29/08/2018
๐How can this new move benefits you as a consumer?๐
Hdb loan- Despite being eligible for a higher loan amount, Hdb loan will requires you to empty away all your Cpf in your ordinary account, afterwhich the shortfall will comes in from the loan amount.
For Hdb flats bought in the last couple of years, the average monthly installment repayment for a 4 room flat ranges from $1000 - $1200. As comparing to our average cpf contribution, most of us usually wonโt be able to accumulate much in our ordinary account after mortgage repayment.
But what if we were retrench one fine day? It will probably means that our mortgage repayment has to come out solely in cash. But now, we are able to enjoy the flexibility of setting $20,000 aside in our ordinary account, it could comes in extremely handy in times of need. Allowing us to temporary tide over the unforeseen period mentioned ๐