Recent Updates on IM$avvy Doctor $avvy Answers

Fixed Deposit Rates

Thu, 21 Jun 2012 00:00:00 GMT

I would like to find out why foreign banks like ICICI and CIMB can offer higher fixed deposit interest rates than local banks? It it safe to park my money in these bank ? Thanks. Submitted by: Justin

Can I claim from two medical insurance at the same time?

Sun, 25 Mar 2012 00:00:00 GMT

I have MediShield and also a second insurance that pays for hospital stay. Can I claim from both? I am asking because some may have more then one medical insurance. As most of us have MediShield, what types of medical insurance should we not buy? Submitted by: Yin Sen

How is the mortgage rate determined?

Sun, 26 Feb 2012 00:00:00 GMT

Currently, I am thinking of applying for a mortgage loan for my property. I would like to know how does a bank determine the mortgage rate in Singapore and how does HDB determine its interest rate so that I will be able to better predict my cashflow in the future. Submitted by: Tommy

Clear name blacklisted by Credit Bureau

Thu, 16 Feb 2012 00:00:00 GMT

What are the options available to clear a name blacklisted by Credit Bureau? Submitted by: Lee Peng

CPF Education Scheme

Tue, 24 Jan 2012 00:00:00 GMT

Previously, I took up a bank loan from a local bank to finance my tertiary education as my parents do not have enough CPF. I would like to ask whether I can use my own CPF to pay off this bank loan? Submitted by: Ann Wang

Financing my second property overseas with a local housing loan

Thu, 19 Jan 2012 00:00:00 GMT

I am thinking of financing my second property in Malaysia with a housing loan from a local bank. My first property is an Executive Condominium in Singapore. Can I take a housing loan for my second property overseas and do the same terms/rules apply for overseas and local properties? Submitted by: Ying Ying

What is the coverage of ElderShield?

Wed, 30 Nov 2011 00:00:00 GMT

I am considering asking my grandfather to opt out of ElderShield because we already bought critical illness insurance from a another insurer. Is it advisable to do so? Submitted by: Ming Zhen

Request advice on credit card clearance

Mon, 28 Nov 2011 00:00:00 GMT

Hi, currently I have 5 - 6 line of credit payments to pay & 1 outstanding renovation loan. Please kindly advise any feasible plan to resolve this issue? Submitted by: Jeremiah

MediShield and ElderShield

Sun, 6 Nov 2011 00:00:00 GMT

May I know what are the similarities and differences between MediShield and ElderShield? Currently, I have H&S (Hospital & Surgical) Insurance coverage from my employer, what are some of the incentives for me to upgrade my MediShield (for self or eligible dependent)? Submitted by: Jasmine

The effect of compounding

Mon, 24 Oct 2011 00:00:00 GMT

May I know what are the financial instruments e.g. CPF, insurance, investment, purchase asset, IPO, etc. that can make better use of the effect of compounding & the risk involved? Submitted by: Moh Tat

Will and Testament

Wed, 12 Oct 2011 00:00:00 GMT

I am the only child of my mother and my father is no longer with us. My mother is currently bedridden. I am married with no children. I intend to write a will to give all my property to my mother and my wife in equal shares. However, in the event that my mother shall predecease my wife, I would like the remaining of my given shares to be given to my wife. How shall I articulate the will? Submitted... more

How to calculate ILP premium?

Sun, 9 Oct 2011 00:00:00 GMT

If the yearly COI (Cost of Insurance) stated in the benefit illustration is 0.039 for monthly insurance charges per $1,000 sum at risk, how do you calculate the premium payable given an insurance coverage of $200,000? Submitted by: Moh Tat

MediShield Premiums for Elderly

Wed, 21 Sep 2011 00:00:00 GMT

I am wondering how necessary is it to get the enhanced MediShield plans for my parents considering the extremely high premiums for age 70 and above. Also, having to pay for both of my parents can be even more taxing since the Medisave withdraw limit will be exceeded, i.e. I have to pay in cash. I have seen some elderly chalked up very high medical bills and I am wondering what should be the best s... more

Credit Card for Retirees

Sun, 4 Sep 2011 00:00:00 GMT

I have been a long time customer with a few banks and I have their credit cards for the last 10 years. If I were to retire and no longer under employment, will I be able to keep my credit cards? I have clean record with the banks/credit cards companies and I would like to have a credit card for convenience when I retire. Please advise. Submitted by: Aileen

Upgrading Medishield to Integrated Plans

Sat, 27 Aug 2011 00:00:00 GMT

I plan to upgrade my basic Medishield Plan to an Integrated plan. Currently, I have nodules on my breast and womb, which doctors say are benign and no operation is necessary. Should my Integrated plan application impose exclusions on the above conditions, can I go back and stick to the basic Medishield Plan? Submitted by: Madam Ong

Retirement Account

Mon, 19 Sep 2011 00:00:00 GMT

I want to have a comfortable monthly income at 64 years old.,What is the maximum sum that we can put into the Retirement Account ? Submitted by: Boon Hong

How much do we need to retire?

