http://www.straitstimes.com/STForum/...ry_573722.html
Sep 2, 2010
DREAM HOME
Genuine upgrader's worry
THE latest property policies reported on Tuesday ('Govt acts to curb speculators') will see the loan-to-value (LTV) limit adjusted from 80 per cent to 70 per cent for home buyers with existing housing loans.
The report quotes the Government as stating that the new policies are aimed at discouraging speculation in the property market, and genuine home buyers should not be affected.
I am a genuine home buyer and a potential HDB upgrader. I am a Singaporean whose dream is to work hard and improve my family's living standards.
I dream of upgrading to an executive condominium or private property one day, and I have saved enough for the 20 per cent down payment.
I am willing to sell my HDB flat and live in a new home.
So I counted the days to the launch of the new executive condominiums, which suit the sandwich class I belong to.
I almost realised my dream - until the latest changes to curb speculators.
The new policies do not help home owners like me who have an existing HDB housing loan to service.
For one thing, we must fork out 30 per cent in down payment to qualify for the 70 per cent LTV rate.
We are not speculators but we are being penalised in the Government's bid to stabilise the booming property market.
I was advised to sell my HDB flat first if I wanted to enjoy an 80 per cent loan rate. But with a one-year-old baby, where can I stay while the executive condominium is being built?
Besides, can selling our home first assure us of a unit at the executive condominium?
Genuine home upgraders like my family are being penalised and inconvenienced. I hope the authorities will consider home buyers in our position.
Tan Tien Li (Ms)