KBW - Buy Within Your Means

[BuiKia]

If not for the high HDB price, no one will want to be tied down to a loan for 50 years.

MND Minister Khaw advises S’poreans to buy houses within their means

SINGAPORE: National Development Minister Khaw Boon Wan said given the financial climate, Singaporeans need to be prudent.

In buying houses, for an example, he said Singaporeans should buy within their means.

"There’re now some gimmicks coming along, some banks offering 50 years’ (loan) so please don’t fall for that. It doesn’t make sense.

"If you want to immediately come out from school and want to get a five—room flat and think that a 50—year loan will help you achieve that, I don’t think that is very wise," Mr Khaw said.

On the number of people opting for the 50—year loan, Mr Khaw said it’s a "good sign" that only very few have done so, as it indicates Singaporeans know the importance of prudence.

On housing matters, he added that he’s quite happy with the progress made over the past one year.

He said first—time home buyers are now able to apply for a Build—to—Order (BTO) flat in a non—mature estate with relative ease.

"So now this year, I’ll be focusing on second—timers (home buyers) and improve their chances so the recent BTO I’m looking at the subscription rates day by day and it’s quite healthy, but we will press on to build more to satisfy Singaporeans’ demand to catch up on the deficit in the last few years," he said.

Mr Khaw was speaking at the launch of a new resident patrol week in Sembawang GRC, which was held in conjunction with the area’s National Day Observance Ceremony.

Comprising more than 230 volunteers, the team goes around on their bikes to spread fire safety messages.

Sembawang GRC has one of the highest rates of public residential fires.

But with efforts targeting the problem, such incidents have slipped to 74 — from 80 in the previous quarter.

On a national scale, more than 800 public residential fires were reported from January to March this year.

This is about 60 cases more than last quarter.

 

[soIsee]

I think I want that S$2200 super special made in UK bicycle I saw in the show room but I think I well CAN'T AFFORD it's price tag.

Anyway, I'll still buy it even with other means! LOL

 

[Confuseous]

In the CNA news last evening , he made mention that there had been a shortfall in the building of HDB flats in the past few years. But no mention of this now in website. Anyone captured screenshot of that last evening?

 

[Dreamer1]

Good advice from Minister Khaw,except that he may not yet know how to calculate monthly loan payment vs mortgage amount vs monthly household income for HDB loans.

 

[soIsee]

Good advice from Minister Khaw,except that he may not yet know how to calculate monthly loan payment vs mortgage amount vs monthly household income for HDB loans.

Good advice from Khaw?

I also got a GOOD advice for you.

PAY EVERYHING YOU BUY IN CASH!

That is unless you can afford it after the Pappies had taken their cut from you! LOL

 

[saratogas]

Which is better? Buy within your means or Sell HDB flats within citizens reach...

 

[BuiKia]

but they say $1000 can buy already leh.

 

[Kinana]

my next house i will go for 100 year loan anytime.

 

[@rmadill0]

This 50-year loan is only for private housing right?

 

[streetsmart73]

Good advice from Minister Khaw,except that he may not yet know how to calculate monthly loan payment vs mortgage amount vs monthly household income for HDB loans.

hi there


1. aiyoh!
2. what good advice?
3. anyone with an average frame of mind can easily do up the sum leh.
4. only dafter sheep believe such load of crap!

 

[no_faith]

at the first place, it is never buy, it is rent.
with such loan and interest, even you pay up, still not yours.

 

[BuiKia]

For HDB flats too.

This 50-year loan is only for private housing right?

 

[streetsmart73]

at the first place, it is never buy, it is rent.
with such loan and interest, even you pay up, still not yours.

hi there


1. bro, bingo!
2. only dafter sheep still buy such term as "purchased".
3. public housing is some leasehold items.

 

[Fook Seng]

Minister said "No need to go for 50-year loan, 30-year is enough for HDB flats and 40-year gou leow for private properties. Furthermore there are loan convertion schemes to transfer outstanding loans to your next generation. No need to worry".

 

[zhihau]

"No need to worry".

he say like that me worry lagi

 

[Dreamer1]

Good advice from Khaw?

I also got a GOOD advice for you.

PAY EVERYHING YOU BUY IN CASH!

That is unless you can afford it after the Pappies had taken their cut from you! LOL

Best advice.

 

[scroobal]

What is public residential fires? First time I am hearing it.

 

[jiangrenhua]

As long as your are not funded by taxpayers monies, you should buy within your means.

But in 50 years you won't know if SGP is still around.

So I would say live everyday to the fullest why worry about tommorow?

 

[chilakak]

I think they mean fires in public housing units but were too lazy to write properly. In recent years, the standard of writing in the local media has dropped considerably. Nobody seems to even edit for language anymore. Silly language errors appear quite commonly in the local papers now.