I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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Sunday, 18 September 2011

Will You Try To Pay Off Your Housing Loan ASAP If You Have One? (11)

Will You Try To Pay Off Your Housing Loan ASAP If You Have One? (10)

Enjoy loan tenure up to 40 years, or 70 years of age, whichever is earlier.



40 years housing loan!!! 

The banks are telling you to take your time to pay your housing loan and become a wage slave for next 40 yrs or up to 70, whichever is earlier!
Posted by Createwealth8888 at 19:30
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4 comments:

  1. Kappo18 September 2011 at 22:13:00 GMT+8

    Uncle...
    40 yrs loan!!!! *gasp*
    Me trying to pay off in another... 8-9 yrs... that makes my original 30 loans to 15 yrs...*smile*
    Think the banks are really laffing now as the early years are paying the interest more than offsetting the loan amt... was super piss off when i recieve my first HDB statement!!! wahahahahahaha

    ReplyDelete
  2. Createwealth888819 September 2011 at 00:08:00 GMT+8

    Repayment of a home loan is usually made in monthly installments. Each installment consists of two parts: principal repayment and interest payment.

    Do ask your bank to provide you a full details of home loan repayment schedule, then you would know how much of the monthly installment goes towards paying the principal and how much towards paying interest, and the total amount of interest payable for the whole loan tenor.

    ReplyDelete
  3. Createwealth888819 September 2011 at 00:17:00 GMT+8

    Read? My No Leverage Principle- Why? Part 1

    ReplyDelete
  4. Anonymous19 December 2011 at 17:24:00 GMT+8

    I think mortgage loan is "good debt". If I have cash, I would rather use this cash to invest in stock/property for higher return as compare to bank loan of <2%.

    Paying off home loan earlier does not increase your networth.

    However, it is good practice that one should pay off housing loan (home) by age 55-60. For investment property, one should try to use leverage to max. positive cash flow from rental income.

    RayNg

    ReplyDelete

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