With 300000 people at risk of loosing their jobs in Singapore this year and next, could the Budget have initiated measures that would have targeted workers directly in addition to trying to save jobs? Is this an opportune time to have initiated measures like unemployment insurance; which will be a means of temporary income for eligible workers who become unemployed through no fault of their own and who are ready, willing, and able to work?

It cannot be deduced that Unemployment Insurance is not appropriate for a highly industrialized Asian ‘tiger economy’ like Singapore. South Korea the first country to be identified as a ‘tiger economy’ has a (un)employment insurance scheme which was first put into place in 1 July 1995. The unemployment scheme was further extended rapidly in the wake of an unprecedented economic crisis in 1997.

Benefits fall into two broad categories in the South Korean Employment Insurance Act and are calculated using different rates. The first category is ‘Unemployment Benefits’ which is calculated at a rate of 0.9% of the employee’s total annual wage; of which both the employer and employee must pay 0.45% each. The second category is described as ‘Employment Security and Vocational Development’ and it is paid by the employer only. The amount paid by the employer ranges from 0.25% (for a company with less then 150 employees) to 0.85% (for companies with more than 1,000 employees) and the percentage is applied to the year’s total wage of all employees. The government of Singapore could have shown greater empathy and concern for the resident worker of Singapore during this downturn, by announcing an initiative like unemployment insurance.

My thoughts on the Budget 2009: http://singaporesocialactivist.blogspot.com/2009/01/governing-first-world-country-with.html

When 300,000 jobs are at risk, it is not only their HDB flats they are going to be worried about. When these people are out of jobs, do you think they will bother with payments to HDB more than they would with finding ways to put food on the table.

Sorry Mr Leong, I think your call ought to have been more emcompassing and should have included all the basic needs required for basic human living standards; not limiting to a roof over their heads. There should be free utilities like water, gas and electricity on top of deferred mortgage loan repayments for their HDB flats until this storm blows over.

Else, we will see people all over our streets and at every corner we turn; and; these will not be foreigners but locals; yes; born and bred in Singapore; our fellow Singaporeans.

Considerations must be given now and the govt cannot continue to gamble with ‘calculated risks’ at our expense. Depending too much on businesses doing the right thing by retaining workers is nothing more than a hopeful gamble.

Citizens deserve more than to be treated this way.

Recent interview with Bloomberg. First, they used the taxpapers money for risky investments instead of helping the singaporeans, now they lost the money with more to come. Now, they say they have to to take more risk, and we taxpapers have to do our parts to foot THEIR BILLS!

Do you Singaporeans AGREE?

‘Foot the Bill’

“It’s right that governments are focusing on recapitalization in the West and they’re trying their best to incentivize new lending,” Shanmugaratnam said. “It’s too early to say how successful this will be. Governments have to take more risk, and that means taxpayers have to be willing to foot part of the bill.”

<i…..taxpayers have to be willing to foot part of the bill…..

What if we are not willing? Do we have a choice?
And to think this portion was not even mentioned during the budget speech.

Hi Gem, don’t be surprise after this snap GE (of/if should there be one soon), this time round they will start a fresh round of new taxes and price hikes to take back as much as possible from the people. Arrhhhhhhh! I just wish they be thrown out of the govt for good. The lives of the people are already at stakes and there they are still caring more to recover for the losses they made rather than the livelihood the the people.

Hi #5) tiredsingaporean,

They have got their priorities wrong this time, and it is only going to get worse when they discover, that what they have dug into, is nothing more than their own graveyard. Who will pay for them to fight for their survival.?

The hint is already there that we, the people, will be roped in to play some part in this game, sooner or later. As if the gloom and doom is not bad enough, putting more fear into the population is the worst crime any govt could do at a time like this.

If really 300,000 people are going to be out of jobs, things will be very bad for the property market, many who can’t service especially bank loans are forced to put their flats for sales resulting in sharp drop in the values of private and HDB properties. If there are no takers, may result a bust in the property bubble and many foreclosure may follow leading to a uniquely Singapore sub-prime crisis. More government measures are needed to prevent this from happening, however we may end up paying 10% GST after 2011 to the foot the bill.

…we may end up paying 10% GST after 2011 to the foot the bill. :#7) Spirit-centred.

Not if we get more oppositions into parliament. I think this is our one and only hope to stopping this ‘left-hand-to-right-hand’ game the PAP is reknown for.

