25 Apr '11, 5pm

Our party chief and head of the Tampines team says MBT has wrong sense of housing affordability #sgelections

SINGAPORE - Paying nothing as a deposit for a new flat or covering monthly mortgages with Central Provident Fund contributions do not mean public housing is affordable, the National Solidarity Party said yesterday. At current housing prices, buyers will have to service their loans for the next 30 years, which will wipe out the CPF accounts of many buyers, leaving them with little for retirement, NSP secretary-general Goh Meng Seng said in response to recent comments by National Development Minister Mah Bow Tan. Mr Mah had said on Sunday that eight in 10 couples who buy new flats use only a quarter or less of their salaries to service their home loans, because they use their CPF. Combined with housing grants, a couple earning $4,000 could get a flat with "zero deposit", he had also said. But Mr Goh said many young people he has met on the ground cannot afford flats, even wi...

Full article: http://www.todayonline.com/SingaporeVotes/EDC110426-00001...

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