Mon, 19 Sep 2011 00:00:00 GMT

In these days and age, taking inflation into consideration, how much do we need to retire? Submitted by: Financial Planning Newbie

How does the interest on personal line of credit work?

Mon, 15 Aug 2011 00:00:00 GMT

Generally, how is the interest on personal line of credit charged? Is there usually a processing fee followed by the interest per annum? Submitted by: Wei Wei

Is rental income received from a property taxable?

Mon, 19 Sep 2011 00:00:00 GMT

I am thinking of renting out my 3-room HDB flat. May I know if the rental income received will be taxable. Also if I am going to sell the property after a few years, is the sales proceeds taxable? Submitted by: Joseph

How do banks set the credit card limit?

Sun, 24 Jul 2011 00:00:00 GMT

May I know how do banks set the credit card limit? Can I voluntary reduce the credit card limit? Submitted by: Lony

Which is the priority?

Tue, 19 Jul 2011 00:00:00 GMT

I have two credit card acounts and a loan acount with Bank A. I also have another credit card acount with Bank B. Bank A has terminated all my accounts with them and agreed with my proposal to settle the oustanding payments with monthly instalments. The interest charged will be at the prevailing credit card rates. So now, I am left with Bank B's credit card to pay for my monthly expenses. If I hav... more

How does relief for life insurance premiums work?

Thu, 18 Aug 2011 00:00:00 GMT

How do I calculate how much tax relief I will get from my life insurance? Is it true that if my annual income hits a certain amount then I cannot claim for relief for life insurance premiums? Submitted by: Mei Wei

If I attended a course not related to my profession, can I still claim course fee relief?

Thu, 18 Aug 2011 00:00:00 GMT

Is it true that if I attended a course that is not related to my working profession, I cannot claim tax relief? Submitted by: Jung Xuan

Which annuity plan should I buy to supplement CPF LIFE?

Mon, 27 Jun 2011 00:00:00 GMT

Hi, I am 43 years old. I am starting my retirement planning. I plan to supplement CPF LIFE with an annuity plan when I retire. Should I start to purchase a plan like NTUC SAIL or Tokio Marine''s TM Retirement now? Which one of them will give me a regular payout after 62 or 65 years old, or should I buy endowment plans or other forms of investment first, and buy annuity plan when I am near retireme... more

What are the typical returns of endowment policies for retirement?

Mon, 30 May 2011 00:00:00 GMT

I am thinking of getting endowment policies as part of the planning for my retirement. May I know what are the typical returns or a range of returns for endowment polices with maturity of about 20 years? Submitted by: Catherine Leow

How much should I save per month to accumulate S$1 million?

Mon, 30 May 2011 00:00:00 GMT

If I want to accumulate S$1 million using monthly savings for the next 30 years, how much should I save at the beginning of each month? Also, what type of financial instruments can best meet my objective? Submitted by: Winnie Leng

Should I top up CPF first or make SRS contribution?

Wed, 25 May 2011 00:00:00 GMT

For effective tax planning to reduce one''s income tax payable, please advise whether one should make SRS contribution first followed by CPF top up or vice versa? What are the benefits of SRS over CPF top ups or vice versa in terms of timing of withdrawals, amounts, etc? Submitted by: Stella

I am earning about $3,000 every month. How much should I save and invest?

Fri, 20 May 2011 00:00:00 GMT

My take home pay is about $3,000 every month. After paying for transport, food, miscellaneous and housing loan, there is really not much left. Still, as a rule of thumb, how much should I save and invest? Submitted by: Adeline Chua

Is there a need for personal health insurance when I am only 19?

Thu, 12 May 2011 00:00:00 GMT

I am 19 this year but I feel that I should get a health insurance for myself. One that covers accidents and one that covers hospitalisation. Is the premiums paid worth it? I would need to pay about 45 dollars per month. also, do Medisave and Medishield cover hospitalisation? Submitted by: Jane Wong

What is Supplementary Retirement Scheme? How does it work?

Fri, 13 May 2011 00:00:00 GMT

My friend just opened a Supplementary Retirement Scheme account and asked me to do the same. I''ve heard that I could get tax relief from the savings I place in the account. Is it true? How does the scheme works? Submitted by: Mary

How do I start my financial planning?

Fri, 13 May 2011 00:00:00 GMT

I started working 2 years ago and I think that it is time for me to have an investment plan. But how do I begin? I tried reading but I could not fully understand all the information. What are the factors that I need to look at? Where should I go and where do i start? Thanks. Submitted by: fifi ana

How does financial advisors charge?

Fri, 13 May 2011 00:00:00 GMT

I come across this term call Fee-for-Service financial planning. What does this mean? Also, what are the different charging models that financial advisors use? Submitted by: Marcus

What is the difference between choosing a financial planner representing an institution or a bank vs. one that is not affliated to any?

