You see, on 15 June 2007, MoneySENSE and the Association of Banks in Singapore (ABS) jointly launched the guide “About Home Loans – Key Questions to Ask the Bank Before Taking a Home Loan” to educate home buyers on the various types of home loans available in the market and to prompt them to ask the bank the relevant questions before committing to a home loan.
When I read the on-line guide, I was surprised to see the word "tenor" being used not once or twice but a grand total of 34 times in phrases such as
"tenors" (3 of them - Luciano Pavarotti/Placido Domingo/Jose Carreras?)
"shorter tenor" (Jose Carreras?)
"longer tenor" (Tough fight between Luciano Pavarotti and Placido Domingo?)
The 34 "tenors" are also mentioned in the PDF version of the guide
I quickly checked my on-line dictionary for the meanings of the words "tenor" and "tenure":
I don't think that the two words can be used interchangeably like the American/English spellings for "flavor/flavour" or "honor/honour". The key question that I would like to ask the bank is, "How can they make a mistake like that?" While they are at it, maybe they can consider changing "base interest rate" to "bass interest rate" and "bank" to "band" as well?
Oh yes, I visited no less than 5 different banks in the past few days and all of them could not give me a hardcopy of the said pamphlet. Isn't it supposed to be freely available? Now is that yet another mistake? Or have all the pamphlets been recalled for correction of the glaring mistake?
This is certainly a loan that makes you moan and groan. And it's not only because of the high interest rate that it is charging.