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Discussion About Single & Hdb Flat Ownership + Hdb Loan (Compiled)


worldangel
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With the current CPF rates, with a monthly income of $5000, you can only accumulate about $1035 in your ordinary account.

Simple calculation will show that even with an average income of $5000, you need to work almost 200 months to reach $200,000 in the CPF ordinary account, which means about 16 - 17 years!

Earning lesser will just translate into a correspondingly longer wait, unless you are a great saver with a large savings account.

However, i think you can still team up with a committed partner or a sibling / relative also above 35 to purchase the flat together with combined CPF contribution.

Sad, what is the chances that u can afford a resale flat by yourself at $300K. U need to work until u retired

Even for a couple, new and bigger flat is still beyond reach. A new flat in new estate costs between $300K~350K. No way the new generation can own a flat in 10`15 year time.

All thanks to the rambutan

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Guest amidst_the_stars

Sad, what is the chances that u can afford a resale flat by yourself at $300K. U need to work until u retired

Even for a couple, new and bigger flat is still beyond reach. A new flat in new estate costs between $300K~350K. No way the new generation can own a flat in 10`15 year time.

All thanks to the rambutan

Rambutan meaning?

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Guest Guest

thanks god i am attached with a rich bf who stays at landed property and with few units of condo at his disposable.

of course, i will get my own HDB flat and rent out to collect rental. I am not in desperate need since i can stay with my bf.

some of you mentioned staying together with a grp of single frens...i think if u can well afford, pls drop off the idea.

when u have a grp of frens becoming housemates, u will end up with alot of problems. problems i foresee include keeping the house clean, timely payment of bills.

take note, once u invited them in, it is hard to chase them out...not forgetting things can go messy if one decided to sell off his shares.

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  • 3 months later...

Hi, is anyone here living in rental flats from HDB (public rental scheme or something like that?) I've read through the website and am aware one have to be 21 years old and above in order to apply and it seems that part-time workers can apply too, just wanted to know is it expensive and stuff like that... I've a lot of questions right now but I guess I will start with the monthly rate like how much do you all (who lives in rental flat from HDB) forked out in order to cover cost (just the rents/electric/water bill only).

Right now I'm living w/ a family member and it's very annoying living under one roof w/ others there's always some nasty politics, disagreement and definitely money issues which I can't handle anymore. So, my only option is to move out and rent a place from HDB since I've read that it's very affordable.

What is it that I should know do and shouldn't do and know when applying for a rental place from HDB?

Seeking genuine advice! Thank you.

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Hi, is anyone here living in rental flats from HDB (public rental scheme or something like that?) I've read through the website and am aware one have to be 21 years old and above in order to apply and it seems that part-time workers can apply too, just wanted to know is it expensive and stuff like that... I've a lot of questions right now but I guess I will start with the monthly rate like how much do you all (who lives in rental flat from HDB) forked out in order to cover cost (just the rents/electric/water bill only).

Right now I'm living w/ a family member and it's very annoying living under one roof w/ others there's always some nasty politics, disagreement and definitely money issues which I can't handle anymore. So, my only option is to move out and rent a place from HDB since I've read that it's very affordable.

What is it that I should know do and shouldn't do and know when applying for a rental place from HDB?

Seeking genuine advice! Thank you.

Unless there is a change in regulation, you probably stand no chance in getting the rental flat. First, the rental flat scheme is facing huge shortage because during the recent economic crisis, too many people lost the ability to service their HDB mortgage and got to sell their flats. In most of these cases, they have to wait for 30 months before getting the rental flat. Even then, they are subjected to assessment by HDB. The shortage is so severe that HDB actually bought a few blocks of HDB 3 rooms flat in Boon Lay and converted them to 2 rooms just so that more families can be resettled. I think they barely cleared one third of the rental flat applicant. When I left public service in June 2009, they have 4000 families on queue.

Second, to qualify as a rental flat applicant, you need to be a family unit. Either one parent one child or two siblings or one couple. You can of course apply under the Joint Single Scheme where either you find someone to co-rent a place or HDB match you with a stranger. You have to be aged 35 and above for Joint Single Scheme.

In most cases, these strangers are people who are homeless before or abandoned or on public assistance scheme. People who are on public assistance scheme could be unfit to work due to medical, psychological or physical reason. I have to be honest with you, you might not like the Joint Single Scheme. Usually Joint Single Scheme, you get a one room unit which means it is a unit without any rooms, just a living hall and you have no privacy from your other tenant. You can partition the hall but that will be illegal.