Fri, 13 May 2011 00:00:00 GMT

I have been approached by a friend who offers to help me in financial planning. However, he is not representing any instituition or bank in particular. May I know is there any difference in getting insurance policies from say e.g. AIA agent vs. my friend? Submitted by: Candy Leow

How is Applied Interest Rate and Effective Interest Rate calculated?

Sat, 19 Mar 2011 00:00:00 GMT

May i know how do they actually calculate the Effective Interest Rate? And why do banks like to indicate 2 types of interest rates to confuse us, the consumers? I have read the article mentioned below, however it does not quote any examples for us to understand better. I hope to have a better understanding about it before committing to a personal loan. Thanks and appreciate it. http://www.cpf.go... more

What happens to my life insurance if I migrate from Singapore?

Fri, 11 Mar 2011 00:00:00 GMT

May I know what will happen to my life insurance I have signed with agents in Singapore if I migrate? Submitted by: Weijie

How is the claimable amount determined? How do I know how much is the claimable amount?

Fri, 11 Mar 2011 00:00:00 GMT

I understand that for health insurance such as MediShield, there is something called the claimable amount which is not the full amount of hospitalisation expenses. After that I still have to pay a deductible and co-insurance. May I know how is this claimable amount calculated and how will I know how much is this claimable amount? Submitted by: Katelyn

Can I still get coverage for health insurance if I have a pre-existing condition?

Fri, 11 Mar 2011 00:00:00 GMT

I was born with a hole in the heart. Will I be able to get a health insurance to cover my medical expenses and hospital stay should I be hospitalised for that condition? Submitted by: Rachel

How does Investment Link Policy (ILP) work?

Wed, 9 Feb 2011 00:00:00 GMT

What is the difference between ILP and the regular life insurance? Is it a good idea taking up ILP and what are the considerations of taking up an ILP? Submitted by: Kong

Is there a limit as to how many credit cards or personal loans I can get at a time?

Wed, 29 Dec 2010 00:00:00 GMT

May I know whether there is a limit on the no. of credit cards or personal loans I can get at one time? Submitted by: Chenny

What to look out for when buying Disability Insurance?

Thu, 9 Dec 2010 00:00:00 GMT

I have heard many stories that people who are disabled and bought disability insurance are not able to get the claim because they are still able to engage in some form of work. What are the general definitions of disability spelt out in disability insurances? What should I look out for when buying a disability insurance? Submitted by: Leonard

What is the criteria banks use to approve a credit card application?

Thu, 9 Dec 2010 00:00:00 GMT

Is there a set of standard general guidlines that banks will use to approve credit card applications? Is it true that approval of credit card applications are at the sole discretion of the banks? Submitted by: Raymond

How is the credit card interest rate calculated?

Mon, 6 Dec 2010 00:00:00 GMT

The credit card interest rate is 24%, but how do they calculate the interest on overdue balance? I notice that when I have an outstanding amount, interest is also charged on my new expenditure that is not due yet for the month. May I know how is the interest rate calculated on outstanding amount? Submitted by: Manny

What are the different types of life insurance?

Mon, 6 Dec 2010 00:00:00 GMT

I am thinking of getting a life insurance. Before I approach a financial planner, I would like to know what are the different characteristics of life insurance e.g. Term Life, Whole Life and ILP. As a general rule of thumb, what are the factors that I should consider in deciding what type of life insurance to take up? Submitted by: Cole

Is it a good idea to buy life insurance on our children?

Mon, 6 Dec 2010 00:00:00 GMT

Is it a good idea to buy life insurance on our children? Submitted by: Ah Liow

What is Early Stage Illness Cover? And what are the differences with MediShield Cover?

Sun, 14 Nov 2010 00:00:00 GMT

I have heard from my insurance agent about a new critical illness coverage, called the Early Stage Illness Cover. What is this and how does it differ from the MediShield cover if I have bought rider on my MediShield for extra coverage? Submitted by: Rina

Can I still get a bank loan to finance a second property?

Fri, 12 Nov 2010 00:00:00 GMT

I''m staying in a private property right now and intends to purchase another property for investment. Can I still get a bank loan to finance the purchase? Submitted by: Ah Liow

If I wish to pursue my Masters, what are the different alternatives I have to secure an education loan?

Wed, 10 Nov 2010 00:00:00 GMT

I am contemplating on taking a Masters Degree locally with an overseas instituition in Singapore. What are the alternatives I have in securing an education loan of about $10,000 and I hope to start repaying the loan 1year after I have finished my studies. If I wish to take a loan from a bank, is it a must to have a minimum income of SGD30,000 and start paying the interest plus principal immediatel... more

If I am a smoker, how does this affect my health insurance premium?