“I would like to suggest that the Government consider giving the assurance that during this recession, say for 2009 and 2010, any one who cannot pay for his HDB flat, will not be subject to compulsory acquisition by the HDB, nor be compelled to liquidate in the open market.”

which means to freeze mortgage payment till market improves or asset values recover?

good suggestion since maintaining a home being the greatest financial burden for most singaporeans.

6) gemami on January 29th, 2009 3.31 pm
Well, if they think they still claimed themselves as the ‘can never go wrong elite team’ this time its as good as puttting all our heads together onto the chopping board for good.

I personally think that the taxpayers’ money can be better spend helping businesses which in turn will save jobs. However if help has to be rendered, only help those who own one property that they are residing in. I know of some who owns a HDB and a condo at the same time.

Well at least some responsibility

http://www.ft.com/cms/s/0/d9864cde-ec9e-11dd-a534-0000779fd2ac.html

FTW. So for their risk taking, we have to help them foot part of the bill, even if we don’t approve of it? Oh, if it comes of successful, they will get the credit and the money incentives, further increasing their pay. but if it fails, it will be another honest mistake, move on with it and please pay up for it.

“taxpayers’ money can be better spend helping businesses which in turn will save jobs.” Well, more jobs has been cut after CNY isn’t it?

Speaking of jobs, i seem to notice that there are more stalls in coffee shop that are open for business on Chu Yi then last year, and those shops mostly employed FW. Furthermore, i was having Prata at The Prata House yesterday, and the washer they employed are now from China. “great” isn’t it

The UK government launched a welfare program last year to help the unemployed and those on benefits to subsidise the interest on their mortgage.

Mr. Leong,
Your rating of “best” for this Budget is I think mainly based on the huge total amount of help programs. But if you look at the measurable benefits that will land in the hands of Singaporeans, then “best” is somewhat an overstatement. Let me say why:

1. The direct help for individuals & households amount to less than 13% ($2.6 billion) of the total. 66% ($13.5 billion) is given directly to companies. Past reserves are accumulated savings and wealth of the nation and hence of its citizens. If the key to this vault is to be used, the direct benefits should be skewed for more to go to them instead of to comapnies. The $2.6 billion allocated represent only a modest increase over similar (such as GST refund, Workfare) 2008’s pre-recession and pre-hyperinflation help-budget. The stated justification for the huge allocation to companies is that individuals will be the beneficiaries of the help programs through jobs saved. The problem is the extent of leakages in this flow-down effect to individuals as huge number of jobs in aggregate is still projected to be lost despite these help programs.

2. Citizens are subject to various forms of means testing for programs such as the hospitalisation subsidies and share of workfare payouts. On the other the Job Credit program gives money from our reserves to all employers, regardless of whether they are financially strong or weak, big or small, earning big profits or suffering losses. If we citizens are subject to means testing, why is the govt. so generous without setting criteria to pre-qualify companies to be entitled to this particular. Banks, large property developers, large GLCs, most MNCs and govt ministries do not deserve nor need this financial subsidy to continue to exist.
Comapnies drawing on wage subsidies are not obligated to refrain from cutting jobs, cut pay or put employees on no-pay leave. So reserve money is used and many workers will still get fired.

If there is some form of means testing on companies, money saved can be used instead for another program to help individuals directly, say, for the retrenched whose jobs are not saved or the retired/aged with little income or have fixed income and are weighed down by the increased cost of living from last year’s inflation.

3. Even without the benefit of the Job Credit program for these healthy companies, the other programs are still available to them and all other companies.

4. The bottom line is that although the help programs are declared to be ultimately to help the citizens by saving jobs, individuals will actually be getting the much shorter end of the $20.5 billion. More could also be done to help ease their cashflow tightness, for example waiving or reducing GST on essential goods and services at least during these hard times or allow a small portion of a retrenched worker’s CPF savings to be withdrawn to tide him over while he seeks for new employment (and is the worker’s own money and not even a subsidy).

5) These are terrible times and most people can really need all the help they can get for living as well as meeting financial obligations. They are not confined to only owner-borrowers of HDB homes. How about affected private home owners and those who live in rented flats?

I can go on and on.

That’s why I think this pro-company help-budget falls short of being BEST because it under-performs for the individuals.

