Appeals for HDB Concessionary Loans and Recourse for Homebuyers Ineligible for Bank Loan

Mr Chua Kheng Wee Louis asked the Minister for National Development (a) in the past five years, what is the number of appeals for a HDB concessionary loan and, of these, what is the number of successful appeals; and (b) what recourse is available to would-be HDB flat purchasers who require financing to purchase a home but are ineligible for a commercial bank loan.

Flat buyers who need a housing loan can apply for one from either the financial institutions or the Housing and Development Board (HDB). In the last five years, HDB granted about 265,000 housing loans. Over the same period, HDB also received 14,000 appeals for a housing loan, of which, one in five was successful. The majority of rejected appeals did not meet the eligibility conditions to apply for an HDB loan, such as those that have exceeded the income ceiling or had already taken two HDB housing loans in the past.