Interest only loan? Another money making scheme.

Just today I read the newspaper talking about a certain bank launching a product that will allow you to only pay the interest of the housing loan, without paying back the principal. It even says that this product is suitable for this climate.

However, has the writer ever considered, if you keep paying only the interest of the loan, but not the princpial, doesn't that mean you'll be forever paying the bank that amount for the rest of your life?

Do take note that now in Singapore, and maybe even in the rest of the world, there's no such thing as an iron rice bowl. This current crisis spawned out due to the lax regulation on the housing sector.

In fact, I'm surprised that such a product was approved in Singapore. If I'm allowed to offer such a product, I will do it in the blink of an eye. I get free income for the rest of my life, and they will forever be indebted to me.

Why not?