1.350 HDB flats repossesed since 2005, 6,500 in arrears
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Posted in Salary.sg
http://www.salary.sg/2009/1350-hdb-flats-returned-since-2005/News reported in Berita Harian today.
http://cyberita.asia1.com.sg/singapu...141062,00.htmlQuestion: Why there is no yearly breakdown of HDB flats being repossessed?
Here is the English translation:
A total of 1,350 HDB flats have to be returned to HDB since 2005 following the failure of the owners to service their mortgage installments.
In fact, currently there are around 6,500 families in arrears of between two to four years.
Last year, HDB officials have had more than 60,000 visits to the units of those that failed to pay and conducted more than 35,000 interview sessions and counselling for the said problem.
Therefore, house owners which are in arrears are advise to meet up with HDB immediately, urged the Parliamentary Secretary (National Development), Dr. Mohamad Maliki Osman.
Dr. Maliki said that those affected should not delay in seeking help so that the problem does not become worse.
“We understand their predicament and are concerned because this situation depends on how long the recession will last,” said Dr Maliki when being interviewed in his office by Berita Harian recently.
“If they are able to justify the problems faced, for instance, unemployment, this issue can be resolved”.
“The challenge is if the difficulty they face is long termed, they will be having bigger problems, like negative equity,” said Dr Maliki.
Negative equity is the situation where the valuation of the flat is lower than the mortgage that was took out on the property.
If the owner sells the flat in negative equity, they will still be left in the problem of owing HDB.
What is of more concern is when the affected group kept quiet and refused to negotiate with HDB on the way to settle the mortgate, and subsequently served the Compulsory Acquisition (CA) - marking their flats for repossession.
Berita Harian was informed that if the owner was served the CA, they might be given a notice period of one month only to move out. The owner would also have to bear additional cost, including lawyer charges.
Valuation on the affected property will be made and HDB will compensate the owner up to 90 percent of the property.
To prevent this, Dr Maliki said that a few steps can be taken.
Firstly, the owner can appeal to HDB to reduce the monthly installment temporarily, at the same time, preventing the property from being sold-off or reposessed.
Secondly, the husband and wife needs to be committed to find jobs that can sustain the increasing household expenses.
Thirdly, if they need to sell the property, or of it was reposessed, they should arrange with their immediate family for a place to stay temporarily, until they find a smaller flat to move in to.
“The most important message here is that as a house owner, one should be prudent in planning the purchase in accordance to one’s ability”
“We are organizing buying and selling seminars, and ensuring that our housing agents are qualified and trained, so that buyers are well advised,” said Dr Maliki.
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HDB flats are so expensive these days.
$500,000 or more.
Pay and pay until you are 50 years old and then find you have nothing left for retirement.
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Originally posted by charlize:
HDB flats are so expensive these days.
$500,000 or more.
Pay and pay until you are 50 years old and then find you have nothing left for retirement.
Dun worry... alot of guy will not be able to retire at 50+.... Have to work till 90+ or untill u die. No retirement... -
Wah! This is a national shame, man!
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The best thing is you don't OWN it, It is just leased to you for 99 years. When you are long dead and you grandchildren are as old as fuck, they dont own the property anymore
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so how?
lion noisy..
come
come comment on this.
see what your idol do to us.
25 years of loan.
u at least need to pay 1k a month for fuking 25 years.
what about daily expenses? just paying the government will be 2k a month for 25 year.
2k gone just for things we NEED..
those poor old folks can't even stay at a nice place. have to give way for fuking depots to build condo.
welcome to singapore.
When you work till retirement. you will have to go to penang Old Folks homeeven when u die. your kids have to pay every year for mainteance fees..
so you better work till you die to feed our fucking minister ass paper made of $50 dollar notes.
and that lhl bastard must be laughing at every speech...
and you better not get sick.
you hospital bills is more then a plane ticket trip to hawaii
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most people either have a flat but no money or have money but nowhere to stay.
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Originally posted by Man!x:
The best thing is you don't OWN it, It is just leased to you for 99 years. When you are long dead and you grandchildren are as old as fuck, they dont own the property anymore
Shhh.
