Rectal Minister: HDB Not A Bank! Poor Sinkies Should Rent, Not Own HDB Flats!

[jw5]

Cnsidered his profession and passion for the job, it is utterly shocking he never asked them to use their backside as collateral for those who wish to rent them.

He'll never ask anyone to use their backsides as collateral, he may need them for his old job if he loses the next election.

 

[Papsmearer]

In his Parliamentary response to queries about helping Singaporeans who could not afford to pay mortgage payment, first-time Minister of State for National Development Koh Poh Koon advised that Singaporeans who are poor should sell their HDB flat and rent, and that the HDB is not a bank that offers financial assistance.

PAP MP Joan Pereira was asking the government what kind of mortgage assistance HDB provides to the retrenched, particularly those in their late 40s and 50s. Minister Koh Poh Koon responded:

“For those who face longer-term hardship… Right-sizing to a flat within their means is also an option. For low income households who are unable to afford another flat, have no family support and no other housing options, HDB may offer them a public rental flat.

The Housing Board is not a bank and is unable to offer personal loans.”

Minister Koh said those who need help can get financial counselling and referrals to social support agencies for job placements and financial aid.


http://statestimesreview.com/2016/0...b-and-rent-if-you-are-poor-hdb-is-not-a-bank/

pay this cheebye face Minister so much money and he still does not know how the HDB Stat board works? This motherfucker does not even know that the HDB has had financial assistance measures in place for a long time already. The reason why they have this is because even the stupid HDB knows that in the times of economic downturn and recession like now, if all the HDB flat dwellers who were facing financial hardship were to sell their flats, it will create a buyers market and depress prices. Something which the HDB does not want to do. Apparently, this asshole does not know that. The other asshole in this whole stupidity is the dumb cunt otherwise known as PAP MP Joan Pereira. If she had even bothered to go to the HDB website, she would have discovered the answer to her question, and save Koh Poh Koon from making an ass of himself with his answer.


http://www.hdb.gov.sg/cs/infoweb/re...ur-hdb-loan/mortgage-loan/assistance-measures

Financial Assistance Measures

As a safety net, we have Financial Assistance Measures (FAM) in place for flat owners who face difficulties paying the monthly instalments of their HDB housing loan.
Possible measures to help you

If you find yourself in financial hardship, these options may be available to you:

Paying the mortgage loan arrears by instalments within a reasonable period
Lowering the monthly instalment amount by extending the mortgage loan term up to the maximum repayment period of 25 or 30 years, subject to your eligibility and the 65-year-old age ceiling
Converting the loan scheme to the reduced repayment scheme for a period of 6 months (subject to 6-monthly review). This scheme allows you to pay 50% to 75% of the monthly instalment amount, depending on your financial ability. For this scheme, the flat owner(s) must have insufficient monthly CPF contributions to service their monthly instalments
Deferring the payment of the loan instalments for an initial period of 6 months, which may by extended by another 6 months if necessary. For deferment, the flat owners must first exhaust their CPF Ordinary Account balance before applying
Allowing more working family members to become joint owners of the flat (subject to eligibility conditions) so that their CPF monies can be used to pay the arrears

Please approach any HDB Branch, or call the toll-free Branch Service Line at 1800-225-5432 for information.
Monthly interest on the loan

During the assistance period, monthly interest will continue to accrue on the outstanding mortgage loan. It is therefore best to revert to the normal instalments as soon as your financial position improves.
Long-term options to consider

The FAMs are temporary measures to help you tide over short-term periods of financial hardship. If the measures do not improve the situation, we recommend considering other long-term options like:

Subletting the spare bedroom(s) to get regular additional income
Selling the existing flat and right-sizing to a smaller flat that is more financially manageable

How to apply for assistance

To apply, please visit the HDB Branch managing your flat with the following documents:

Identity cards of all flat owners
Latest payslip or income letters of all flat owners and permitted occupiers. A Statutory Declaration of income status is required for those who are unemployed, self-employed, or without an income letter or payslip. You can make the Statutory Declaration at the HDB Branch
Latest CPF Statement of Account, or authorise us to enquire on your CPF Ordinary Account balance online with the CPF Board
Copies of outstanding bills (e.g. medical fees, utilities, service and conservancy charges, credit card payments, renovation loan documents, etc.)
Any other documentary proof of financial hardship to support the application

Assistance is granted based on the merits of each case.

There is no administrative fee payable for application for FAMs.
Important points to note

All the flat owners must sign the financial assistance application form
During the assistance period, monthly interest continues to accrue on the outstanding mortgage loan balance
Flat owners may have to pay a higher monthly mortgage loan instalment after the expiry of the assistance scheme
Should there be any revision in the HDB housing loan interest rate, the monthly instalment amount will be adjusted