[h=1]SOME FAMILIES MAY BE ABLE TO RE-BUY THE LEASES SOLD TO HDB UNDER LEASE BUYBACK SCHEME[/h]
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7 Oct 2014 - 4:20pm
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Responding to a question in parliament today about the lease buyback scheme (LBS) National Development Minister Khaw Boon Wan explained that children of seniors who participated in the LBS may be able re-buy the full lease from HDB after their parents die.
The Lease buyback scheme allows seniors who are over the age of 63 to sell back part of their lease to HDB, retaining 30 years and receiving money for the portion of the lease sold to HDB.
The scheme is meant as a way for elderly residents to monetise their flats.
MP for Aljunied GRC, Chen Show Mao, had asked Khaw if the family members of those who participate in the lease buyback can get back the flat’s lease which was sold to HDB.
Khaw explained that this is available but only to buyers who are eligible for a HDB flat. For example, the children would have to not own any other property. He said that for those who are eligible, they can buy back the full remaining lease at prevailing market prices.
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He also clarified that if the parents should die before the end of their 30 year lease, any remaining time on that lease will be given to the beneficiaries of the owners and the beneficiaries can then either live in the flat for the remaining time or they can sell it back to HDB for the residual value.
In response to another question from Jurong GRC’s David Ong, Khaw Boon Wan explained that the reason for the age limit of 63 is because this is the CPF drawdown age and so it coincides with the couple being able to receive payouts from CPF.
He also said that this is not likely to change so younger couples or couples with large age gaps must use other options to monetise such as down-sizing, subletting a bedroom or even the whole flat.
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7 Oct 2014 - 4:20pm
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Responding to a question in parliament today about the lease buyback scheme (LBS) National Development Minister Khaw Boon Wan explained that children of seniors who participated in the LBS may be able re-buy the full lease from HDB after their parents die.
The Lease buyback scheme allows seniors who are over the age of 63 to sell back part of their lease to HDB, retaining 30 years and receiving money for the portion of the lease sold to HDB.
The scheme is meant as a way for elderly residents to monetise their flats.
MP for Aljunied GRC, Chen Show Mao, had asked Khaw if the family members of those who participate in the lease buyback can get back the flat’s lease which was sold to HDB.
Khaw explained that this is available but only to buyers who are eligible for a HDB flat. For example, the children would have to not own any other property. He said that for those who are eligible, they can buy back the full remaining lease at prevailing market prices.
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He also clarified that if the parents should die before the end of their 30 year lease, any remaining time on that lease will be given to the beneficiaries of the owners and the beneficiaries can then either live in the flat for the remaining time or they can sell it back to HDB for the residual value.
In response to another question from Jurong GRC’s David Ong, Khaw Boon Wan explained that the reason for the age limit of 63 is because this is the CPF drawdown age and so it coincides with the couple being able to receive payouts from CPF.
He also said that this is not likely to change so younger couples or couples with large age gaps must use other options to monetise such as down-sizing, subletting a bedroom or even the whole flat.
