I came across a blogger in The Finance SG and felt compelled to blog down my thoughts. Apparently this blogger and his girlfiriend had purchased a 5-room HDB BTO flat but had difficulty forking out $4000 cash for the balance downpayment. He is still a full-time student and has no income.
Lack of integrity
After reading his article, I can only said this blogger has no integrity at all. He bragged that he managed to fool the HDB into delaying the signing of the agreement lease for many times. This is because he don’t have the cash to pay the balance downpayment and has to depend on his girlfriend’s year end bonus and use her CPF savings to pay for it.
To me, this fellow don’t deserve the flat at all. Obviously he don’t have the financial capability to afford the flat, so HDB should have given the flat to more deserving applicants. In fact, I wondered aloud how in the bloody world did his Housing Loan Eligibility got approved? The couple’s monthly income is only $2400 and this guy is still studying. Either HDB is not doing their due diligence or this blogger is telling half truth.
Self-denial and overestimation of ability
One of the blogger’s readers pointed out that if he cannot even afford $4000, he has no business buying such a huge flat. Of course he denied and claimed he can afford it. To me, this blogger don’t know what he is doing. We Chinese has a saying that goes “If you don’t have such big head, don’t wear such big hat”. It is good to have dreams and goals in life. But it is not okay to overestimate your abilities and overstretch yourselves. Furthermore, this fellow has no job, no income. Even if he managed to secure a job and has an income for the monthly housing instalment, he still have to plan for wedding costs and etc. Its not simple as he thought.
Towards the path of bankruptcy
I have seen too many couples splitting up before collecting their new house keys. Many of them had their CPF monies forfeited by HDB. I can see this happening to this blogger too. I mean if I were his girlfriend, I would have looked down on him too. Cannot even fork out $4000 cash and has to leech on her CPF savings. It is not a sin to be poor. I came from a poor family too. But you should be realistic and buy an affordable house and live within your means. Given his lousy financial planning, how to have a decent wedding for his girlfriend?
Judging from his past article, this blogger is no saint. He tried to game the bursary system before. And now he tried to beat the housing system for his selfish gains. So I hope his girlfriend will leave him for good. Teach him a good lesson in life and let him realise his mistakes.
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