Asked by Anonymous
I've about $250k in savings, $200k in CPF, $100k in 9-mth Time Deposit due to mature this November but rate less than 1% annual interest. I'm guaranteed to receive $30k bonus at end of this year.
I'm looking at completed developments about $600k, plus/minus $80k. I've a few I'm very interested in.
I hope to take $300K bank loan paid over 25 years (any difference if I choose 30 years or 8 years?)
I want to use my CPF to pay off my mortgage, and I hope to keep repayments at less than $800/mth, which is about half my CPF OA monthly contribution.
I'm going to hold on to my Time Deposit till it matures and use it to back up just in case too, as no matter how low the interest, it is more than saving deposit.
Qn: Am I able to pay off the amount in full next December, as I think I would have saved enough to pay off full debt, if my lock-in is for example 1 year only? Or should I just continue to allow my CPF to service my loan?
Do advise.
I'm looking at completed developments about $600k, plus/minus $80k. I've a few I'm very interested in.
I hope to take $300K bank loan paid over 25 years (any difference if I choose 30 years or 8 years?)
I want to use my CPF to pay off my mortgage, and I hope to keep repayments at less than $800/mth, which is about half my CPF OA monthly contribution.
I'm going to hold on to my Time Deposit till it matures and use it to back up just in case too, as no matter how low the interest, it is more than saving deposit.
Qn: Am I able to pay off the amount in full next December, as I think I would have saved enough to pay off full debt, if my lock-in is for example 1 year only? Or should I just continue to allow my CPF to service my loan?
Do advise.
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