How can our leaders claimed they are saving jobs for Singaporeans by implementing Job Credit Program on the one hand and knowing more will be retrenched and jobless in the coming months and years??????

And as rightly and clearly enunciated by SIMPLE above and almost unanimously by others, JOB CREDIT PROGRAM hardly benefits workers.

May I suggest that our Leaders save the workers first so that when jobs become available, they are ever ready to fill the vacancies.
Can our leadership emulate the Taiwanese Leaders? Distribute cash or voucher to citizens/prs.
As for consumption drive, the fact is, there are more goods(stocks) in the too many shops than consumers(locals and tourists) in this tiny dot. And it is not cheap to consume in Singapore, such that even tourists will not spend much here and what with our poor customer services.

patriot

Ya it is sad that many Singaporeans have defaulted on their mortgage repayment even before the recession.

There may be many more that can’t pay up due to joblessness and other reasons.

By pricing HDB flats so high and in accordance with the prevailing resale prices around the area, SIngaporeans who pay $600 000 for their HDB resale flats are all in trouble.

Youn married couples all have to work doubly hard to pay off their debts. Many do not know that for the $2000 they pay monthly on their mortgages, at least $1200 goes to the bank pockets.

Even if you sell later on with a profit, they will deduct that $1200 X 60 months ($72000) provided you stay there for 5 years and then sell your house with a profit. If not, they will deduct from your CPF and many ended up losing their CPF money as interest repayment to the banks.

I sold a private house on par with the price that I bought 5 years ago. I was shocked to realise that after staying there for 5 years, my interest repayment was close to $130,000! My initial downpayment of around $140 000 was totally eaten up by the bank as interest payment. Good thing that my CPF was intact.

Many I heard have to repay the banks for the interest chalked up using their CPF money.

So do be careful if you take a big loan to buy a big house, you may end up with nothing in your CPF and work till you die in your old age.

Gilbert (#17),

Like I previously mentioned, it is bad economic idea for young married couples to buy HDB flat when they don’t have the income to. Worst-still, HDB’s practise of implementing salary cap to evaluate eligibility to purchase HDB flat is just an debt trap to keep Singaporeans who don’t have the necessary finance or income to buy a HDB flat in return for a meagre subsidy.

This subsidy should be a god-given right for every Singaporean regardless of financial status. Abolish the income cap. In this way, many Singaporeans’ finance are tied to their HDB and PAP can easily win their votes by enticing them with goodies that may boost the value of their HDB flats. This is indirect vote-buying using state instruments to create, manage and sustain a political monopoly.

I am looking for a flat now… already sold my flat… and was eligible to get almost half a million dollar loan from HDB for an executive flat… being careful, i apealed to get a smaller loan from HDB for a 4 or 5 room HDB flat but was rejected…

Seems like they want me to take a big loan from HDB… or go to a bank for a smaller loan for a smaller flat with higher interest… both not the best for me… any suggestions? dont want to be too much in debt especially in this economic situation… donno if i will have a job still tomorrow…

Given that its likely that recession will last for 1 to 2 more years,
what is gonna happen to the batches of fresh singaporean grads,
as well as the singaporeans who loaned above their means?
Will GST continue to rise?
Why Office Rentals not cut?
Why GST not cut? One guy on tv said if cut gst, WIS affected. I wonder is it that without GST, sg cannot afford to help the poor? So tight constraint? Now that the vault has been opened?

Seems like they want me to take a big loan from HDB… or go to a bank for a smaller loan for a smaller flat with higher interest… both not the best for me… – manKhan (#19)

That’s how PAP uses HDB as a political tool to trap Singaporeans to ensure that Singaporeans would have to vote HDB out of desperation or no choice.

Correction to #21: I mean vote PAP, not HDB.

imagined this scenerio
300,000 homeless persons
1st in unique rich singapoor….
soon squatters will be swarmin
trailers(lorry pickup) will be parkin without coupons
with a funnel on the rooftop
where real singapooriums are squattin insai cookin their udongs…

I have a question (raising my hand now).
When a singaporean LOANS a lot (subjective) of money, like 100K or more,
does this mean he is IN DEBT?

If YES,
tell me bluntly, friends,
how many singaporeans, so-called rich,
are IN DEBT?

I rest my case.

They milked a barren land until it was dry. Dubai is now learning its painful lessons copying us. But at least, they have black gold to back them up. We? We have plenty of foreign sweat . Brilliant. lol.

