julienys,
we bought 3 room as we think that 4room not worth it.
Not sure if you know how mortgage repayment works. The mthly installment is broken down into principal and interest repayments. In the early years, the interest repayments take up the bulk of the mthly payments. In other words to say, after the first few years, you will find that your ourstanding principal did not reduce much. In other words, the mthly repayments we make to HDB now is also part of our cost when we take up such a deal.
we do enjoy the 30k benefit and can choose up to 5 room flat. I look at it this way. I paid $X to buy the $30k benefit (X is < $30k). So the difference is sth that I earn.
Then, the HDB compensation is abt 14k above my valuation. So this is the amount I earn from HDB's compensation.
But the early years of installment will mainly go to paying the interest part of the mortgage loan, so if i get kallang flat, i assume 100% paid in the first year is gone, hence about 6k loss (3rm flat, stretch 30 years so mthly amt is min.).
Do some sums...[(30k-X)+14k]-6k = my net gain. This calculation ignores the difference between CPF money and cash.
So rough estimate...if get boon keng, need to pay 4 years of installment for the SERS, this gain can help offset slightly more than 3 years, assuming 100% interest repayments.
i hope my cal and estimations somewhat make sense..haha but u dun have to agree with me..everyone got their own assumptions.