all caNNOT AFFORD dont talk so much lah

usually i dont even need loan to buy property

[KT_Lim]

And a adject failure you are .. little man.. with little dick.

lol what a retard you are more like OKT

[repanse71]

Read the earlier threads on who said what. You are confused and are confusing others.

Other than those general scenarios I listed out, most borrowers are in no danger if dutifully service their monthly installment.

Do your homework. When one talks to RM from various banks when getting a loan, ask them the right questions about reasons behind their top-up cases... Get their manager to confirm their answer if necessary...

Regards

why should he experience it if he had been borrowing prudently and not leveraging to the max?

you can choose to take good advice or choose to be funny about this issue.

he's not saying banks will ALWAYS ask anyone to top up their loans if the valuation drops. he's just pointing out a simple fact that unlike what someone supposedly working in a bank claimed, that banks DO NOT ask for topups.

its common sense that for many who do not leverage to the max, they are not so much at risk when the valuations drop as is what's happening now. its just wrong to give people false hope that so long as they are prompt in monthly repayments, banks will never ask for topups no matter how much the valuation drops relative to their loan amount. its proven that they do based on various factors.

[teddybear]

Many people here (I believe) are referring to his statement that:
"banks DO ask you to top up when valuation is below your loan outstanding".
Is this true just purely on this "valuation" factor? I don't believe this is true if no other factors are involved (and so do many others). It has been proven FALSE again and again even when for those who complained to reporters, and make a hoo-ha out of it, and appear on newspapers (and become famous by the way). Unless he had experience himself (which is not the case here), so how to prove his statement is true? (when it is contrary to what has been proven otherwise?). Does this not constitute spreading false rumours when others have pointed out that is not true and provided evidence even in the form of news article?

why should he experience it if he had been borrowing prudently and not leveraging to the max?

you can choose to take good advice or choose to be funny about this issue.

he's not saying banks will ALWAYS ask anyone to top up their loans if the valuation drops. he's just pointing out a simple fact that unlike what someone supposedly working in a bank claimed, that banks DO NOT ask for topups.

its common sense that for many who do not leverage to the max, they are not so much at risk when the valuations drop as is what's happening now. its just wrong to give people false hope that so long as they are prompt in monthly repayments, banks will never ask for topups no matter how much the valuation drops relative to their loan amount. its proven that they do based on various factors.

[mezz72sg]

jesus christ, when're you guys gonna stop this bank loan top up thing?

might as well change the thread heading!


can't believe it, can OT for some many pages....

[Property_Owner]

jesus christ, when're you guys gonna stop this bank loan top up thing?

might as well change the thread heading!


can't believe it, can OT for some many pages....

Stop fighting here. Morning went lin kopi with my friend. Told me he sold his unit in RV at 1400psf. Think bank can't match the valuation. Well, willing seller, willing buyer.

[cartman]

And a adject failure you are .. little man.. with little dick.

lol, talk about crass and uncouth

[cartman]

u all caNNOT AFFORD dont talk so much lah

usually i dont even need loan to buy property

lol good one. i always thought iras will go after those who don't take loans

[cartman]

Many people here (I believe) are referring to his statement that:
"banks DO ask you to top up when valuation is below your loan outstanding".
Is this true just purely on this "valuation" factor? I don't believe this is true if no other factors are involved (and so do many others). It has been proven FALSE again and again even when for those who complained to reporters, and make a hoo-ha out of it, and appear on newspapers (and become famous by the way). Unless he had experience himself (which is not the case here), so how to prove his statement is true? (when it is contrary to what has been proven otherwise?). Does this not constitute spreading false rumours when others have pointed out that is not true and provided evidence even in the form of news article?

granted that there are always other factors involved in such matters. if you read that statement as meaning that banks WILL ask for topups if valuation is below loan outstanding, then maybe it had been interpreted wrongly as I believe that was not the message being conveyed. DO and WILL are quite different. conversely, the other message that was being conveyed was that so long as you pay your loans promptly, banks will never ask you to top up your loans come what may, which is untrue if taken to the extreme as well.

either way, all the above shouldn't affect me, in fact, since i am planning to buy property in future, it might even help me with some distress sales for those who misinterpreted the above comments and get into trouble