Wed, 10 Nov 2010 00:00:00 GMT

I am a social smoker and I do not smoke very frequently. I am wondering whether I have to declare this when I am buying a health insurance. How will this affect the amount of premium that I have to pay compared to a non-smoker? Is there a difference in payout between a smoker and a non-smoker? Submitted by: Wendy

Which bank offers the most competitive housing loans?

Thu, 4 Nov 2010 00:00:00 GMT

What should I look out for when choosing a bank for housing loans? Which bank offers the most competitive housing loans now? Submitted by: Almond

I am 54 years old. I am not working so I have no CPF contribution. Is it enough to rely on annuity for my retirement?

Thu, 4 Nov 2010 00:00:00 GMT

I am 54 years old. I am not working so I have no CPF contribution. I have NTUC Monthly Annuity of $850 next year and hopefully, it will increase to $1500 three years later. I plan to increase the amount to $3100 (from CPF LIFE and NTUC Annuity) per month when I reach 65 years old. Is it enough to rely on annuity. Will I be taxed if my annual income is more than $2400? Submitted by: Mdm Lim ... more

What is Enough Coverage for a General Person

Tue, 28 Sep 2010 00:00:00 GMT

Most people are confused by the many types of insurance out there. Some insurance agents are telling us that our coverage is NOT Enough and we should add certain policies ... So what is the general insurance needed for a "general" person and how much coverage is enough? Thanks! Submitted by: Wong Siew Lu

How to improve my credit ratings?

Tue, 28 Sep 2010 00:00:00 GMT

I had outstanding balance on my credit cards previously and when I tried to apply for another credit card with the same bank, my application was declined. I have cleared my outstanding balance recently. I would like to know how long do I have to wait before I can apply for another credit card or car loans for my applications to be successful? Submitted by T.S.H

Debit and Credit cards - which is better

Wed, 29 Sep 2010 00:00:00 GMT

My son is asking me to allow him to apply for a credit card. I was advised by my friends to apply for a debit card instead. What's the difference between debit cards and credit cards? Which is better for a polytechnic student? Submitted by Annie

What are the differences between AR, FIR and EIR?

Mon, 27 Sep 2010 00:00:00 GMT

I am relatively confused by the different interest rates. What are the differences between AR (Applied Interst rate), Flat Intest Rate and EIR (Effective Interest Rate % p.a.). How can I compare different bank loans to get the best and lowest intest rates? I would appreciate your advice as soon as possible. Many thanks. Submitted by: Karen

How can I get sufficient medical coverage and to upgrade my existing medical shield plan?

Thu, 12 Aug 2010 00:00:00 GMT

I have a medical shield plan which offers basic coverage (governmental hospital only). I have hypertension but the doctor has already diagnosed that I am in a stable condition. Despite this fact, the insurance company does not allow me to upgrade my medical shield plan. How can I get sufficient medical coverage and to upgrade my existing medical shield plan? Submitted by: Nanda ... more

Which credit card offers lower interest rate?

Thu, 5 Aug 2010 00:00:00 GMT

Which credit card offers lower interest rate or do all credit cards offer an interest rate of 24% per annum? I have reached the credit limit of my OCBC credit card and I would require more than 12 months to make the repayments. Is it wise for me to apply for another credit card or personal line of credit? My current monthly salary is $1.8K and I can only afford to repay $200-$300 every month. Plea... more

Can I make a claim on my losses based on non-fulfilment of service by my Financial Advisor?

Tue, 13 Apr 2010 00:00:00 GMT

I purchased an ILP from an insurance company in 1999. However, I did not receive any follow up or review of my financial status from my agent or the company. As a result, I stopped making payments to the policy and have incurred 70% loss since then. Can I sue the company for compensation based on non-fulfilment of service i.e. paying for financial advice and follow up but not receiving any? Sub... more

How much death benefit is enough?

Tue, 13 Apr 2010 00:00:00 GMT

How to determine whether the amount of death benefit is sufficient? Submitted by: Rachel

Can Singapore banks offer varied FD rates?

Thu, 25 Mar 2010 00:00:00 GMT

Can Singapore banks offer varied FD rates? Is it controlled by MAS? Is there any bank here which claims or actually offers the highest FD rates? Submitted by : Marcus Sebastian

Is there any place where people can see a comparison of products available?

Sun, 28 Feb 2010 00:00:00 GMT

I noticed that for those people who sought advice on how to invest their savings, they are always referred to financial planners/advisers for help/advice. While I understand the advantages of those who would benefit from the advice of financial planners, what dawned on me when I read these queries was that what most people need is some basic information on safe investment instruments provided by b... more

What should I do with disputes on investment matters?

Mon, 8 Feb 2010 00:00:00 GMT

A local bank contacted my aged mother 2 years ago regarding some investment products. She had about NZ$200K savings in the bank and was advised to invest in "Dual Currency". My mother, who was not familiar with this product, invested in it and has since lost more than $100K. When we requested documents from the bank, we were shocked to see that my mother's profile was classified as a h... more

What should we do to grow or maintain our savings?

