Source : Business Times - 6 Feb 2009
The Housing Development Board (HDB) will step up its supply of new small flats to facilitate the process of distressed homeowners seeking downgrades.
Minister for National Development Mah Bow Tan said the HDB will launch 2,000 new small flats per year for 2009 and 2010 and 1,400 flats (studio apartments, two-room, three-room) in the first half of this year.
Some MPs have urged the HDB to faciliate the process of timely downgrading for those who genuinely need to do so to alleviate their financial woes and the government to provide more assistance for distressed homeowners.
Mr Mah told Parliament that HDB will provide distressed homeowners with additional loans to buy a smaller flat, but this is not a deviation from the usual policy of not offering a ‘downgrading loan’ as downgraders should have the cash from the sale of their previous house to buy a new flat.
HDB will also help those who are in financial woes source for suitable flats and if need be, buy directly in the open market and sell it to them so that they do not have to pay any cash-over-valuation. For those who cannot afford a smaller flat despite the help, HDB will consider renting a flat to them, Mr Mah said.
There is also an existing short-term assistance measure by HDB which provides temporary reduction or even deferment of loan repayment by up to six months for distressed homeowners. This gives them time to make adjustments to their lifestyle and make longer-term considerations.
1 comment:
I’m Charles David by name, i want to use this medium to alert all loan seekers to be very careful because there are scam everywhere, Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Dr Purva Pius ( A God fearing man) who lend me a loan of $237,000 under 72 working hours without any stress. I explain to the company by mail and all they told me was to cry no more because i will get my loan from this company and also i have made the right choice of contacting them i filled the loan application form and proceeded with all that was requested of me and to my shock I was given the loan, If you are in need of any kind of loan just contact him now via: {urgentloan22@gmail.com}
Post a Comment