Second concessionary loan to help people manage mortgage obligations

Senior Minister of State for the Ministry of National Development & Ministry of Education Grace Fu said the recent announcement to extend a second loan to more HDB flat buyers is to help manage their mortgage obligations and not to encourage property speculation.

“The objective of allowing a second loan regardless of whether it’s upgrade or downgrading, it’s really to allow some families to make adjustments to their mortgage plan,” she said.

“We recognise that some families may go through changes in their lives or in their jobs or the career, that will require them to find a permanent solution in reducing their mortgage obligations. So, the second loan is to allow them to do that.”

The minister was attending celebrations to mark International Women’s Day at Yuhua Community Club Sunday afternoon.

The event saw various activities lined up, from health checks to a cooking competition.

Source : Channel NewsAsia – 7 Mar 2010

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