Wed, 10 Feb 2010 00:00:00 GMT

I am reaching 71 years old and my wife is 69 years old this year. The costs of living and healthcare are rising while our savings are declining. We have $300K in our savings. What should we do to grow or maintain our savings? Submitted by: Charlie Ho

How to reduce my home loan effectively?

Thu, 21 Jan 2010 00:00:00 GMT

I have an outstanding home loan of $120k with HDB at an interest rate of 2.6% and 100k balance in my CPF Ordinary Account. How much should I use to make a partial repayment to reduce the interest incurred for my housing loan? Submitted by: Mr Sim

Is a personal insurance cover still required?

Fri, 8 Jan 2010 00:00:00 GMT

My company provides me with an insurance coverage. Should I still get a personal insurance cover? Submitted by: Shikah Jenn

What are the loop holes in such savings plan?

Thu, 24 Dec 2009 00:00:00 GMT

I came upon a saving plan that is offered by an insurance company whereby I have to deposit a fixed amount monthly for 10 years. After 10 years, I can withdraw a fixed amount monthly plus variable bonus until I die. What are the loopholes for such plans? How does it differ from monthly savings account that banks offer? Submitted by: Catherine Hostiani

Are there any ways I am able to get S$20,000 personal loan?

Fri, 11 Dec 2009 00:00:00 GMT

I have credit card debts and would like to have a loan of S$20,000 to clear off the debts and start all over again. Are there any ways I am able to get S$20,000 loan? I am self employed for 1 year with S$100,000 annual income. Submitted by : Chuay Teddy

Should we pay so much attention to insurance when medical bills are so cheap?

Tue, 5 Jan 2010 00:00:00 GMT

Based on the this website, I did a random check on the bill size. But seems is unbelievably cheap as compared to what is always being broadcast. For example, having a Heart Failure and staying in Ward A, would cost only $5,968? I was being told by MOH, the bill sizes are complete, and includes all charges, including doctors professional fees. The bill size quoted is the 90th percentile bill size ... more

Advice needed on how to save money for overseas study?

Mon, 14 Dec 2009 00:00:00 GMT

I am planning to study at Australia, Tasmania, for 1 year degree as I have an advance standing for my course. Thus, I would like to know how much would I be able to save for my living expenses within 1 yr, if my basic salary is $1800/mth and deduct other daily expenses. And also if I have not meet the expected amount, what other options do I left, besides bank loan - as I have use the bank loan fo... more

How do I get additional health insurance?

Thu, 24 Dec 2009 00:00:00 GMT

Recently my application for health insurance with Shield and rider was rejected due to depression. How else could I get health insurance? The Basic MediShield plan is insufficient to cover hospitalisation in the private class. Submitted by : Janet Jin

What to do with US$ deposit?

Tue, 1 Dec 2009 00:00:00 GMT

I have deposits in US$. Due to the fall in value of the currency, I did not convert them to S$ as I would suffer a great loss from what was incurred originally. Do you have any suggestions how the deposits can be invested to enhance growth and hopefully cover the loss in value? Is it wise to hold and invest or should I just convert amount to S$ now and accept whatever loss that has been incurred? ... more

What are the types of regular saving plans?

Thu, 19 Nov 2009 00:00:00 GMT

What are the types of regular saving plans (RSP)? What are their pros and cons respectively? How do we choose the right RSP which tailor our needs? Submitted by: Jaz Lin

Are there reasons for getting a private shield plan?

Mon, 16 Nov 2009 00:00:00 GMT

I already have an existing MediShield Plan by CPF. Why is my financial advisor still prompting me to get a private shield plan which cost more? Submitted by: Jane Aw

Possible to get a loan to finance overseas property?

Wed, 11 Nov 2009 00:00:00 GMT

Would it be possible to get bank loan from Singapore to finance overseas property? Submitted by: Myrna

Is it wise to terminate my insurance policies if I'm in financial difficulties?

Mon, 16 Nov 2009 00:00:00 GMT

Is it wise to terminate my insurance policy if I'm face with financial difficulties? Submitted by: Shikah Jenn

Where can I seek assistance on my personal debt?

Fri, 9 Oct 2009 00:00:00 GMT

I would like to seek consultation on my personal loan and debt. Is that any government agency or private agency that I can approach? Thank you. Submitted by : Bagio

Is it possible to get a short-term loan at less than 3% interest?

Thu, 8 Oct 2009 00:00:00 GMT

Can an individual secure a one year short-term loan of S$100k to $200k at less than 3% like what some companies are getting? Submitted by : Henry Lim

Why can't I get loans from the banks?

Fri, 2 Oct 2009 00:00:00 GMT

I used to have credit cards and overdraft accounts in 2001. After some time, I faced difficulties paying the minimum sum for these credit facilities. As a result, some banks issued me writ of summons. Since then I have sold my flat. With the profit I've made from the sale, I have managed to settle all the amounts which i owe the banks. It has been 5 to 6 years since but till now I have been ... more

I'm earning over $1,000 per month. Possible to get loan from finance companies or banks?

