Over 1,800 HDB owners downgrade to smaller flats with second concessionary loan

More than 1,800 people have taken advantage of the Housing and Development Board’s (HDB) second concessionary loan to downgrade to a smaller flat since the rules were relaxed two months ago.

The HDB has received more than 4,000 applications for second concessionary loan.

So far, about 1,800 applicants were successful.

About a quarter of applications were rejected, while the rest are still being processed.

Previously, only households that are upgrading to a bigger flat type are eligible to apply for a second concessionary loan from HDB.

Source : Channel NewsAsia – 7 May 2010

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