Take a good look at cars parked overnight at HDB carparks……
Spot the mercedes, occasional jaguars & lexus, and the mulitudes of all kinds of SUVs…. will the vehicles be re-possessed in this downturn?

HDB people are already very blessed …..budget can be more favourable of course…

but honestly what the heck of a difference to employees or unemployed or retirees ?
an average S$ 500 ang pow to last a year ? until the next handout? and yes, they have to dip into the reserves to balance it up of course – you do not expect donation or charity from the leaders’ pay packages.
CNY peanuts are at least delicious…..

Seah Chiang Nee said it well : http://www.littlespeck.com/content/careers/CTrendsCareers-090125.htm

Retirement – forget it!

If we think about it,
over the last 2 decades, how many crisis have we encountered?

If a person thinks that life is or will be rosey, and thinks future bright bright and makes a LOAN that he can only or intends to pay up in 20 or more years, i think he would have trouble paying the interests as we shall continue to experience many more recessions in future. This is a economy so dependent on the west and the world. Pray that as you grow older and more expensive in terms of salary, and more FTs come here, each year, younger than you they come here. Tell me how secure you will feel about your rice bowl in future? tick tock tick tock. One thing for sure, you will only get older. Companies prefer cheaper and younger. FT with no CPF is more competitive even before than they start working and competiting with you.

injoy!

Gilbert #17

/// Many do not know that for the $2000 they pay monthly on their mortgages, at least $1200 goes to the bank pockets. ///

Interesting – care to show the calculations as to how you derive at these numbers?

Recessions come so frequently.
We have seen so many. Each one bigger than the previous one.
As a economy that is so RELIANT and DEPENDENT the Export and the West like USA, its foreseeable that more recessions will come in the near future.

Given this, why are people still so greedy to own big flats or homes that they do not have the cash to buy? and choose to pay and pay INTERESTS to the banks?

Plain ignorance? Greed? both? society pressure? peer pressure? herd mentality?

If a person LOANS for 20 years or more, he would be paying and paying throughout all the future Recessions while they get older and OLDER competiting with young blokes and young FTs who do not ask for CPF.

Lets not ask for future trouble and LOAN so much from banks.
Cash is King.

aiyoyo

really dont know what happen to hdb prices? sky high!

how to afford? people like us (commoners)

can someone/ELITEs step forward & help the commoners???

aiyoyo

At a time like this, they are still talking about basic wage to increase by 1.5% this year. See here.

Worst part of the news is that; ‘Variable bonuses will still be given out, and the public sector may see the biggest bonuses — up to three months, or nearly twice the expected market average of 1.5 to 1.7 months.

Die, die must have reason to fill their pockets.

I am willing to forgo any increment or bonuses this year so that my neighbour could have a job to feed his family. Why set up all this unnecessary goal posts that will shift throughtout the year; and; at a time like this?

Another insensitive piece of news reporting.

For those curious on mu earlier post, I took out a bank loan of $350,000 payable over 25 years. My interest was hiked to 4.5% and never came down at all.

I paid around $2500 and a large part of it was siphoned to the bank as interest payment s my principal hardly moved.

I checked and found that after around 5.5 years of owing the bank, my initial downpayment of around $140,000 was totally gone when i sold the pte house on par with my purchase price 6 years ago.

Some of the cost includes legal fees and others.

I am not good in Maths and maybe someone can help me here?

I have now buy houses with what I have in the bank and CPF – no more loan for me – not even one dollar. I rather rent if possible which is what i am doing now.

/// 32) Gilbert Goh on January 30th, 2009 1.49 pm

For those curious on mu earlier post, I took out a bank loan of $350,000 payable over 25 years. My interest was hiked to 4.5% and never came down at all.

I paid around $2500 and a large part of it was siphoned to the bank as interest payment s my principal hardly moved. ///

Assuming monthly rest, monthly payment for $350,000 over 25 years at 4.5% should be $1,945.

I got a confusion :

Straits Times says : Expect 2% less pay

CNA says : Basic wages expected to rise by 1.5% this year

I think i need Mr Leong to clarify this doubt for me liao.

Sir, if you please.

Not only help with arrears, but also be fair to those already on some kind of welfare!