Third, the rental rate is not fixed now. My family used to live in rental flat in Taman Jurong for many years and we paid ridiculously low rental rate. But because now the shortage is so severe, HDB is actively filtering out people who are misusing the rental flat scheme. Most lease are now 2 years and they will review your income upon lease renewal. In some cases, a rental rate of a 1 room flat is equal or more than 3 rooms HDB flat, depending on the location of the flat and your income bracket.

I am not trying to be wet blanket here and I am sure many of the BW users either seen or live in rental flat blocks before. And I shall be brutally honest with you, most rental flats are not always the best place to live in. They are places for really low income families which are sometimes forgotten by the society. I lived in one old Taman Jurong flat before my family move to my current place, and I really did not like the neighbourhood. And being a former social assistance officer and by coincidence, assigned to Taman Jurong estate, I saw many unfortunate and zero income families that other Singaporeans do not get to see.

You better off share a room with someone, rent a room on your own or work out the issues with your family member. Being a single person, you actually have no chance for a rental flat.

Edited by briax
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Guest Alamak you!

Aiya, give other needy family the chance to rent HDB lor, you are just too young to be on your own yet.

There are so many BW'ers here with room to rent and give you the experience of staying out on your own. Unlike HDB with so many conditions attached, renting a room with friend is so easy with lots of mobility and choice to choose from, including staying near your parent to save on transportations. The benefit far surpassed staying alone in old rented ulu HDB flat like some kind of dirty worker's quarter.

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I see, I see, I appreciate the honest replies! Been trying to work things out w/ family but it seems to be going nowhere. I won't be renting it alone though I'll be bringing my two elderly parents along this is only just as a last resort as I am still pondering and thinking about it.

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I see, I see, I appreciate the honest replies! Been trying to work things out w/ family but it seems to be going nowhere. I won't be renting it alone though I'll be bringing my two elderly parents along this is only just as a last resort as I am still pondering and thinking about it.

If your parents do not have a stake in the place you are living, then you have a better chance with HDB. But where possible, try to buy a flat instead of renting one HDB or renting a unit. It makes no sense to pay so much for something that is not yours.

The physical appearance of some rental flats are actually better now, like the one in Clementi central, it is designed to blend in with the rest of the 'normal' blocks, it took me a while to realise that they are rental. But these are very rare and the queue is so long, you probably find getting a Build to order flat faster.

Edited by briax
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I'm looking at rental flats in the east like Tampines or even Punggol and the like and I agree most rental flats looks really nice and normal. Nope my parents do not have or own a flat; currently the three of us are living separately w/ siblings, I'm w/ my sister and my parents is with my other sister and my parents have issues w/ their in-laws and likewise the same with me. I know it's a trivial matter at best but where money is concerned it's really tough living under one roof living with other people.

For now I'm unable to afford a flat the best I can do is perhaps rent a place and save whatever and as much as I can if I ever wanted to buy a flat of my own.

I don't mind the long wait though just as long as we do get a place of our own and as for rental I do realized it's based on your income bracket and the unit, etc we'll just have to see how it goes... Thanks briax for your valuable advice. ;)

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I'm looking at rental flats in the east like Tampines or even Punggol and the like and I agree most rental flats looks really nice and normal. Nope my parents do not have or own a flat; currently the three of us are living separately w/ siblings, I'm w/ my sister and my parents is with my other sister and my parents have issues w/ their in-laws and likewise the same with me. I know it's a trivial matter at best but where money is concerned it's really tough living under one roof living with other people.

For now I'm unable to afford a flat the best I can do is perhaps rent a place and save whatever and as much as I can if I ever wanted to buy a flat of my own.

I don't mind the long wait though just as long as we do get a place of our own and as for rental I do realized it's based on your income bracket and the unit, etc we'll just have to see how it goes... Thanks briax for your valuable advice. ;)

In that case, you might want to file your application for the rental flat as soon as possible. HDB is building more rental units now but it is still not easy to catch up with the demand. And also, many Singaporeans do not like any rental blocks near them. So most of the new rental flats are made to look nicer now. But if you are assigned to the old ones, it will be a different story. Based on what I am reading now, it does look like your priority is to able to provide for yourself and your parents. That's a huge responsibility. :) But I am sure it can be done. All the best.

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I will need to special request w/ HDB though as I'm working in the east, so best is in Tampines and perhaps Punggol? Which is quite accessible to my workplace. I just need to see how things work out before I actually go out there and apply for rent.