Mon, 14 Sep 2009 00:00:00 GMT

I'm earning $1,456 per month. Are there any finance companies or banks willing to lend me about $1 - $2k? Submitted by: Tommy

Is it a must to apply for HPS exemption from appointed insurers?

Mon, 7 Sep 2009 00:00:00 GMT

The bank that I'm getting a home loan from says that I can only use insurance policies from an insurer, specified by them, to apply exemption from Home Protection Scheme. Can the bank make such requirement? Submitted by: William Chua

Is my Health Insurance sufficient?

Thu, 1 Oct 2009 00:00:00 GMT

I have an AIA healthshield plan. But I do not have any hospitialization plan nor hospital income plan nor a critical illness plan. Am I having enough medical coverage ? I am currently 43 and i do not have any pre-existing conditions in health. Submitted by: Poon Sou Yee... more

How to invest in Korean Won?

Thu, 27 Aug 2009 00:00:00 GMT

If I want to invest in Korean Won, is there a bank that offer Korean Won deposits? What are the other ways to invest in Korean Won? Submitted by: John

What does auto-renewal mean for time deposits?

Fri, 28 Aug 2009 00:00:00 GMT

What does auto-renewal mean for time deposits? After my deposit has matured, will the interest rate be the current one or a different one? Submitted by: EW

I'm 20 years old. Is it too early to start financial planning?

Tue, 22 Sep 2009 00:00:00 GMT

As a 20 year old serving national service, is it too early to start financial planning for my future? How and where can I begin learning the ropes of investing and managing personal finances? Submitted by: Titus Nah

Can I get a refund ?

Wed, 26 Aug 2009 00:00:00 GMT

The solicitor who handled my HDB flat purchase has forgotten to submit the application to use my CPF monies to pay for the monthly installments. A total of about $6,000 have been deducted from my bank account. Can I arrange for the the sum be deducted from my CPF Ordinary Account and get a refund? What kind of compensation should I get from the solicitor's service failure? Submitted by: Muhammed R... more

My HDB loan is insufficient to pay for the flat. What can I do?

Thu, 20 Aug 2009 00:00:00 GMT

HDB has approved my loan application but it is still not enough to purchase a small flat. Can I apply a bank loan to make up the difference? If yes,what will happen to my loan with HDB? Submitted by: Noraini Mahmood

Are my existing policies coverage sufficient?

Wed, 9 Sep 2009 00:00:00 GMT

(1) I have 2 children, 8 years old and 10 years old. I bought for them $50K life, $50K endowment, $60K fund insurance. Do I need to increase their coverage or just save money in a bank? (2) I'm 40 years old now and my husband is 42 years old. We have bought policies amounting to $250K Life, CRB $100K, Accident $100K . Do we need to increase our coverage? (3) Our family only have CPF Medishield. ... more

Should I make a lump sum repayment or leave the money in my CPF Ordinary Account?

Wed, 12 Aug 2009 00:00:00 GMT

I have some money from the sale of my property. Should I make a lump sum repayment or leave the money in my CPF Ordinary Account? Submitted by : Chng Hui Peng

How much critical illness coverage is recommended?

Thu, 20 Aug 2009 00:00:00 GMT

I understand that critical illness insurance is meant to cover medical costs and provide income replacement. With a comprehensive health shield plan, how much more critical illness insurance is typically recommended on a whole life basis providing coverage after retirement (when income replacement is not so important)? Thank you. Submitted by: Mr Tan

How should I pay for my property purchase?

Mon, 17 Aug 2009 00:00:00 GMT

Hi, we have paid 5% down payment at the time of signing of Agreement for lease for our BTO HDB flat which will be ready by end of Yr2010. Balance 5% at the time of taking possession of the flat, which we are confident to pay with our CPF. HDB Loan Eligibility Letter approved 60% of the purchase price of flat based on our combined income. As for the remaining 30% of purchase price of our flat, ... more

Are there any bridging loans available in the market?

Thu, 23 Jul 2009 00:00:00 GMT

I am planning to upgrade to a bigger HDB flat. Currently I am servicing my mortgage loan with the bank. I intend to apply for a HDB loan for my new flat since we meet the requirements. I will be purchasing a resale flat and I plan to use the sales proceeds from my current flat to pay for the downpayment for my new unit. Is there any bridging loan for this? Or I have to sell my flat first, settl... more

How can I get more money to pay for my property purchase?

