I think the difference between a private property and
HDB flat in Singapore is that should the main
breadwinner die, the flat will be considered automatically fully
paid. I remember in the past, HDB included this
insurance scheme automatically when you purchase a HDB
flat. In the past many Singaporeans bought the HDB
flats directly with HDB to the maximum duration of
hire purchase agreement would allow simply for that main reason.
I’m not sure whether HDB still do that or do you have
to buy an insurance plan that covers that death clause.
Example:
“Death of main or either of the breadwinners- If you have a
HDB loan, it is compulsory to get the housing
insurance which pays out the full outstanding housing loan upon the
death of the breadwinner. Making it fully paid for by insurance
money. Very bluntly, do you want your family to have a fully paid
off flat but little to speak of in savings because you have been
squirrelling away to pay the housing loan versus someone who has
substantial savings Plus a fully paid off flat upon a sudden
death?”
http://www.financialfreedomsg.com/2011/05/buyin…
the actual definition is not the breadwinner.
the one paying the loan sintalment from his cf if kick the
bucket, and under HDB rule that cheap insureance was a one time
payment, the house will go free to the family. family must be
co-lesse in the paper. occupants not counted. if one otehr co-lease
is servicing the loan, responsibility falls on him or her. if not
other servicing the loan, only the kick the bucket one - house is
free.
suicide may not be considered, murder also. HDB will investigate
in detail.
