Loan quantum puts flat beyond reach

[Latka]

Yes, but this rule introduced last year was intended to curb speculation and an attempt to bring down prices - which is what people wanted anyway! So, in a way, we have brought this situation on ourselves??

If scrap this rule now, for sure, the couple can take 80% loan and purchase their BTO... but so will other people who intend to purchase flats for speculative and money-making purposes. Overall, prices will go up again.

 

Granted, this rule was badly implemented and is a crude way of regulating prices. Many genuine upgraders like this couple were inconvenienced.

 

Yes, they could consider giving the couple the usual loan percentage (70-80%) on condition that the couple dispose of their current flat within certain period of time. But if they are unable to? What then? Sure they will appeal and cow-peh, cow-boo again... no win situation! Luckily I'm not policy-maker...

 

I also agree with another poster here that says many of these sob stories are really a bit too much nowadays. Want to change all the laws and rules to fit your unique situation?? Just because you have 3 kids is great ah?? I also have 2, but planned my situation around these rules, how?

 

It's just like a football match... if you want to stay in the game, then play by the rules!

 

Yup, target is pte property. But applied across the board and HDB oso affected.

[Zanter]

B'cos existing rule states that if u currently servicing housing loan, the next loan can take 60% only. Which is a really dumb assed rule where HDB flats are concerned.

Firstly, when they buy HDB, they must sell existing one. Knowing this, why can't HDB grant 80% loan for next flat knowing full well they have to sell existing one?

 

 

I am sure they made at least 200k on 1st flat, So just take a bridging loan & pay it off when old flat is sold.

[Watwheels]

I am sure they made at least 200k on 1st flat, So just take a bridging loan & pay it off when old flat is sold.

If there's such a "bridging" loan dan the banks will eat grass. Banks are not stupid. It's either you pay a penalty or you pay interest. Banks are glorified ah loongs, not charitable organisations.

[Old-driver]

To cut a long story short, he should live by his means and not produce produce by heeding the govt's call... blaming them when he cannot afford to own a bigger flat is incomprehensive to me. There are many people who needs more help than him

[Zanter]

Of course there is bridging loan but like every other loan need to pay interest. Since the Buyer claims that they produce babies for the good of the people, then ask the Govt to pay the interest lor .

 

Nowadays have people who over-reproduce and say not enough money to upgrade can also write to paper to complain. How about those who have ten kids stay in 2 room flat? I think must give them bungalow!