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Questions on HDB Flats and Retirement

Thor The Hammer

New Member
I do not have powderful writing skill and hope you can pardon my bad English.

I have some questions with regards to the HDB housing & retirement funds (CPF) and hoped that some opposition parties can help put forward to the Authorities.

As we all know that the current price of HDB flats are at an all time high and will probably go higher. Buying a HDB Flat now will most definitely dry-up most, if not all the CPF savings when he/she retires! All his/her retirement funds would then be “locked-in” by the HDB Flat! (This is applicable to lower earning Citizen, not those earning $15k a month or $Millions a year).

If a couple buy a 2nd Hand 10 year-old HDB Flats (because they can’t afford to wait for a CHEAP new flat from HDB) when they are 30 year-old+ and stay there for till they retired (and spent all their CPF monies in the flat). By then, their HDB Flat would be more than 40 year-old; with less than 60 years lease remaining.

As we all (or maybe not all) know that NO bank will give out any loan for a property with remaining lease less than 60 years.

My questions were:
- How will this couple “cash-out” their retirement funds if nobody can afford to buy without taking a loan on this property?
- With their balance CPF “locked” under the minimum sum scheme, can they survived on the small monthly CPF payout from their “retirement account”? This is especially true given the ever rising costs!
- Worst is when HDB exercise Enbloc (at low price), how can the couple take a loan to service the new flat offered to them? Banks (or even HDB) will not loan to them as they have no income!
- They become homeless?

Sidetrack question:
Why are New Citizens also given the same Housing Grants as Born Citizens?
I know a few PRCs, once converted to New Citizen; they immediately buy a HDB Flat and they got all the HDB Grants! They were boasting that they will sell off their flats in a few years’ time and get all the money and migrate to either Canada!

Please help to forward these questions to the relevant Authorities.

Thank you.
 
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