Wednesday, October 11, 2006

Demanding 60 yr old fails to understand govt policy!

Straits Times Forum
Oct 10, 2006
Allow longer repayment period for HDB loans

I BECAME jobless at the age of 60. As I had difficulty repaying my housing loan, I made use of HDB's Reduced Payment Scheme. However, it resulted subsequently in my having to pay a much higher monthly amount than before I was jobless.

I wrote to ask HDB to extend the loan-repayment period so that my monthly outlay would be reduced to an amount I could manage. However, this was rejected, the reasons being my age and that my case would set a precedent. Can the Government change its policy to help the elderly with their housing? The HDB does not lose out by extending the loan-repayment period. Interest is earned yearly.

Tay Kwee Liat

Here's my take on the above letter:

I'm so surprised that this senior citizen has failed to understand and appreciate the HDB. The reason why affordable HDB flats take 20-30 years to pay up is because our govt wants to ensure that there is sufficient motivation for Singaporeans to work hard and be productive for as long as possible. In other countries where the govt is less enlightened, public housing takes 3-5 years to pay up, this makes the citizens lazy and retire before age 55 to do useless things like walking around in the park or looking after grandchildren. The PAP govt through housing loans and high cost of living ensures that senior citizens are motivated to enough to take up useful jobs such as cleaning executive(cleaner) and hygiene specialist(cleaner) . We should be thankful that our HDB loans keep us motivated to work hard for decades and not engage in unproductive walks in the park.

HDB refuses this 60 year's request to extend his loan repayment to motivate him to find a job quickly. It is for his own good that his request is rejected. He must remember that by the time he pays up his HDB flat at age 65, he can then start saving for his retirement which will be at age 80. ....HDB wants him to look for a job fast so that his retirement will not be delayed to age 85.

Singaporeans are so lucky to have a govt that motivates them to work hard. They get to live in affordable HDB flats which take decades to pay off and hence provide the drive for them to lead useful productive lives to a ripe old age.


Anonymous said...

looking after grandchildren is not useless OK?

Anonymous said...

Buying HDB is a poor investment especially when you have to loan for 20yrs or more.

a 5-rm newly built HDB flat in toa payoh cost you 314k!!! Do you think is worth it?

I bet my last dollar on pte properties than HDB.

Blueheeler - the dog that sniffs out fishy news said...

You must mention that most of the 'personal' wealth of S'poreans are tied to the values of their flats. So, most HDB-owners will be 'rich' if they liquidate/sell their flats (but let's not worry where they'll sleep holding all that cash, since they'll have to plough back their 'wealth' to buy another HDB flat if they want a roof over their heads)... Damn, we are lucky!

BTW, some ppl don't get the zing in your posts, judging by their comments!

Whispers from the heart said...

That's also why our wages must be kept low and lower over the years!

If we strike it rich too early, we will start enjoying our wealth and become lazy and worse, develop that fearful clutch mentality that will destroy all mankind.

Only when we are struggling to keep ourselves alive will we be constantly thinking of working harder and more productively, like working on 3/4 jobs at the same time.

Anonymous said...

I think HDB flats can be made even MORE affordable if they allow 50 years loan. Since Singaporeans are expected to work until 80 yrs old these days, it should be feasible.

The thing is all along the HDB has been making things affordable by stretching housing loan repayment periods.

Anonymous said...

Thursday October 12, 1:03 PM
Temasek may have to cut Thai Shin stake - report

(Adds finance minister comments, fresh analyst, updates shares)
By Viparat Jantraprap

BANGKOK, Oct 12 (Reuters) - Thailand is likely to order Singapore state investment firm Temasek to cut its holding in Thai conglomerate Shin Corp. to resolve a foreign ownership dispute, the Nation newspaper said on Thursday.

The paper quoted a government source as saying a top-level Singaporean official had approached interim Prime Minister Surayud Chulanont to resolve the issue "in an amicable manner".

"One likely recommendation from the Thai government is that Temasek ... should comply with the Thai foreign ownership law by quickly reducing its stake in Shin Corp, which is estimated at 96 percent, to below 49 percent," the source said.

Temasek's [TEM.UL] $3.8 billion purchase of Shin -- it took a controlling stake from the family of ousted Prime Minister Thaksin Shinawatra, and then bought the rest through a tender offer -- has been dogged by problems since it was unveiled in January.

Its tax-free nature contributed to the public anger that eventually saw Thaksin deposed in a Sept. 19 coup, and then critics alleged the deal had broken laws that prevent foreigners owning more than half of any Thai company.

The paper also quoted an unnamed Singaporean investment banker as saying he understood Temasek chief executive Ho Ching was prepared to make compromises to resolve the holding issue.

"Temasek, from what I have heard, is willing to pay a fine or make other concessions in order to end the controversy rather than allow the issue to drag on," the paper quoted the banker as saying.

Anonymous said...

Work until you die to satisfy the greed for the famiLEE.

Singaporeans are losers and fools.

Anonymous said...

It's not that bad. At least our last resort is planned beautifully by our beloved gahmen - Old folk home in Batam/Johore.

In this way, we can be a net exporting country - Import FT and export OT (old timers)

Anonymous said...

And the king of this city said to THEM,Why do you keep the people from their WORK? Get to your BURDENS!
Behold, the people of the land now are many, and you make them rest from their burdens. He commanded the taskmasters of the people and their officers the same day, saying,You shall no more give the people straw to make brick, as before. Let them go and gather straw for THEMSELVES.
And you shall lay upon them the number of bricks which they have made before now. You shall not take away from it. For they are IDLE; therefore they cry, saying, Let us go.........

Jerome said...

I'm so lucky to have such a government but I want to be a useless bum ( retired ) when I'm old.

Anonymous said...


freemason said...

Speaking of bricks, an average 4 rm flat of 100 sq m @$300K = $3000 per sq m. are the bricks made of gold... ???

Anonymous said...

Its a pity....if a system cannot help its own people, its about time to review it.