11 Jun '11, 7am

Housing #mortgage - to pay or not to pay? See what our blogger says @ #property

Much discussion has been going on about paying off the housing mortgage or to take the maximum loan. Well, I would like to put forth my views. Firstly, it depends if the loan is paid using CPF or cash. If using CPF, the constrains are obvious: (1) interest rate of 2.5%; (2) Cannot use the funds till 55/62; (3) Even if invested, there are bank charges and any current income derived goes back to being locked up. If using cash, it is a sacrifice of liquidity and possible opportunity cost. Secondly, it depends if the loan is from HDB or the bank. If using HDB loan, the constrains are again known: (1) interest rate of 2.6%; (2) Inflexibility of loan terms; (3) Not allowed to refinance internally. If it is a bank loan, rates are generally floating, loan terms like tenor and amount can be varied. So back to the question, to pay or not? Assumption of course is affordability is not...

Full article: http://www.cpf.gov.sg/imsavvy/blog_post.asp?postid=168343...

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