You are downplaying people's achievements. You make it sound so easy to own a condo. In today's world, there is no job stability, I wouldn't take a 80% loan and certainly not a 30 year loan. Crazy. You can get retrenched in your 40s, then how? Interest rates rise and rise, then how? I would only buy a condo if I can put a downpayment of 70% and loan only 10 years or less. If I don't have such a means, I would rather play safe and stick to a cheap BTO flat and stay there till I retire. Only the high flyers with lots of cash and
CPF and don't need much loan should buy a condo. For poly grad, forget about a condo at all. Don't listen to this stupid guy.
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Originally Posted by chor10
A typical mass market condo in the suburb is going for about $1mil now. Assuming a loan of 800k over 30 years with current interest rates of 1+%, it is only $2.7k mthly instalment to be split between a couple.
Owning a condo just means each husband/wife can afford $1.3k payments every month, any deg grad can do that as evidence by the fact so many youngsters with a few years working in mediocre jobs are also buying condo.
Nothing against them as it is the lifestyle they want, but thinking buying a condo is a sign that you made it into the upper class society in Singapore is ludicrous. All it says is that you can afford $1.3k of monthly payments to the banks. If frugal enough even an average poly grad couple in their early 30s can afford.
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