1,312 households granted more than 2 HDB loans between Jan 2013 and Jun 2014

Between January 2013 and June 2014, a total of 1,312 households were granted an HDB loan, even though they had already taken two HDB loans previously.

They were among the 25,000 households who were granted mortgage loans during that period. The National Development Ministry said households who were granted more than two loans are exceptions to the rule, and HDB evaluates such requests on a case-by-case basis.

It said these are typically flat buyers who have a steady income and are in urgent need of housing but are unable to secure financing from the banks due to poor credit records.

The ministry said this in a written response to MP for Hougang Png Eng Huat, who asked how many flat owners had taken more than two loans from HDB and what was the qualifying criteria for such loans.

Source : Channel NewsAsia – 7 Oct 2014

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