How to Save and Invest for Your First Property Downpayment

The recent rise in the property market has added worry to those who has yet to own a home. To many people, especially the young families, will find it increasingly challenging to save enough for the downpayment of a house. If you belong to this category and wonder what can you do to put yourself closer to the reality of owning a house, there is a link which I want you to read.

http://www.propwise.sg/how-to-save-and-invest-for-your-first-property-downpayment/
courtesy of: propwise.sg

Enjoy and be enriched! Congrats to those who got their BTOs recently. :( I didn't get mine.

Bankruptcy Act in Singapore

Recent studies have shown that more bankrupts owe larger sums and more people under 30 are facing this situation. From Jan 1 to April 24, 621 people owing about $224 million in total were made bankrupt. This means each had an average debt of $360,000.



Q: What does it mean to be bankrupt?

Many are unaware that it comes with several restrictions on one’s personal freedom and that it has long-term consequences.


Q: What is the minimum debt level at which an individual can be made bankrupt by a creditor?

The level was raised from $2,000 to $10,000 in 1999. You might owe a bank less than $10,000, but you could still be made bankrupt if the aggregate amount of all the debts, which include credit card and car loans, held by you is $10,000 or more. That is, if you owe these creditors for a certain amount of time (i.e. half a year) and refuse to pay up promptly.



Q: When the Official Assignee (OA) seizes a bankrupt’s belongings, which personal and home items is he allowed to keep?


Section 78(2) of the Bankruptcy Act lists the property that is specifically excluded from being divided among a bankrupt’s creditors, being:
1) Property held by the bankrupt in trust for any other person;
2) The tools, if any, of his trade;
3) Such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family; and
4) Any property of the bankrupt that is excluded under any other written law.


Q: How much of the bankrupt’s pay is he allowed to keep for the family’s monthly expenses and for paying his debt?

The bankrupt is allowed to support himself and his family.

Under Section 82, he is duty-bound to account for any money or property he receives after becoming a bankrupt. These include his income and, after allowing for a sum that is ‘reasonably necessary’ for him and his family’s maintenance, he is required to hand over anything in excess to the OA. This is for division among creditors.

Q: I have been working for many years with a good record. Will my bankruptcy put my job in jeopardy?
Depending on the occupation, the regulations might require the termination of your services or redeployment to another job.

This is usually the case for those providing advice or executing transactions in the financial services industry.


Q: Will my employer be told of my bankruptcy?
In some jobs, you might be required to inform your employer. Also, note that your bankruptcy will be advertised, so employers or third parties could find out from reading the newspapers, said Ms Lie Chin Chin, the managing director of law firm Characterist.


Q: Can I take a holiday overseas while I’m in bankruptcy?

You must seek the OA’s permission. The OA may require you to reveal who is paying your holiday expenses, said Mr Singh.

If you leave Singapore without approval, you can be jailed for up to two years or fined up to $10,000, or both.


Q: What difficulties might I face from having been a bankrupt?

Credit Bureau Singapore, a commercial entity set up by the banks, will keep a record of your bankruptcy for six years. This will be given to banks if you apply for a credit facility after your discharge.

Banks could reject your applications for between three and five years after your discharge. You could find it hard to get a credit card or housing and car loans.

Public searches with Ipto on an ex-bankrupt’s record of bankruptcy will throw up the bankruptcy for up to six years after the bankrupt’s discharge.

For my detail oriented friends, the following URL links you to the Singapore Government Statute Website.
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_getdata.pl?actno=2000-REVED-20&doctitle=BANKRUPTCY%20ACT&date=latest&method=part&segid=962608314-000996

Non Landed Homes Decline 0.7%

According to the Singapore Residential Price Index (SRPI) of the National University of Singapore (NUS), non landed homes in the private sector saw a decrease of 0.7% after a consecutive increase of 1.1% in August and September.

Going forward, experts say that mass market homes should moderate further given the large supply of development sites being opened up for Government land sales. However, it will have little impact on mid-tier and luxury home prices, which could see further increase given the positive economic outlook in 2011.