Thursday, September 27, 2012

Help seniors avoid huge housing loans

Senior citizens like my father,
who have money in their Retirement Accounts,
should be allowed to draw upon it to meet their basic needs
and not be saddled with heavy loans just to secure a roof over their heads.


yujuan said...

Dun really wan to comment, but have a natural curiosity to make observations.
As mentioned in a TRE article, for some time could not resist peeking into POSB ATM receipts lying around. Why dun they put them together with cash withdrawn into their wallets.
What a surprise, the balance in their accounts could be as low as a few $ left, sometimes 40+ to 80+ left. Concluding, many people are just living from hand to mouth, waiting for the next pay check,or perhaps temporarily unemployed.
And yet, they have own money in their CPF account, can see but cannot touch.
Not asking our miserly Govt for unemployment handouts like in the West, why not be a mite flexible and compassionate and allow unemployed CPF members to withdraw to meet daily high costs of living for a certain period. After all, they are using their own savings.
Not everyone would bankrupt their bank accounts to get the latest I Pad or Tablet. Unless the Govt considers the mobile phone as a frivolous dispensable possession, but actually indispensable in fast paced Singapore.
Many retirees, out of face, may foolishly buy expensive or bigger properties, servicing their mortgage out of their CPF savings, maybe thinking the economy would continue to grow or could easily get a job if times are hard.
Dun think Singapore forever could be immune to economic chaos like in the West.

C H Yak said...

The real risk is committing too young and realising they could not afford it too late....

Jamesneo said...

The problem of the PAP is that they are delusional in terms of economic policy believing in the nonsense of the wealth effect of "housing". Instead of learning from the mistakes from other housing bubble, their arrogance and complacency in thinking they can control the housing prices long term( they can of course use lots of stimulus or control the supply of land for short term) means that they are hugely misallocating capital. This will not end well for singapore and all the national conversation is useless if they cannot even get the fundamental economic policy correct.

Annie Monie said...

Thanks to inflation, the prices of plots and houses have further increased in the recent past. Considering this, over the last decade, the demand for home loans has gone up. When you want to buy your dream house and when you are not able to arrange the required money, loans from banks or any authorized financial services company will do the trick for you.

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