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13-08-12, 21:41
http://www.businesstimes.com.sg/archive/monday/premium/singapore/be-realistic-about-finances-when-buying-homes-khaw
Published August 06, 2012
Be realistic about finances when buying homes: Khaw
Minister to focus on improving chances of second-timers in getting BTO flats
By malminderjit singh
SINGAPOREANS should be prudent and realistic about their finances given the uncertain global economic conditions.
Minister for National Development Khaw Boon Wan sounded that caution yesterday as he highlighted housing as key area where Singaporeans need to buy within their means.
Although Mr Khaw said that he was happy with the general progress made over the past year, particularly as first-time home buyers can now apply for a Build-to-Order (BTO) flat in newer estates with greater ease, he also noted that second-time flat buyers can rely on the government for help.
"This year, I'll be focusing on second-timers 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," Mr Khaw said at a National Day Observance Ceremony in Sembawang GRC.
While reminding Singaporeans that they should be more realistic about their financial capacities when purchasing their homes, he also urged them to be more discerning in their choice of financing alternatives, which are often tempting.
"There're now some gimmicks coming along, some banks offering 50 years' (loan term) so please don't fall for that. It doesn't make sense," he cautioned.
"If you want to immediately come out from school and 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. I've been checking how many people take up this 50-year loan, and as far as I gather, the number is very few, which I think is a good sign."
Besides attending the ceremony, Mr Khaw also launched a new National Community Emergency Response Team programme called "CERT-on-Patrol Week" in Woodlands Drive 70 where he presented 47 Bicycles to Sembawang GRC. The programme involves more than 230 volunteers spreading fire safety messages every year for a week from August 1 to 9.
Published August 06, 2012
Be realistic about finances when buying homes: Khaw
Minister to focus on improving chances of second-timers in getting BTO flats
By malminderjit singh
SINGAPOREANS should be prudent and realistic about their finances given the uncertain global economic conditions.
Minister for National Development Khaw Boon Wan sounded that caution yesterday as he highlighted housing as key area where Singaporeans need to buy within their means.
Although Mr Khaw said that he was happy with the general progress made over the past year, particularly as first-time home buyers can now apply for a Build-to-Order (BTO) flat in newer estates with greater ease, he also noted that second-time flat buyers can rely on the government for help.
"This year, I'll be focusing on second-timers 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," Mr Khaw said at a National Day Observance Ceremony in Sembawang GRC.
While reminding Singaporeans that they should be more realistic about their financial capacities when purchasing their homes, he also urged them to be more discerning in their choice of financing alternatives, which are often tempting.
"There're now some gimmicks coming along, some banks offering 50 years' (loan term) so please don't fall for that. It doesn't make sense," he cautioned.
"If you want to immediately come out from school and 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. I've been checking how many people take up this 50-year loan, and as far as I gather, the number is very few, which I think is a good sign."
Besides attending the ceremony, Mr Khaw also launched a new National Community Emergency Response Team programme called "CERT-on-Patrol Week" in Woodlands Drive 70 where he presented 47 Bicycles to Sembawang GRC. The programme involves more than 230 volunteers spreading fire safety messages every year for a week from August 1 to 9.