HDB will look at those affected by policy changes on case-by-case basis

The Housing and Development Board (HDB) has said it will look at requests of those affected by the new changes to resale flat applications on a case-by-case basis.

It was referring to those who have exercised the Option to Purchase a resale flat and secured a bank loan before August 30, but have not submitted their resale applications to HDB when the policy changes were announced.

HDB added that those affected can write in and produce their supporting documents.

It added that it has received about 4,000 enquiries and about 100 appeals related to the policy changes announced on August 30. That is about 50 per cent more calls than usual.

Anti-speculative measures introduced on August 30 include requiring home buyers with at least one mortgage to pay more cash upfront when buying their next property.

The minimum cash payment has been doubled from five to ten per cent of the home’s valuation, while the maximum bank loan amount has been reduced from 80 to 70 per cent.

As for HDB flats, measures included increasing the minimum occupation period for non-subsidised flats to 5 years.

In addition, home owners can no longer own both private property and an HDB flat at the same time during the minimum occupation period. Those who buy a non-subsidised HDB flat must sell off their private property within six months.

Similarly, home owners of non-subsidised HDB flats will not be allowed to own private property before the minimum occupation period is up.

Source : Channel NewsAsia – 3 Sep 2010

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