Ah yes, it's a huge responsibility to be honest I am a little afraid which is why renting is a last, last resort if really nothing can be done then I'll have to move out. Thank you I appreciate your support!

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Guest Alamak you!

I will need to special request w/ HDB though as I'm working in the east, so best is in Tampines and perhaps Punggol? Which is quite accessible to my workplace. I just need to see how things work out before I actually go out there and apply for rent.

Ah yes, it's a huge responsibility to be honest I am a little afraid which is why renting is a last, last resort if really nothing can be done then I'll have to move out. Thank you I appreciate your support!

Why not buy a new 3-room flat near Sengkang or Pongol and stretch the repayment period to the maximum (since you are young) so that you can afford the monthly installment. Many single here have to buy from resale at hefty price. With your parents, this is your opportunity to buy direct from HDB at low low price and new flat somemore. Renting is still very expensive lah.

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But need CPF and lots of cash, right? I like the Punggol area, in fact I am now living at Punggol, love the quietness and everything here, but when I see the prices very scary lah.. Since I am the sole breadwinner of the family. Confused right now. Anyway I'm only 26 so I will need time before I can purchase a flat @ 35, correct?

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Why not buy a new 3-room flat near Sengkang or Pongol and stretch the repayment period to the maximum (since you are young) so that you can afford the monthly installment. Many single here have to buy from resale at hefty price. With your parents, this is your opportunity to buy direct from HDB at low low price and new flat somemore. Renting is still very expensive lah.

I think if he is so young and have not actually started a full time job before, he wont have enough CPF money for HDB downpayment and the stamp fee. It is a huge amount considering a 3 room HDB flat in Punggol cost about 200k. And again, depending how much CPF his parents got. And if his parents have used up the concessionary rates, he might have to take up bank loan... 5% cash is a lot money! :(

I done my downpayment last year and I told my mom, I have not even see a nail of the unit, my entire CPF saving is wiped out.

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But need CPF and lots of cash, right? I like the Punggol area, in fact I am now living at Punggol, love the quietness and everything here, but when I see the prices very scary lah.. Since I am the sole breadwinner of the family. Confused right now. Anyway I'm only 26 so I will need time before I can purchase a flat @ 35, correct?

You can buy a unit with one of your parents. If your parents still have a chance of concessionary rate, you just need to pay the downpayment of 20% with CPF. If they have exhausted the concessionary rate, you have to take a bank loan, it is 15% CPF and 5% Cash. If your parents could chip in their CPF then it is easier for you too.

I also think you can get a housing grant of 30K if you are first timer buyer. That you have to read the HDB requirement. I get a bit confused with it too.

Think of it, if you can buy a place with your parent and settle the down payment, you can rent out one room to generate additional income to help offset the cost of the mortgage. That also depends if you have a regular income. A new place takes about 1.5 to 2 years to build so you can use this period to build up your CPF again. Mortgage loan payment only starts when the flat is about to be handed over to you.

I bought my current place at 21 with my mom and was able to manage the mortgage loan because I decided to sign as a SAF regular.

In a nutshell, if your mortgage loan is less than 30% of your monthly income, it is worth considering buying a place. It is a long term investment, think wisely.

Edited by briax
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Scary :| hmmmm, I'm a first-time buyer of course and I'm not sure if my parents have any CPF leftover or anything like that but yes, in term of long-term I guess it's more wise to get a HDB and since there's only three of us I could make arrangement have one of the room rented out to generate income.

My sister already bought my parents along with her when she went to get a flat from HDB and gotten her grant, I mean am I still eligible ... I mean I dunno if there's some kind of regulation and things like that?

Edited by quickflightout
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  • 4 months later...
Guest CEHA_Agent

Its best to time your purchase, earn more money, get more savings for deposit, wait when its low.

In fact its a good policy we need to wait til 35, else many of us might run into financial problems.

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Been a loyal Pasir Ris resident for years ... Yes ... Wanting to move out to a small cosy condo in the east too ... Saw lots of show flats and stuff ... But never had the enough money even for downpayment for a small 2 bed room condo unit ... The thing is ... Are you really in a hurry to move out on your own ??? If not , earn , save and invest in other means and ways to grow your money first ... Living with your parents aint that bad ... Dont jump onto the bandwagon prematurely and land yourself 6 feet deep in loans and debts ...

i think living in HDB estate is much better and convenience unless your condo is near to HDB amenities, not those condo in exlcusive area. Everything you need is nearby and accessible. coffee shop, supermarket etcs.

