Khaw Boon Wan warns Singaporeans: Be realistic about your financial means
Posted by temasektimes on August 5, 2012
Speaking at a National Day Observance Ceremony in Sembawang GRC on Sunday morning, Mr Khaw used the example of home purchases to advise Singaporeans to 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,” he said.
The prices of HDB flats have sky-rocketed in recent years, causing some banks to extend the loan tenure to enable first-time buyers to afford to buy them.
However, Mr Khaw wasn’t impressed and warned young Singaporeans to be realistic:
“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,” he added.