Tuesday, March 29, 2011

Rebuilding a home

Dear Mr Tan,
I am considering taking up a 40 year term loan of 500000K from a bank for rebuilding my house at interest of about 1.5% p.a. Do you have suggestions on where I can invest this 500000k so as to offset the interest charged by the bank while waiting for the completion of my home in 1 year? I will need something relatively safe and hopefully allows me to make partial withdrawals as needed to pay the contractor . I stay in a single storey terrace house. Do you think it is a good time to rebuild my home?

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3 comments:

Walau said...

I think te writer must be mad take up a 40 years term loan. Since he owns the property, he must already be in his 30s or 40s, can you imagine be in debt till you are in the 70s or 80s!

March 30, 2011 4:35 PM
yujuan said...

Agree with above comment, why become a mortgage slave to your house for 40 years, better to renovate which is very much cheaper. Don't have to keep up with the Jones, just live within your means, and leave some money for emergencies.
And if you are able to strike rich in the future, you could then think
about rebuilding to your heart's delight.

March 30, 2011 9:06 PM
Lye Khuen Way said...

Was there a typo error / 500,000K is 500,000,000. ( S500KK or $500 Million....)
He must have inherited or bought over a whole row of Free-hold terrace houses.

Must be a big-time private developer.

March 30, 2011 10:05 PM

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