Did anyone read the news of a man who had housing because govt rented a house? He receives much LESSER “shares” (ERS??) than those in 5-room flat, and so is complaining (printed in Chinese papers a week ago). I’ve at a point (in the past) mentioned about this (in another TOC thread comment) that it is not fair for the govt to distribute “dough” based on a person’s residential property, especially if the property is not his/hers.

What other things can you see the govt improve? Spill!

I am again ashamed of what this “good” budget entails. Here are some thoughts, not necessarily linked:

1. In financial terms, it is absurb that during the good years, the returns and profits from investment of tax payers’ money are not shared. it is more absurd now with a significant amount of principal sum of investment eroded to dig into it. Obama and Brown simply borrowed and take advantage of the low interest rates now. One has the feel of “too little, too late” with this budget.

2. The issue of over supply or lower demand is not addressed. How do we as a nation, with an export oriented economy, deal with this shift. If microsoft, with no lack of profits, is announcing lowering production and hence reducing its work force, what are we doing about this? This has to be managed.

3. Safety net, what safety net? We desparately need safety net for people who are unemployed. Nothing has been put in place, and all the means testing and red tapes of getting miserable support is simply not acceptable!

4. We all know the govnement involvement in inflating the property prices, particularly the HDB sector, what are we doing to protect our property owners? I have not heard anything at all.

5. With all the previous experience of pre election sweetners and post election hikes, are we still buying their ideas?

6. Do we have a say in how the tax payers’ money is to be invested? For that matter, do we want to have influence over the government decision making? Bluntly the “we know best” mentality is offensive to me, to put it mildly. The series of ill-judged and bad decisions, evidence of not learning from past errors, oppressive rules against opposition, unjust rules, manipulated judiciary system, etc etc the list goes on and on. Do you want to show them that we have an option not to choose them? Sadly, we have not exercised this for far too long, but it is better late than never, to save our skins so to speak. Vote the arrogant bunch out of government.

32) Gilbert Goh on January 30th, 2009 1.49 pm

Hi Gilbert,

Are you the same Gilbert Goh KW whose article “Don’t be a slave to housing loan” appeared in the Sunday Times on 22 Oct 2006?

What happened to the monies from all the previous surpluses before this crisis?

37)liesbuster

Yes that was me…

Again I am unsure about the calculation part. I only knew I paid around $2500 monthly for my mortages and around $1200 was given for interest payment. How they calculated it i am unsure.

Why chartered semicon
cut 600 staff WORLD WIDE and!
of which 540 are from SINGAPURA?
This means 90% of Chartered’s GLOBAL retrenchment is from Singapura.

Is this the last resort?
Can this resort be the 1st and the last?
Why not wait for Job Credits?
It is helpful and effective right?

But if they take the credits and then still………..

oh oh!

Here,, you don’t own anything

1st – You rent HDB for 99 years
2nd – You rent private car from Government for 10 years, with rental agreement(COE)

42) moshetoc on Your comment is awaiting moderation. January 31st, 2009 10.10 am [i]Karup on January 30th, 2009 11.16 pm Why chartered semicon
cut 600 staff WORLD WIDE and!
of which 540 are from SINGAPURA?
This means 90% of Chartered’s GLOBAL retrenchment is from Singapura.[/i]
who owned and run
charter semicon?
the same IDIOT
who bought $3.8billion$ of worthless share$ in thailand

did you peeps know
the husband
who implement GST@7%
did try to discuss in parliament
to waive GST on semiconductors plants in singapore
just to fight the koreans?
and how many semicon industry is owned by singaporean in singapore?

@36! Good observations man! Taking down notes! lol

@42! “T”did you peeps know
the husband
who implement GST@7%
did try to discuss in parliament
to waive GST on semiconductors plants in singapore
just to fight the koreans?
and how many semicon industry is owned by singaporean in singapore?”

Thanks for info! What’s the name of the guy who tried to talk “off” this gst? GST was so hype (too HYPE!) that it took months of talk before it was implemented. Almost everyone knew back then that there wasn’t much use of talking, the GST was already decided whether or not Singaporeans like it.

‘It’s good to have a cause but the cause that is irrelevant to the country is as good as a blog that writes things no one wants to read!’

@41 FULLY AGREE! Especially also not when you have not paid up all mortgage loans! >,<

@38) Tan Soon Whatt: What happened to the monies from all the previous surpluses before this crisis?