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Sad, what is the chances that u can afford a resale flat by yourself at $300K. U need to work until u retired

Even for a couple, new and bigger flat is still beyond reach. A new flat in new estate costs between $300K~350K. No way the new generation can own a flat in 10`15 year time.

All thanks to the rambutan

Nowadays only the super elites can stay in condos. As for landed properties, it's for the gods amongst us. Mere mortals struggle even to afford a 3-rm HDB flat. That's life.

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Should i sell my 4 rooms. I am still paying my mortage(until 60) or to down grade to 3 rooms. Curretly renting out 2 room. Should i hold or sell n downgrade.

Hbd price trend?

If you're already renting out your 2 rooms, it should be enough to pay for the monthly mortage right? How many more years to pay off the mortage? With the population increasing by a few millions in a few years, it really depends on how much the gahmen want to build and that will influence the HDB price trend.

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  • 3 months later...
Guest Guest

Planning to downgrade to a Studio Apartment .

Currently staying with bro and sis in a 4 room flat. My bro rejected strongly. He say very sayang to give up the big and spacious unit. ( built in the late 80s )

Any bro here staying in the Studio Apartment, care to share ?

many thanks

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Planning to downgrade to a Studio Apartment . Currently staying with bro and sis in a 4 room flat. My bro rejected strongly. He say very sayang to give up the big and spacious unit. ( built in the late 80s ) Any bro here staying in the Studio Apartment, care to share ? many thanks

Someone I know did it this way -

He got his aging mum to take up a studio apartment while he and his other siblings "bought over" the existing 5 rm flat.

And instead of his mum moving out to the studio apartment, he move in instead while the other siblings and mum continue to live in the old flat.

Studio apartments are even larger than some of those "shoebox" condos in the market and are partially furnished in move-in condition and for a single person, its quite adequate

But however please take note that all your other neighbours are mainly old folks and also the lease is only 30yrs

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Guest Guest

Planning to downgrade to a Studio Apartment .

Currently staying with bro and sis in a 4 room flat. My bro rejected strongly. He say very sayang to give up the big and spacious unit. ( built in the late 80s )

Any bro here staying in the Studio Apartment, care to share ?

many thanks

To be eligible for Studio apartment application, you need to be 55 or 60 and above I think. (check out the HDB website for eligibility)

Your brother or other sibling can buy over your share and you alone can apply for the Studio Apartment. (Check out the HDB website for your singlehood eligibility even your age qualitfy)

Studio Apartment is definitely spaceous enough for a single man. Plus it is furnished with basic flooring and utilities. Is a cheaper option for shoebox condo for sure. As someone mentioned, most of them are retirees. However, HDB has recently has integrate studio apartment together with other flat types. Meaning, Studio Apartments are not built as a single block, but the BTO HDB blocks which they build recently will consists of 4 rms, 3 rms and studio apartment. The one that in Bukit Batok cost about 80 thousands and the new one might cost as high as 120 thousands according to my retired friends.

Checkout HDB info web, there are studio apartment launch in May 12. If you need further discussion, please log in and I will PM you. All the best to your application.

dammit...my bf is rich, has a few private properties...thus i cant buy a new hdb w him...

Your bf wealth is not yours, haha ............. :wacko:

you can buy a 3 rm flat in resale market and don't wait because once your bf kick you out, you will be homeless ,,,,,, :whistle:

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Guest Guest

To be eligible for Studio apartment application, you need to be 55 or 60 and above I think. (check out the HDB website for eligibility)

Your brother or other sibling can buy over your share and you alone can apply for the Studio Apartment. (Check out the HDB website for your singlehood eligibility even your age qualitfy)

Studio Apartment is definitely spaceous enough for a single man. Plus it is furnished with basic flooring and utilities. Is a cheaper option for shoebox condo for sure. As someone mentioned, most of them are retirees. However, HDB has recently has integrate studio apartment together with other flat types. Meaning, Studio Apartments are not built as a single block, but the BTO HDB blocks which they build recently will consists of 4 rms, 3 rms and studio apartment. The one that in Bukit Batok cost about 80 thousands and the new one might cost as high as 120 thousands according to my retired friends.

Checkout HDB info web, there are studio apartment launch in May 12. If you need further discussion, please log in and I will PM you. All the best to your application.