Don't tell people it's half a million for a 99 year lease only.
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Time to revert to kampung style living again.
That's where they chased us out from.. and that's where we shall return.
Pulau Ubin anyone ? Corny Island ? ...
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Right, let the cursed despot with a zombie wife and a dishonorable character, destroy the country with his gambling addiction ... I just watch and laugh.....
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Originally posted by jojobeach:
Time to revert to kampung style living again.
That's where they chased us out from.. and that's where we shall return.
Pulau Ubin anyone ? Corny Island ? ...
No no!!! Cannot, i will loose all my fashion stuffs, my jean will become just straight sarong and my top will be just those cheongsam eeeeeeee....i dun want to go back to kampong life, there is nothing to do except play ping pong and swing on pong pong trees. -
Originally posted by AndrewPKYap:
Right, let the cursed despot with a zombie wife and a dishonorable character, destroy the country with his gambling addiction ... I just watch and laugh.....
Aiya, Uncle, what does HDB got to do with despot and zombie??? you ar?? -
Dun worry, HDB now got the buy back lease term, you can buy back your leasing by 30 years if you think you dun live so long, so, not only you are able to clear your loan, you will get a sum of money which will be pay in monthly installment into your bank. Very good hor, no need to serve the loan and yet now the govt paid you monthly..OLE OLE OLE OLE OLE OLE OLE OLE to PAP!!
And please hor, dear HDB dwellers, dun think you are owners of HDB flat hor, HDB is only leasing out to you for 99 years, after that please return hor...in Singapore, you must understand, nothing is yours, unless freehold like mine. Free it might be, but the holding is a bit difficult.
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I do believe HDB can take back your flat if you break some laws.
Like being convicted for killer litter or something like that.
Like flower pots hanging from your place falling and causing death.
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Can the government do something about the price of the flats? It seem to inflate year after year.
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Originally posted by TooFree:
Can the government do something about the price of the flats? It seem to inflate year after year.
They will tell you that it is the market deciding the price if it is going up.
But apparently if people buy a HDB flat below valuation, HDB will query the buyer/seller.
Go figure.
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Originally posted by TooFree:
Can the government do something about the price of the flats? It seem to inflate year after year.
Build more flats the price may drop, but there a limited of land and the fast growing population...... -
Originally posted by poker69:
Build more flats the price may drop, but there a limited of land and the fast growing population......This artifical propping up of the property price via increasing the population through foreign influx is a bubble waiting to burst.
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So.. where these people who lost their flat's gonna live ?
More tents on Changi beach ?
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HDB to expensive??? then vote for the other party lor.. tell them to pull the management of the current HDB down haha...
our currently goverment suck... they are useless... asking us to pay for they big fat pay to go oversea to learn to cook... dam useless group...
that why they kana burn... haha...
But of all the bad thing they did the have some good point... SINGAPORE IS very save place to live in :P
googoomuck i love this....
Wah! This is a national shame, man!
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despot and zombie???
Few decade ago some guy say stop building three room flat
Few year ago some guy say the building will be higher & not smaller
Now we got new three room flat so is tat bigger?
When will the two room & one room coming?
Very hard to follow ley change & change
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i guess this isnt reported in our propaganda media aye
Its funny how we have to turn to translation from other media for objective information
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Originally posted by ulquiorra87:
i guess this isnt reported in our propaganda media aye
Its funny how we have to turn to translation from other media for objective information
Pretty much gave up on local media having any accuracy with local news. I think they do a better job reporting foreign news. -
Originally posted by poker69:
Few decade ago some guy say stop building three room flat
Few year ago some guy say the building will be higher & not smaller
Now we got new three room flat so is tat bigger?
When will the two room & one room coming?
Very hard to follow ley change & change
Nothing remain constant, things change, people change all the time.
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Originally posted by jojobeach:
So.. where these people who lost their flat's gonna live ?
More tents on Changi beach ?
a...oh, they can rent a flat, buy a big MPV car to use as home and also can go around, just sleep inside at night, or as you said, built tents at ECP, west coast or Changi.