Housing Debt

According to the Dep Perm Sec of the Ministry of Development, there is a $15 million outstanding loans for the National Housing Scheme and Skim Tanah Kurnia Rakyat Jati, and this if repaid can help build an additional 100 houses of class E plus infrastructure (see here). In other countries, housing loan arrears can result in homelessness (i.e you'll be kicked out of the house!) but NOT in Brunei.

*Tsk*tsk* Shame on You! Ungrateful Bruneians..!

But then I said to myself, $15 million? Only?! The last I checked, Brunei’s GDP was $15.9 billion in 2005. If you think about it, that’s only about 0.09 per cent! As much as I want to condemn this act or irresponsibility, I am sure there are many cases of genuine inability to pay. In the spirit of eradicating poverty in Brunei, what is the possibility of writing-off some of those debts? Especially to the poor, actually ONLY to the poor.

At this stage, I’m sure some of you would say “NO Can Do!” because that’s what my husband just said : ). I do, of course share his fear that the moment you give something ‘free to the poor’ then everyone will claim that he/she is poor. But then I said, I can also claim I am the Queen of Sheba and I am sure no one would believe me unless I can produce some evidence. So, for a person to claim he/she is poor, he/she needs to produce the evidence including declaring his/her lack of wealth and property.

Now, you ask, what about those who have children who can bail out their parents? You see, I think we assume too much. I ask, what makes we think that the children are willing and able to do just that? And for this reason, I believe we must have a system that ensures that the payment of the house is the sole responsibility of the buyer (i.e. NOT his children Nor his guarantors).

OK, what I’m trying to say is that Brunei needs to review its housing schemes. I think we simply cannot have a “one shoe, fits all” policy. Clearly, those who are unfortunate and less-able should have a different set of terms and conditions and prices. On the other hand, we need to tighten the conditions to those who are able, ensuring that they WILL pay (including a mandatory insurance that covers death).

Nevertheless, at the end of the day I cannot help but think that it is actually up to the individual to uphold his/her responsibility. At this stage however, I am really sorry that Brunei is unfortunate to have many irresponsible, dishonest and selfish people.

Salaam.