Fri, 31 Jul 2009 00:00:00 GMT

Hello, I'm an Indian PR and is planning to buy a HDB property since the economic situation seems to be viable. I approached the banks for a housing loan. I am eligible but bank loan which finances only up to 80% of the purchase. That means, the remaining 20% needs to be paid from my personal savings. The problem now, is that I do not have sufficient cash to make up the difference. Can I get ano... more

Investing in foreign currencies

Fri, 31 Jul 2009 00:00:00 GMT

About 1 to 2 years ago, it's possible to get a decent 5 to 6 percent interest on fixed deposits in AUD and NZD. Why is it now it's only 1.5 to 2 percent at the most? What is the long term risk if one is planning to invest in a currency of a stable country? Why did the rate go down so much over the last one year? Is there any investment besides government bonds etc that pay about 4 to 6 percent ... more

How to purchase the right health policy from the right insurer?

Tue, 4 Aug 2009 00:00:00 GMT

There are many health plans policies from different insurance companies. Which health plan has the best coverage plan with less cost paid for adults of 20s to 30s? What should we be looking for when puchasing a health policy? Submitted by: Vivian Ong

Who can withdraw the money? Clarification on the Letter of Administration.

Tue, 7 Jul 2009 00:00:00 GMT

In order to avoid the hassle of getting a Grant of Letter of Administration, as given in the earlier reply, can the respective Bank include a mandatory Beneficiary to manage the account of the deceased just like what has been done by CPF Board? Submitted by : Christopher Ho... more

Any step-by-step guide for buying a flat?

Tue, 30 Jun 2009 00:00:00 GMT

1.What do I need to do when buying a flat ? 2.Should I get a loan first and see the house later? 3.Is there any agent or bank that I can approach to get a loan for initial payment 10% of evaluation price? 4. What are the documents that we need to show when buying a house? We are both PRs with a combined monthly income of S$4,200 after CPF deductions. Submitted by : Daniel... more

Who can withdraw the money?

Thu, 25 Jun 2009 00:00:00 GMT

What will happen to the money in a personal savings bank account if the account holder pass away without making any will? Can the account holder's children withdraw the money? Submitted by: Jen Tan

What is Universal Life policy?

Tue, 14 Jul 2009 00:00:00 GMT

What is Universal Life policy? What are it's strong & weak points? What are the good reasons to own it ? What role it plays in term of risk management ? Submitted by: TW

Can bank loan be used to cover partial of the property downpayment?

Thu, 18 Jun 2009 00:00:00 GMT

My property downpayment is 20% of the purchased price and I am entitled for 90% bank loan based on valuation amount. Can this bank loan being used to cover partial downpayment, i.e. 10% of downpayment? Submitted by : Teo Tee Ling

Should I make capital repayment to my housing loan?

Thu, 18 Jun 2009 00:00:00 GMT

I took a housing loan jointly with my son from a local bank and recently converted it from a variable rate to a floating rate. Do you think it is advisable for me to do a capital repayment now in order to reduce my interest payments on the loan facility. Submitted by: David Wee

I'm planning to get married in two years' time. How much should I save?

Mon, 15 Jun 2009 00:00:00 GMT

I am single and planning to get married in two years time. How much should I save each month to ensure that I have money to support me in time of difficulties? How much percentage of my salary shall I save per month? The percentage shall be based on the gross salary or the amount that I get after CPF deduction? Thanks. Submitted by: Chee Wei

I'm turning 25 soon. How to choose a good insurance plan?

Tue, 4 Aug 2009 00:00:00 GMT

I am currently 24 years old, going to be 25 this year. I don't have any long term life and health insurance. Do I need to have one? Is it true that after 25, the premium I should pay will be higher? How to choose a good insurance plan? Submitted by: Subetty Kharma

Should I withdraw or hold?

Wed, 15 Jul 2009 00:00:00 GMT

Dear Sir, If I have put my money into a foreign currency fixed deposit account, and the currency is now at its low, should I withdraw my money or hold? Thank you Submitted by: Ishwar Mahtani

MediShield useful for the elderly?

Thu, 11 Jun 2009 00:00:00 GMT

Hi, My parents are above 55 years old. My dad is a retiree and my mum is still working. She still has 2 to 3 more years before she retires. Do you think it will be wise for them to take up a MediShield plan with private insurers? I understand that the annual premiums are very costly and the maxiumum that can be taken out from their Medisave Account is $800. Is there a need in view of the rising ho... more

Do I need to change the cover of my fire insurance?

Tue, 11 Aug 2009 00:00:00 GMT

Hi I have a 5-year fire insurance (2007-2011) with HDB for my HDB flat. But my friend told me that the HDB fire insurance only covers the structure, it does not cover furniture, belongings, etc. She said I should buy insurance that covers the flat and contents. So can I just convert my insurance to the higher coverage one? Or I must terminate the existing one first? Submitted by : Janet Lee ... more

Should I place a fixed deposit for my children's studies in future?

Tue, 26 May 2009 00:00:00 GMT

I would like to have a fixed deposit savings of $10k. In 10-15 years time,I hope my money will grow so that I could be use for my child (my son is 14 yrs & my daughter is 5 yrs old) study. I have checked the bank rate and is confused the rate given. Is there any other savings I could do for my children? I have no intention to withdraw the money in this 10 yrs period. Submitted by: Ednend Bin A... more

What is the maximum amount I can borrow?