Used up??

huh, best for who?

the budget is always best for MNCs and the govt, what?

people will still get sacked (read the ministers’ lips: “minimize” job losses; but what is minimal job losses?) and then what will they get? lots of red tape to go through before they can get assistance.

For this so-called Best Budget,
may i know is civil service bonuses taken out of this budget?
wow, they getting 2.1 to 2.9 months or thereabouts wor.
still so much during the mother of all recessions?
could someone comfom for me? thanks TOC!

Wow, TOC received SO MANY questions in this comment thread.
Could someone from REACH reply here?
Or cut-n-paste there and then send a link to the answers?
I mean , the questions are snowballing. not a good sign.

regards
Me, Mui Mui lah

To Mr Leong SH.

Is it the “Best Budget” ever? I don’t think so. Because many of the fundamental requirements are not met. Moreover, it is a reactive rather than a proactive budget, unlike that of the US, China, and other countries.

You mean to say, Mr Leong, that it is the most expensive budget, is it?
Or perhaps you are trying to praise/please them?

This Budget is so best i wanna cry with tears of joy.
It has spurs where courses are offered but not free.
not free means eg. some short courses require you to still pay over a thousand for a day or few days course, even with subsidy. some have cert some not.
This is gold mine for course providers.
They must be so glad for the budget.
train and train, upgrade and upgrade. then job found lah.
miracle.

Errata : some short courses require you to still pay over a thousand for a day or few days course, even with subsidy

Should be : some short courses require you to still pay over a thousand for several days course, even with subsidy.

Errata : some short courses require you to still pay over a thousand for a day or few days course, even with subsidy

Should be : some short courses require you to still pay over a thousand.

#33 & Gilbert.

Not sure about bank loan. My is HDB loan but b’cos not first nor second timer so my interest is market rate 3.86%. If interest go up, my rate goes too but if it comes down, its none of my business.

#33 don’t know how is Gilbert’s calculation but I know that my monthly instalment for a $126,600/- 25 year loan works out to $626 deduct from my CPF. Out of $626, the interest portion is $400 plus per month. Which means I pay only $200 plus for my principal amount and double of that for my interest. So for one house you purchase, if you take a loan you are actually equal to someone who buy 2 houses without loan. That’s how it works out. Illegal loan sharks? I guess I can’t deny that. What’s more, I had a misunderstanding that the housing grant was a cash deposit given to pay our house but I was wrong. It’s fund borrowed from CPF and upon selling my flat, I had to pay back CPF board the grant + accrued interest !

Get real HDB is now no longer subsidised housing. Those were my parent’s days when HDB only caused them $6900 for a 3 room (1971 price). My dad is now 84. Those days many are simple minded. They cannot afford to buy and so they rented from HDB. So even if the price is high there are not many buyers and thus not an advantage to a business minded company like HDB to sell even if they want to do so.

But then times have changed and many wants to “own” their own flat. So what better way to make the most money than jerking up the price and let us buy them by paying a high interest for it. Now HDB its just another speculative property like all private housing. Just think some are even willing to pay $850,000 to buy a 5 room HDB, an amount which you can use for buying a private condo with a swimming pool! Yes no doubt you pay monthly maintenance fee but don’t we all HDB dwellers do that? Our carpark is $95 for MCP with lift. Our 5 room conservancy is $60 which makes it $155. So condos only charge $135/- per month for maintenance and their cleaners daily keep your corridor spit and spank. What’s more if you look at the HDB title deeds, we are not “owners”, we are only “lessees”.

You ask my why don’t I lift in a condo then. I also want if I had $850,000/- like that person!

“Could someone from REACH reply here?” – Hong Mui Hoong.

You mean the toothbrush?

#53 @YH “You ask my why don’t I lift in a condo then. I also want if I had $850,000/- like that person!”

Most self-made millionaires do not live beyond their means. That is what seperates them from non self-made millionaires. (Heck – I am not a millionaire!)

aiyoyo

think we need a lot a lot of $ to survive.

a lot a lot of interest go to hdb.

aiyoyo

With interest only mortgages,yr initial monthly payments to yr bank are just interest. You don’t pay off any of the capital at all during the interest only period. it is not a recommended route as you may find yrself paying back yr

home loan until the day you die.

So, A Principal & interest mortgage is the surest and safest way to pay off

a home loan !

P.S. Was talking abt those above 65 and getting their CPF monies loh.