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> EPF Reduce / Redeem Housing Loan

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TSnavink
post Apr 15 2021, 01:51 PM, updated 3y ago

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Hi Sifu,

Just want to know, is it true that this reduce/redeem only can do once a year? Still got balance in acct2 and thinking of paging off debt so can buy another house.

Anyone experience on this issue?

Appreciate your comments and view.

Thank you.

This post has been edited by navink: Apr 15 2021, 01:56 PM
vinceleo
post Apr 15 2021, 02:04 PM

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Yes withdrawal once a year, not so wise to withdraw for settlement given the low interest regime while EPF still paying out higher than conventional interest return unless you intend to settle to free up 90% mortgage quota

QUOTE(navink @ Apr 15 2021, 01:51 PM)
Hi Sifu,

Just want to know, is it true that this reduce/redeem only can do once a year? Still got balance in acct2 and thinking of paging off debt so can buy another house.

Anyone experience on this issue?

Appreciate your comments and view.

Thank you.
*
TSnavink
post Apr 15 2021, 02:14 PM

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QUOTE(vinceleo @ Apr 15 2021, 02:04 PM)
Yes withdrawal once a year, not so wise to withdraw for settlement given the low interest regime while EPF still paying out higher than conventional interest return unless you intend to settle to free up 90% mortgage quota
*
Thanks for the advice. Thinking of utilizing staff loan BLR-4% to purchase another house. 1 staff only can take 1 loan.

Still thinking will it be a wise choice or otherwise.

vinceleo
post Apr 15 2021, 09:24 PM

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That will give right in range of net 1.5% which definitely good but consideration will be long term career patch with the bank and contingency in the event moving on from it.

QUOTE(navink @ Apr 15 2021, 02:14 PM)
Thanks for the advice. Thinking of utilizing staff loan BLR-4% to purchase another house. 1 staff only can take 1 loan.

Still thinking will it be a wise choice or otherwise.
*
TSnavink
post Apr 15 2021, 11:35 PM

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QUOTE(vinceleo @ Apr 15 2021, 09:24 PM)
That will give right in range of net 1.5% which definitely good but consideration will be long term career patch with the bank and contingency in the event moving on from it.
*
41 this years, allowed to take up to 65 years old. I don't think will buy anything in this HOC2020 campaign. Need to wait next year to see if I can take advantage of HOC2021 campaign.

Thanks for the advice anyway. Appreciate it.

vinceleo
post Apr 16 2021, 09:11 AM

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Good luck, hearsay KPKT is pushing MOF to extend the HOC till year end albeit with some changes in mechanism

QUOTE(navink @ Apr 15 2021, 11:35 PM)
41 this years, allowed to take up to 65 years old. I don't think will buy anything in this HOC2020 campaign. Need to wait next year to see if I can take advantage of HOC2021 campaign.

Thanks for the advice anyway. Appreciate it.
*
TSnavink
post Apr 16 2021, 10:57 AM

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QUOTE(vinceleo @ Apr 16 2021, 09:11 AM)
Good luck, hearsay KPKT is pushing MOF to extend the HOC till year end albeit with some changes in mechanism
*
That will be good news to properly plan. Thanks for the good news. Appreciate it.
mroys@lyn
post Apr 16 2021, 02:40 PM

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with current surge in construction material prices, freebies won't be as much as before.

QUOTE(vinceleo @ Apr 16 2021, 09:11 AM)
Good luck, hearsay KPKT is pushing MOF to extend the HOC till year end albeit with some changes in mechanism
*
e-lite
post Apr 16 2021, 11:11 PM

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QUOTE(mroys@lyn @ Apr 16 2021, 02:40 PM)
with current surge in construction material prices, freebies won't be as much as before.
*
I don't agree with this. HOC is to clear unsold stock and planned launches with construction tenders being planned and fixed already. Surge in construction costs will only affect future supply.
special
post Apr 17 2021, 12:14 AM

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QUOTE(navink @ Apr 15 2021, 11:35 PM)
41 this years, allowed to take up to 65 years old. I don't think will buy anything in this HOC2020 campaign. Need to wait next year to see if I can take advantage of HOC2021 campaign.

Thanks for the advice anyway. Appreciate it.
*
my take
1) while you still able to work take loan.
2) your ability to get loan tenure gets shorter and shorter as the years come. in another 10 years, you wont be able to buy property with low downpayment and monthly installment.
3) Take advantage of low interest environment
4) Property may or may not be at the bottom but as of now seems more reasonable pricing
5) Kl has many major icon project = work opportunity = foreign investment = growth
6) Infrastructure project like MRT 2 + 3 + ECRL is ongoing and HSR is possible
7) Buy the right property within your affordable range
8) I am not expert but i dont like high density property area, unless that area has iconic attraction. (mega mall, office, tower or whatever)
TSnavink
post Apr 17 2021, 01:12 AM

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QUOTE(special @ Apr 17 2021, 12:14 AM)
my take
1) while you still able to work take loan.
2) your ability to get loan tenure gets shorter and shorter as the years come. in another 10 years, you wont be able to buy property with low downpayment and monthly installment.
3) Take advantage of low interest environment
4) Property may or may not be at the bottom but as of now seems more reasonable pricing
5) Kl has many major icon project = work opportunity = foreign investment = growth
6) Infrastructure project like MRT 2 + 3 + ECRL is ongoing and HSR is possible
7) Buy the right property within your affordable range
8) I am not expert but i dont like high density property area, unless that area has iconic attraction. (mega mall, office, tower or whatever)
*
Basically this will be for own stay but appreciate your all your valid points. Prefer landed but still looking for the right one.

Fcuk67
post Apr 17 2021, 11:06 AM

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Take epf is good as we dunno how long we live

 

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