04 Mar '12, 10am

It is possible for a low income earner to buy a HDB flat

Deputy Prime Minister, Finance Minister and Minister for Manpower, Tharman Shanmugaratnam said in Parliament that a person with a monthly income of $1,000 can afford to buy a HDB flat. Many people found this statement to be unbelievable. Two ministers and one Member of Parliament came forward in his defense and explained why it was possible. Their explanations were still not accepted by most people, who gave their views in the Internet. I agree with the calculation put forward by Minister for National Development, Khaw Boon Wan. A two room HDB flat cost $100,000. After deducting a HDB grant of $60,000, eligible to certain people under certain conditions, the net cost is $40,000. The monthly repayment over a 30 year loan period, at an interest rate of 2% per annum, is $150. This can be covered by the CPF contribution. There should be no dispute over this figure. Even if the...

Full article: http://tankinlian.blogspot.com/2012/03/it-is-possible-for...

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