National Development Minister Khaw Boon Wan said given the financial climate, Singaporeans need to be prudent.
In buying houses, for an example, he said Singaporeans should buy within their means.
"There're now some gimmicks coming along, some banks offering 50 years' (loan) so please don't fall for that. It doesn't make sense.
"If you want to immediately come out from school and want to get a five-room flat and think that a 50-year loan will help you achieve that, I don't think that is very wise," Mr Khaw said.
On the number of people opting for the 50-year loan, Mr Khaw said it's a "good sign" that only very few have done so, as it indicates Singaporeans know the importance of prudence.
On housing matters, he added that he's quite happy with the progress made over the past one year.
He said first-time home buyers are now able to apply for a Build-to-Order (BTO) flat in a non-mature estate with relative ease.
"So now this year, I'll be focusing on second-timers (home buyers) and improve their chances so the recent BTO I'm looking at the subscription rates day by day and it's quite healthy, but we will press on to build more to satisfy Singaporeans' demand to catch up on the deficit in the last few years," he said.
Mr Khaw was speaking at the launch of a new resident patrol week in Sembawang GRC, which was held in conjunction with the area's National Day Observance Ceremony.
Comprising more than 230 volunteers, the team goes around on their bikes to spread fire safety messages.
Sembawang GRC has one of the highest rates of public residential fires.
But with efforts targeting the problem, such incidents have slipped to 74 - from 80 in the previous quarter.
On a national scale, more than 800 public residential fires were reported from January to March this year.
This is about 60 cases more than last quarter.
In buying houses, for an example, he said Singaporeans should buy within their means.
"There're now some gimmicks coming along, some banks offering 50 years' (loan) so please don't fall for that. It doesn't make sense.
"If you want to immediately come out from school and want to get a five-room flat and think that a 50-year loan will help you achieve that, I don't think that is very wise," Mr Khaw said.
On the number of people opting for the 50-year loan, Mr Khaw said it's a "good sign" that only very few have done so, as it indicates Singaporeans know the importance of prudence.
On housing matters, he added that he's quite happy with the progress made over the past one year.
He said first-time home buyers are now able to apply for a Build-to-Order (BTO) flat in a non-mature estate with relative ease.
"So now this year, I'll be focusing on second-timers (home buyers) and improve their chances so the recent BTO I'm looking at the subscription rates day by day and it's quite healthy, but we will press on to build more to satisfy Singaporeans' demand to catch up on the deficit in the last few years," he said.
Mr Khaw was speaking at the launch of a new resident patrol week in Sembawang GRC, which was held in conjunction with the area's National Day Observance Ceremony.
Comprising more than 230 volunteers, the team goes around on their bikes to spread fire safety messages.
Sembawang GRC has one of the highest rates of public residential fires.
But with efforts targeting the problem, such incidents have slipped to 74 - from 80 in the previous quarter.
On a national scale, more than 800 public residential fires were reported from January to March this year.
This is about 60 cases more than last quarter.
