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Hi,

I did a quick estimation, based on $107344 principal outstanding, assuming 16 years balance loan tenure, at the end of the tenure, based on 2.6% interest per annum, the total interest payable is an extra $23986 .

Are you able to generate the same amount or higher with the CPF OA you have in your account? It should exceed 2.6% per annum. If so, then it is better not to pay down the whole loan or partially for the time being.

Another thing to note is if you have plans to sell the flat, usually the advice is not to pay down the loan as your accrued interest will build faster with higher CPF utilized for flat. This results in lower cash proceeds for the sale next time, which may not be ideal for some families, especially if they plan to upgrade.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

Ivan Ng Realtor
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-- HDB Toa Payoh 5-RM Sellers of Million-Dollar HDB, Mr. & Mrs Leong

We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that Ivan’s listing of our unit was detailed and stood out from other listings. Because of this, we also engaged Ivan's service to help us search and buy our new resale home. After some searches and viewings, we managed to secure one at a reasonable price with his help. With Ivan’s cheery and positive demeanour, selling our unit to procuring a new one, was a smooth journey for us. It was a pleasure to have worked with him.

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Before contacting Ivan Ng, our Property Realtor, we were quite apprehensive about our Contra-deal ( concurrent resale & purchase of HDB flats) as at that time the outlook of the resale property market was quite sluggish & pessimistic. But surprisingly our property realtor, Ivan , was able to put us at ease with his professional competence, astute work experience & friendly nature . He was able to consummate our contra-deal within one month of our HDB application. Now we are convinced by his promise that (in Ivan's own words) ... "A contra-deal is where the sale & purchase transactions are done concurrently and completed on the same day. This results in a seamless transition of the funds from your sale proceeds and CPF proceeds towards your purchase price." More importantly Ivan has also managed to clinch a good deal for our contra-deal. We'll certainly recommend him to our kins & friends. Thank you ve Read More

Good day to you,

As both of you are still young and with the possible intention to sell the existing unit and progress in life, it does not make any financial sense to execute full or partial payment.

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There is no right or wrong answer, but rather which is more applicable. Landon did a quick calculation and presented the scenario which makes a lot of sense. It is how the money is being utilised that is important. Essentially, If you are able to make a higher interest returns than your interest payable on your home loan with the funds you have on hand, then it could be a better idea not to fully repay the loan.

Also, if you are financing your loan using CPF, then you can perhaps look into switching the loan repayment to using cash instead so your CPF funds can be used to earn that higher interest.

Using CPF for monthly repayment means that you are not only paying your loan interest, but you are also required to pay back the accrued interest that you would have gained if you have kept the funds inside your CPF account.

——

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Interest Savings: Paying down your loan balance early can save you on interest payments over time, especially if your loan has a higher interest rate.
Cash Flow Impact: Assess how making partial repayments will affect your cash flow. Ensure you have enough liquidity for emergencies and other
expenses
CONSIDERATIONS
1. Can you generate returns equal to or greater than the interest rate of 2.6% per annum with your CPF Ordinary Account (OA) funds?
2. If you can achieve higher returns, it may be more advantageous to avoid making full or partial repayments on the loan for now.
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