Your bf wealth is not yours, haha ............. :wacko:

you can buy a 3 rm flat in resale market and don't wait because once your bf kick you out, you will be homeless ,,,,,, :whistle:

True lor. I know of a couple. Rich boyfriend cheated on poor boyfriend. Poor boyfriend got kicked out -no more 1st class goodies. Better to depend on yourself.

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Buying a flat is not tht difficult since u can use ur CPF, but one thing difficult when u buy a flat single cos u need to fork out at least 20K or more for the COV!

对自己好是一种幸福,

对别人好是一种积福。

 

Spend time counting your blessings,

not airing your complaints.

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Guest Guest
To be eligible for Studio apartment application, you need to be 55 or 60 and above I think. (check out the HDB website for eligibility) Your brother or other sibling can buy over your share and you alone can apply for the Studio Apartment. (Check out the HDB website for your singlehood eligibility even your age qualitfy) Studio Apartment is definitely spaceous enough for a single man. Plus it is furnished with basic flooring and utilities. Is a cheaper option for shoebox condo for sure. As someone mentioned, most of them are retirees. However, HDB has recently has integrate studio apartment together with other flat types. Meaning, Studio Apartments are not built as a single block, but the BTO HDB blocks which they build recently will consists of 4 rms, 3 rms and studio apartment. The one that in Bukit Batok cost about 80 thousands and the new one might cost as high as 120 thousands according to my retired friends. Checkout HDB info web, there are studio apartment launch in May 12. If you need further discussion, please log in and I will PM you. All the best to your application. Your bf wealth is not yours, haha ............. :wacko: you can buy a 3 rm flat in resale market and don't wait because once your bf kick you out, you will be homeless ,,,,,, :whistle:

sore eye issit. my bf will pay for my renovation thanks you.

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Guest Guest

Buying a flat is not tht difficult since u can use ur CPF, but one thing difficult when u buy a flat single cos u need to fork out at least 20K or more for the COV!

Dont talk as if you have plentiful of CPF. Learn to be humble.

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I've been trying to get a new flat with my parent for the past 4 years and we still couldn't get it.

Because of the stupid pro family policy, the govt give those straight couples many priority to get flat at cheap comparing to the resale market.

Now these idiots get their flat at cheap price, when they have duo income, and sell the flat at sky high and we as single with 1 income, have to suffer their greed. How fair is that?

This country sucks! Where is the justice and equality when they make use recite the pledge like north Korea! Best part is those rich imported new citizen who can afford the flat at any price made our life here a living hell! Hope they know when to repent!

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Dont talk as if you have plentiful of CPF. Learn to be humble.

I believe if u have work for a certain number of years, more or less ur cpf shld be able to help u to get a flat. And i just said tht u can use ur cpf, and i didnt mentioned anything plenty of cpf lor.

对自己好是一种幸福,

对别人好是一种积福。

 

Spend time counting your blessings,

not airing your complaints.

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Guest guest

poor bf found another rich bf , life continue.most impt the poor bf have good look and good bod that make life more easier.so if u dun have good bod or good look than life will be more miserable.

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Guest Kitten
I bought a flat in Bras Basah complex some years back. Most prime location. Looking at the price now, I can no longer afford to buy one in the same location. Can't bare to sell my flat in BB.

How much did u pay for it (how many rooms)? How much does it cost now?

Just want to make a reference to see whether I can afford one?

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poor bf found another rich bf , life continue.most impt the poor bf have good look and good bod that make life more easier.so if u dun have good bod or good look than life will be more miserable.

Thats good for this "poor" bf as he needs a rich guy to support his lifestyle! This poor bf must have good bod and good look to find rich bf. But then, how long is he going to go on from one rich bf to another like a passing parcel game? :(

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poor bf found another rich bf , life continue.most impt the poor bf have good look and good bod that make life more easier.so if u dun have good bod or good look than life will be more miserable.

Another name for this way to seek good things in life is also known as prostitution.

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Guest My Opinion

I believe having your own home is one of the key corner-stones to sound financial planning.

A person needs to self-dicipline themselves and ony spend on what you need. Real estate is one of those things.

Historically, real estate has never gone down so it is a sound investment. Yes, real estate is high but everything is a relative.

If you think by waiting that real estate will go down, i think you are misinformed. The only thing I think that is going to fluctuate is going to be the COV.

I think that any person that has the means should buy their own house ASAP. You may have to compromise on size and/or location but in the long run I think you will be financially further ahead.

If a person stays within 30% of their salary then they should have no problems paying off the debt in 20 yrs.

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