HDB will be flexible with third HDB loan: Lawrence Wong

The Housing and Development Board (HDB) will be flexible in assisting households with a third HDB housing loan, but this will be on a case-by-case basis and typically for households that need urgent assistance but cannot secure mortgage financing from banks, said National Development Minister Lawrence Wong.

In Parliament on Monday (Mar 14), Mr Wong qualified by saying that these households must have sufficient savings and steady incomes to service the loans.

Last year, HDB provided a third loan to about 900 households. About 75 per cent of these loans are on a non-concessionary basis – meaning market rates – and 25 per cent are concessionary loans, he said.

“As I said, HDB would want to assist applicants to buy a home. But HDB is also wary of people, or families, who overstretch themselves, and end up with more debt. I don’t think we want that to happen just for the pursuit of buying a home.”

Source : Channel NewsAsia – 14 Mar 2016

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