These evidences suggest that mortgage affordability today versus the mortgage affordability in the 70s is debatable.
“A person just entering the labour force, say at the age of 15, would have 40 working years ahead of him. Before he is entitled to withdraw his CPF. During that time, his average wage would be in the region of $400 at current levels. “Even after the purchase of a flat – and a four-room one can be bought from the HDB for about $24,500 – he would have $35,000 remaining in his account to comfort him in old age.
“On this salary, the person would accumulate CPF savings of $115.60 a month which is considerably greater than the payment needed for purchasing a flat. A family who buys a four-room flat and chooses to stretch payment over the maximum of 20 years will have to pay principal of $82 a month. Using the same average of income earners in a family, , this works out to $45.55 a month for each person. The surplus that remains in the account is therefore about $70 a month.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tough to get ‘balance right’ when pricing HDB flats in central areas: Lawrence WongSINGAPORE — It is difficult to get the “balance right” when it comes to pricing public housing flats, particularly for those located close to the city centre, as the Government has to weigh between pricing them to market value and keeping housing affordable, said National Development Minister
Source: TODAYonline - 🏆 1. / 99 Read more »
HDB looking into relaxing CPF usage rules for older flats, details to be announced soon for implementation in MaySINGAPORE- National Development Minister Lawrence Wong said Thursday morning (March 7) that his ministry is working out details on relaxing Central Provident Fund (CPF) loan rules on the purchase of older Housing Board resale flats, and will announce them soon for implementation in May this year.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Govt to relax CPF rules for buying older HDB flatsChanges in the Central Provident Fund (CPF) loan rules on the purchase of older Housing Board resale flats will be announced soon for implementation in May this year, National Development Minister Lawrence Wong said yesterday. At issue is the restriction on using CPF to buy...
Source: thenewpaper - 🏆 7. / 63 Read more »
HDB to relax rules on CPF use for purchase of older flats; will take effect in MaySINGAPORE's National Development Minister Lawrence Wong said in Parliament on Thursday morning that his ministry is working out details on relaxing Central Provident Fund (CPF) loan rules on the purchase of older Housing Board resale flats, and will announce them soon for implementation in May this year. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »