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 Housing loan is scary

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hoonanoo
post Oct 10 2023, 09:32 AM

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QUOTE(robotking123 @ Oct 10 2023, 09:28 AM)
Loan 350k
Today outstanding: 320k
Already served 6 years plus, 1500 monthly

6 x 12 x 1500 = 108k
108k - 30k = 78k

Bank already earned 78k interest from me, bloody hell
Gov should do sthg, how can house loan be so expensive...
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Friend...Bank also need to make money, to pay their staff and everyday expenses.

Nobody would give you loan if no profit.

I think the formula should be if you take a 350k loan, expect to be paying double the amount Loan + interest = 700k or more until your loan period ends.
hoonanoo
post Oct 10 2023, 09:33 AM

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QUOTE(billyboy @ Oct 10 2023, 09:29 AM)
compound interest is the 8th greatest wonder of the world
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loan sharks have their heyday over this
hoonanoo
post Oct 10 2023, 09:34 AM

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QUOTE(myasiahobby @ Oct 10 2023, 09:29 AM)
Then stay in jungle build own hut
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even org asli now complaining in kelantan due to pembalakan

jungle also getting less.


hoonanoo
post Oct 10 2023, 11:02 AM

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QUOTE(a_dot_el @ Oct 10 2023, 10:35 AM)
This I agree. Gov should do something.

This will free up a huge sum for people's spending and in many ways will spur the economy also in the end.
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like how?

u can't exactly fix the interest rate

otherwise those Rating agencies like Standard & Poor will be after our ass, and downgrade us?
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