Wednesday, November 10, 2010

New House Loan Scheme from Government

I really cannot understand why those politician want to keep on discussing about the house loan issue and want to increase the house loan to RM 300,000 or RM 350,000 with 100% loan for the income group below RM 3,000. (current proposal is RM 220,000 house loan with 100% loan)

Are they aware of the burden and the problem of this?
By borrowing house loan RM 220,000 with interest 5% and loan tenure 30 years. Those borrowers need to pay monthly payment RM 1,181, which is 40% of their salary already.

What if they increase the houseloan to RM 300,000 or RM 350,000? The borrowers need to pay RM 1,610 (54% of the income) and RM 1,879 (63% of the income) respectively!!

Do you think in this income group people manage to pay the loan? What if BLR suddenly raise up?
They are going to end up to bankrupt! This is not a help, this only will create social issue and finance issue.
If the worst come, then it will end up like what happend in US subprime mortgage crisis!!

We need a better solution and a better representive in our parlimen~

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