We Are Not HDB Flats Owners

oxford mushroom SG

They would not be in this situation if they had rented a 3-room flat right from the start.

Secondly, if they are in the low income group, they get huge subsidies from the government if they rent a HDB flat. For incomes between S$801 to S$1,000, the monthly rent is only 20% of the market rent at the point of allocation. If they earn between $1000 and 2000, the rental is only 30% for the first 2 years. Subsequent renewals are still heavily subsidised.
(http://www.hdb.gov.sg/aa11/isrr018p.nsf/RpsConditions?OpenForm)

The problem is that many Singaporeans overstretch themselves. Why buy a 5-room flat when they cannot afford it? They have got themselves to blame..

fymk SG

What if it was this way : the family originally could afford the housing when they had jobs which paid fairly well. Then after that , the company retrench them because of FT or due to the fact the breadwinner was over 40 years old. They had no choice but to work as lowly paid workers because government tells them not to be fussy? Then they had to survive , pay bills , pay school fees , pay maintenance etc ......

How about that scenario ? Anything to say about it?

Fingolfin_Noldor SG

Perhaps before you start shooting, you find out what happened.

As it is, we don't know why the family made the decisions they made, and all we know, is that they got kicked out, and interestingly enough, the bank has been unable to sell the flat.

That has a couple of implications in its own right.

dragg SG

the best guess is either there are no buyers or the valuation is way too low.

Mid9Sun SG

Which #@%@#T%^^ bank is that??

Esp since I am going to get a house this year, I wont go to it for housing loan

ShutterBug SG

Actually ah.. if you save up and migrate to reitre elsewhere at the end of the day, sell everything you "own", demand to have all your CPF and whatever they "save" for you, you can pretty much have everything back.

Just don't come back...

It's a big step, but staying on here is just as big a step really...

it's so bluddy uncertain...

oxford mushroom SG

No one can see the future. If you commit to a mortgage that takes up the bulk of your income, you take the risk of running into dire financial straits when your financial situation changes. If you make a rash decision, you pay the consequences. No one to blame but themselves.

oxford mushroom SG

You don't know what is the value of the mortgage and how much the family owed either. We don't even know if this story is true, for god's sake. The bank will only re-possess the flat if it is clear that the family cannot re-structure the loan and there is no reasonable prospect of that loan being paid off.

Banks are not daft. If they re-possess a property, they take the risk that they may not be able to sell it without incurring a big loss. Mortgagee sales usually come at a great discount. The housing market sentiment now is not bad. If the bank really cannot sell it, it's probably because they expect the price to go up and are not keen to sell it at the prevailing price.

Mid9Sun SG

Not all are financially savvy who really knows how to managed their $$$ in a most prudent way.

Add on to it is, these banks people could have either deliberate or unintentionally witheld cetain vital info or worst misled these simple minded / trusting folks.

bila_prem SG

Isn’t buying a flat no different from renting one?

will4 SG

I pity the familiy but equally I found it puzzling if they can pay the rent of
$800 for 3 room flat should they pay the $900 so they can get back their

flat? Neutral

Cindyfeh SG

Historian eh?

Why don't we go further back in time?

Lets go all the way back to the family's fore fathers and quote:
"They would not be in this situation if they were borned in Sweden or some European states".

blowfish SG

SINGAPORE : The government cannot repeatedly provide assistance and subsidies to bail out financially irresponsible households.

---> i see this statement , i ball of fury is growing.

Goverment ask us get marry and more children, then if we lost our job etc, we become irresponsilbe households?

shinta SG

i think it was mentioned somewhere they have to clear outstanding amounts before they can get the flat back..

and cos they're renting now.. if they pay 900 to the bank, they got nowhere to stay unless they got 1700 a mth for them to pay for both the mortgage and the rental.

ShutterBug SG

What you expect from Crap-jammed "leaders"??

Lowclassman SG

Absolutely right!!!!!

eyebuzz SG

Originally posted by blowfish:
SINGAPORE : The government cannot repeatedly provide assistance and subsidies to bail out financially irresponsible households.

same problem... since when... thought they have very good education system in place to help wat? social workers with low pay NEVER give up.. so are they starting new trend...? elected to serve? or rather have the desire to serve? Mr. Green

Lowclassman SG

Originally posted by eyebuzz:
Originally posted by blowfish:
SINGAPORE : The government [b]cannot repeatedly provide assistance and subsidies to bail out financially irresponsible households.

same problem... since when... thought they have very good education system in place to help wat? social workers with low pay NEVER give up.. so are they starting new trend...? elected to serve? or rather have the desire to serve? Mr. Green

[/b]

Why are there ''so many'' financially irresponsible households in swiss standard sinkapore?

How many is ''many''?

Boy Stratus SG

Ya loh haiz. Then Medacorp gonna use this idea & make more silly family-based TV shows Laughing

Lowclassman SG

just how long will the HDB keep deluding us? we are the lessee of the flats, not owner. i asked the lawyers at the HDB hub there to redefine the term lessee means. basically what he says is; "u dont own the flat"

so the next time u visit the HDB to transact flats or any other matters that deals with them, do ask them to explain the proper term, that we dont buy the flat, but pay for the transfer of the lease term.

if any ministers say that there is over 90% of house ownership, that is grossly inaccurate and legally wrong.

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