Wed, 20 May 2009 00:00:00 GMT

What is the maximum amount I can borrow if I am 22years of age, single, employed, and can pay back S$2500/- per month, and from my CPF account S$350 per month. And I have S$750,000 for the initial down payment, and I am looking for a private development property. Submitted by: Alan Chiam

Do we need to include joint accounts in a will?

Wed, 13 May 2009 00:00:00 GMT

I have several joint accounts (banking and investments) with my husband. Does it mean that surviving party will take over all assets in the event of one of us passing away ? Do we need to include the accounts in a will? Submitted by: Goh Ah May

Can I use CPF to pay Stamp Duty Fee for private property purchase?

Wed, 13 May 2009 00:00:00 GMT

Hi, I'm intending to purchase a private property of about $900k. However there has been confusing info on the stamp duty payable. Can I utilise my CPF to pay this amount? I was told that I'll have to pay in cash first, then after 1-2 months then I'll get back from CPF. Submitted by: Jason Ng

Need help to settle debts fast!

Wed, 13 May 2009 00:00:00 GMT

How to get debts settled ASAP? For eg, $20K debt from 4 financial institutes. Submitted by: Kathryn

My partner and I are not married. We have a child and I have a parent. What will happen to my personal banking accounts if I pass away?

Thu, 30 Apr 2009 00:00:00 GMT

What will happen to my peronal banking accounts if I pass away? I have a parent, no wife, an unlawful spouse and an illegitimate child. Submitted by: Tang Choon Meng

Do I still need MediShield?

Thu, 30 Apr 2009 00:00:00 GMT

I have a medical insurance plan (AIA) paid by my company. It is a co-payment insurance plan - 20% out of my pocket. Do I need MediShield? Will MediShield help me to cut down my medical expenses if I am hospitalised (in addition to the company insurance plan)? Submitted by Shi Hongbo... more

Catering for my parents' future medical expenses

Wed, 20 May 2009 00:00:00 GMT

Hi, Me, my wife and my 3 children are Singaporean. I recently took up Singapore citizenship. I intend to call my parents who are indian nationals to Singapore for good (on long term SVP or dependants pass, if possible) My parents are in their late 60's and are fit for the time being. But I foresee there will be medical expenses in future. Our household income is less than 7K a month. I would like ... more

Fixed-rate or floating rate for home loan?

Tue, 21 Apr 2009 00:00:00 GMT

Hi, would appreciate your opinion on this matter. I am considering to take up a bank loan to purchase a HDB flat (being SPR, can only purchase from resale market). I have spoken with a few banks about the different loan packages they offer, comprising either fixed-rate or floating rate (3-mnth SIBOR-pegged). On the floating rate, I've been given mixed advice on whether its prudent at this moment t... more

What will happen to my personal banking accounts if I pass away?

Fri, 24 Apr 2009 00:00:00 GMT

Me and my wife have our own personal banking accounts and no joint accounts. What will happen to my accounts if I pass away? Will it be automatically be granted to my wife or dependents. Submitted by: P Chan

How much insurance is enough?

Thu, 30 Apr 2009 00:00:00 GMT

Every year when my financial advisors meets me, they are always asking me to buy more insurance. I am currently paying $6k per annum in insurance policies. How much is enough? Submitted by: Cheang Teck Khim Melvin

Which type of housing loan is more suitable for my HDB purchase?

Tue, 21 Apr 2009 00:00:00 GMT

My purchase price of HDB flat is $260,000, HDB concessionary loan is $140,000. CPF savings deductable is $50,000 and the balance is $70,000. Can I apply for HDB bank loan for the remaining $70,000? Fixed rate package or variable rate package is more suitable for me ? Submitted by : Xiu Hui... more

I have used my SA to purchase two saving plans in 2000. I am currently out of a job. My SA is depleting and has only enough monies for one more year's premiums Should I stop the policlies now?

Fri, 6 Feb 2009 00:00:00 GMT

I have used my Special Account to purchase two saving plans in year 2000. Total annual premium is about $3K. Since year 2006, I do not have any CPF contributions. I am still looking for a job. Even I find a job, I may just get a decent pay. And my SA is depleting and has left with only one more year of premium to payout. I would like to know whether I should immediately stop the policy. Submit... more

The cost of living is rising and money is declining in value. What should I do to grow my savings?

Mon, 6 Oct 2008 00:00:00 GMT

The cost of living is rising and money is declining in value. What should I do to grow my savings?

What should I look for when choosing a financial adviser to guide me on buying life insurance?

Wed, 8 Oct 2008 00:00:00 GMT

I am looking into buying life insurance and was told that I should consult a financial adviser. What should I look for in choosing a financial adviser?