International Business & Economy LETTER: Disappointed that POSB does not provide mortgage loan for 2-room HDB...

LETTER: Disappointed that POSB does not provide mortgage loan for 2-room HDB flats

Author

Date

Category

- Advertisement -
The following is a letter from our reader Terence Lim.

I have always thought that POSB is the people’s bank, until today.
I went down to the bank’s clementi branch to apply for a $100,000 home loan for a new 2 room HDB BTO. The bank’s Relationship Manager referred me to a mortgage specialist who attended to me an hour later, and that too, to tell me that DBS does not provide mortgage loans for 2-room HDB flats. I assume that this is the case for all local banks.
I always wonder why the poor gets poorer while the rich gets exponentially richer in this ponzi fiat monetary system. If the poor is forced to apply for a 2.6% HDB loan and cannot even arbitrage the interest rate differential between DBS’ ~1.8% home loan and CPFOA’s 2.5% (3.5% for 1st 20k), they are potentially losing a few thousand bucks over the tenure of the loan.
While a few thousand bucks is chump change to our dear Singapore leaders and the management at DBS, it is plenty to a Singapore Citizen who is earning a mere 2% of Piyush Gupta’s annual salary.
I hope the government of Singapore and POSB can get its act together and do more for its citizens.
As an aside, I received exactly $0 in subsidy from the HDB because I was out of a job the year before my application. HDB requires all applicants to be working at least 1 year before application, to receive some form of subsidy. My MP’s letter to HDB did not help in the least even though I was already employed for a pittance of a pay when I applied for the flat.
Isn’t the poor getting poorer in Singapore?

Letter was edited for publication. Readers may send us your letters at writers@theindependent.sg.

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
- Advertisement -

Man allegedly shouts at McDonald’s manager because there is ham in egg mayo sandwich

Singapore – A member of the public took to social media to commend the staff manager of a McDonald's outlet for handling well an angry customer complaining about the ham in his egg mayo sandwich. A netizen took to Facebook page Complaint...

Man who pretended to be ‘sugar mummy’ gets 10 months jail for sex with boy, 17

Singapore—A 26-year-old man was sentenced to 10 months' jail on Monday (June 14) for having procured the sexual services of a 17-year-old boy. The man, Muhammad AL-Masfuiin Mushin, pretended to be a “sugar mummy” in order to entice the boy to come...

Woman’s neighbours install a fan outside their flat to extinguish small prayer flame she lit in the corridor

Singapore -- In another incident revealing a lack of religious tolerance, a woman’s neighbours have installed a fan outside their gate in an attempt to extinguish the prayer flame she lights in a tiny urn outside her own flat. In a 30-second-long...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
Theindependent