Households requiring a third housing loan have to seek financing from financial institutions regulated by the Monetary Authority of Singapore (MAS).
HDB received about 6,000 appeals for a third HDB housing loan last year, revealed the Ministry of National Development (MND) in Parliament on Monday (8 March).
The ministry noted that HDB provides “up to two housing loans at the concessionary interest rate to eligible Singapore citizen households, subject to credit assessment and the prevailing mortgage loan criteria”.
Households requiring a third housing loan have to seek financing from financial institutions regulated by the Monetary Authority of Singapore (MAS).
“Nevertheless, HDB does exercise flexibility to provide another HDB housing loan for those who have exhausted their financing options, and are in urgent need of housing, on a case-by-case basis,” it said.
It made the statement in response to MP Jamus Jerome Lim’s query on the number of appeals received for a third HDB loan.
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He also asked about the share of such loans against total loans requested as well as to what proportion of these requests were the result of children adding their names to their parents’ flats.
In its written reply, MND said the appeals for a third HDB loan formed around 20% of the total number of loans received by HDB.
About 1% of the 6,000 appeals for a third HDB loan were made to include “children as co-owners to help with the servicing of the loan instalments”.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
