New rules on buying homes using CPF or HDB housing loans will be introduced, that will focus on whether the remaining lease of the property can cover the buyer until at least age 95. This was announced on Thursday (May 9) by the Ministry of National Development (MND) and Ministry of Manpower (MOM). The changes, which apply to the purchase of HDB flats, private properties and executive condominiums,...
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...
The Housing and Development Board (HDB) approved 200,000 applications for an HDB Loan Eligibility letter between 2012 and 2015 and of these, one in five, or 40,000, appealed for a larger housing loan. Appellants generally asked for a larger loan so they could widen their flat choices, without specifying a loan quantum, Minister for National Development Lawrence Wong said in a written parliamentary...
The Housing and Developmental Board (HDB) may grant a third housing loan to home owners - but only in exceptional instances, and at the market rate, said Minister for National Development Khaw Boon Wan on Tuesday (Jan 21). In a Parliamentary question, MP Zainal Sapari had asked about HDB’s rationale for imposing a higher interest rate for home owners who take a third housing loan. In response, Mr Khaw...
DESPITE the current global economic downturn, home buyers today are still spoilt for choice when it comes to taking a loan from financial institutions here. Since January 2003, buyers of Housing and Development Board (HDB) flats no longer have to take a loan from the Government-backed provider of more than 82 per cent of Singapore's homes. And since then, the HDB has stopped giving out what it terms...
Three years ago, Mr Gurdev Singh was working in a security firm for a monthly pay of $1,200. The divorcee with a son, had just started dating. He and his girlfriend were thinking of starting a family, so he bought a flat. "Six months later, we broke off. I tried ways to keep the 5-room flat. I tried my very best until I couldn't make it," he recalled. Mr Singh negotiated with the Housing Development...
The Housing and Development Board (HDB) will continue to keep tabs on flat owners who default on their HDB mortgage payments. It stressed that long term measures to help these owners manage their mortgage payment is the best solution, and that compulsory acquisition of the flat is a last resort. As of October 2008, some 33,000 flat owners owed HDB arrears of three months or more. They make up less than 8...
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