Chitchat Thousands of Sinkies Upped Their CPF Accounts By Selling Back Part Of Their HDB Lease! Huat Ah! Majulah PAP!

[JohnTan]

SINGAPORE: About 3,100 households have taken up the Lease Buyback Scheme (LBS) since its introduction in March 2009, said National Development Minister Lawrence Wong in Parliament on Monday (Oct 1).

Giving a breakdown, he said this comprises 830 households in four-room flats, 2,030 households in three-room flats, and the remaining 240 households in smaller flats.

Mr Wong was responding to Members of Parliament Alex Yam and Gan Thiam Poh who had asked about the LBS take-up rate since it was launched and if there were rejected applications.

LBS allows older flat owners to sell part of their flat’s lease back to the Housing Development Board (HDB) to boost their Central Provident Fund’s Retirement Account. The scheme was previously available to only those in four-room or smaller HDB flats. Since August, LBS has been made available to all HDB flats.

Mr Wong said the main reason for rejecting an application was not meeting the age requirement. The qualifying age for LBS is set at the CPF Payout Eligibility Age of 65 to allow seniors to immediately receive their monthly CPF payouts when they take up the LBS.


Mr Wong added that HDB has exercised flexibility for applicants based on their circumstances, such as ill health or financial difficulty, and has done so for about 50 households since April 2015.

This includes households who did not meet the age requirement.


Read more at https://www.channelnewsasia.com/new...ken-up-lease-buyback-scheme-mostly-3-10775596

 

[winnipegjets]

Reverse Mortgage is one of the best way to earn big bucks from homeowners. Well done, PAP. More money for Conservatives.

 

[AhMeng]

Get lumpsump cash or monthly payout? Lol

 

[winnipegjets]

Get lumpsump cash or monthly payout? Lol

Of course, monthly lah. CPF where got money to pay out lump sum.

I wonder what is the interest rate of this reverse mortgage.

 

[ToaPehGong]

Clever move by our multimillionaire ministers. Always make your citizens be in debt in order to create more income for yourself. Long Live PAP!

 

[zhihau]

then can report that more folks can hit their minimum sum! KNN...

 

[AhMeng]

then can report that more folks can hit their minimum sum! KNN...

This sort of selling back lease arrangement is good for singles and those married without kids. Anyway, most if not all will die without the need to pass their assets to their descendants, as they have none. Rather than giving to government after they die, they can use it to feed themselves ...

 

[sweetiepie]

KNN selling back lease is still better than renting room to cockroaches KNN

 

[bobby]

If a HDB lease can be "sold" back to the gahmen....does this then not imply that this is somewhat liken to a "rent" rebate from a landlord?

 

[AhMeng]

If a HDB lease can be "sold" back to the gahmen....does this then not imply that this is somewhat liken to a "rent" rebate from a landlord?

Sounds like.
It also means valuation is "fixed" by HDB.

 

[frenchbriefs]

Why not just sell their flats and rent,or retire in Malaysia or Thailand like king and queens...or rent out their hdb flats and retire in Malaysia and Thai like king and queen.