Oral Answer by Ministry of National Development on assistance for HDB owners in financial hardship

Feb 18, 2020

Mr Lim Biow Chuan: To ask the Minister for National Development whether the Government will consider some form of financial aid to HDB owners who are unable to sell their flat due to the ethnic racial quota but need to sell their flat due to financial hardship.

Answer

HDB’s experience is that most owners are able to sell their flats in the open market from eligible ethic groups, but some may need more time to do so.  Hence for those who face difficulties, HDB will, in the first instance, grant them an extension of time to market and sell their flats.  Beyond that, if they face any financial issues, HDB will also look into reducing or deferring the monthly mortgage instalments temporarily to ease their cash flow.  For those with exceptional circumstances, HDB will consider exercising flexibility in administering the Ethnic Integration Policy (EIP).

More generally, households in financial hardship can avail themselves to the broader suite of government assistance schemes, and community schemes, and consider other measures to put their finances on a more stable footing.  So HDB will refer them to the Social Service Office for financial counselling and for other means of financial support.