Updated: May 19, 2020
EXCERPT This is a case study about helping one client to escape the high loan cost for his HDB flat. People often overlook the implications of taking a HDB Home Loan and then to follow after what their friends do. A comparison on the interest paid between an HDB Home Loan vs a bank loan. A second squeeze of CPF accrued interest was highlighted to highlight the pitfall of taking the wrong decision in the first place.
Recently, I helped my friend to avoid the high cost of borrowing for his HDB flat.
Ah Teck (not his real name) had just turned 35 years old and wanted to get a place on his own.
He wanted to get a 4-room HDB Flat in Punggol estate that is within 10 minutes walk from the nearest MRT Station, so he got me to serve him as a Buyer.
His colleagues advised him to use the HDB website to transact on his own since they had heard so much from HDB ads. They, however, have not used the website yet.
After several rounds of exasperated failed-attempts to register himself onto the HDB portal (either system hang or asking him to provide info that is not applicable to him), he finally gave up.
That was when he decided to ask for my help.
When you need professional advice, get it from a professional. Not from your friends. - Ray Simard
ISN'T IT GOOD IF NO CASH IS NEEDED FOR DOWN PAYMENT?
One of the very first thing I helped Ah Teck to do was to compute for him on the financial calculations.