Appeals for Lease Buyback Scheme from Persons who Have Not Yet Fully Paid Up Housing Loan

Debated in Parliament on 3 Sep 2019.

Summary written by AI (learn more)

Gan Thiam Poh asked about the number of appeals from HDB flat owners who have not fully paid their housing loan but wish to apply for the Lease Buyback Scheme, how many were granted on compassionate grounds, and whether the rule will change.
Lawrence Wong explained that the scheme initially required an outstanding mortgage of no more than $5,000, but this was relaxed in February 2013 to allow those with larger loans, provided the lease sale proceeds can fully discharge the loan.
The discussion highlights concerns about financial hardship and eligibility rules for the Lease Buyback Scheme.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Mr Gan Thiam Poh asked the Minister for National Development (a) since the introduction of the Lease Buyback Scheme, how many appeals have been received from HDB flat owners who wish to apply for the scheme but have yet to fully pay up for the housing loan due to financial hardship; (b) how many of such appeals have been granted on compassionate grounds; and (c) whether the Ministry will change the rule for such applicants.

Lawrence Wong

When the Lease Buyback Scheme (LBS) was first introduced in March 2009, HDB flat owners had to have an outstanding mortgage loan of no more than $5,000 to be eligible.

Since February 2013, we have relaxed this requirement and allowed flat owners with outstanding mortgage loans of more than $5,000 to take up the LBS, as long as the proceeds from the lease sale is sufficient to fully discharge the loan.

Summary written by AI (learn more)

Gan Thiam Poh asked about the number of appeals from HDB flat owners who have not fully paid their housing loan but wish to apply for the Lease Buyback Scheme, how many were granted on compassionate grounds, and whether the rule will change.
Lawrence Wong explained that the scheme initially required an outstanding mortgage of no more than $5,000, but this was relaxed in February 2013 to allow those with larger loans, provided the lease sale proceeds can fully discharge the loan.
The discussion highlights concerns about financial hardship and eligibility rules for the Lease Buyback Scheme.

Questions identified by AI (learn more)

Appeals for Lease Buyback Scheme from Persons who Have Not Yet Fully Paid Up Housing Loan | PAPERCUTS

Appeals for Lease Buyback Scheme from Persons who Have Not Yet Fully Paid Up Housing Loan

Debated in Parliament on 3 Sep 2019.

Summary written by AI (learn more)

Gan Thiam Poh asked about the number of appeals from HDB flat owners who have not fully paid their housing loan but wish to apply for the Lease Buyback Scheme, how many were granted on compassionate grounds, and whether the rule will change.
Lawrence Wong explained that the scheme initially required an outstanding mortgage of no more than $5,000, but this was relaxed in February 2013 to allow those with larger loans, provided the lease sale proceeds can fully discharge the loan.
The discussion highlights concerns about financial hardship and eligibility rules for the Lease Buyback Scheme.

Questions identified by AI (learn more)

Full Transcript

Gan Thiam Poh

Lawrence Wong

When the Lease Buyback Scheme (LBS) was first introduced in March 2009, HDB flat owners had to have an outstanding mortgage loan of no more than $5,000 to be eligible.

Summary written by AI (learn more)

Gan Thiam Poh asked about the number of appeals from HDB flat owners who have not fully paid their housing loan but wish to apply for the Lease Buyback Scheme, how many were granted on compassionate grounds, and whether the rule will change.
Lawrence Wong explained that the scheme initially required an outstanding mortgage of no more than $5,000, but this was relaxed in February 2013 to allow those with larger loans, provided the lease sale proceeds can fully discharge the loan.
The discussion highlights concerns about financial hardship and eligibility rules for the Lease Buyback Scheme.

Questions identified by AI (learn more)

Appeals for Lease Buyback Scheme from Persons who Have Not Yet Fully Paid Up Housing Loan

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Lawrence Wong

Summary

Questions Identified

Appeals for Lease Buyback Scheme from Persons who Have Not Yet Fully Paid Up Housing Loan

Summary

Questions Identified

Full Transcript

Gan Thiam Poh

Lawrence Wong

Summary

Questions Identified