Oral Answer by Ministry of National Development on assistance for those in late 40s or 50s who have difficulties with HDB mortgage payments
Apr 6, 2016
Ms Joan Pereira: To ask the Minister for National Development what assistance plans does HDB have in place with regard to mortgage payments by those in their late 40s or 50s who have been retrenched, particularly where the husband and wife both lose their jobs at the same time.
Answer:
HDB has various assistance measures to help families who have fallen on hard times. As a first step, Housing Counsellors in HDB Branches provide financial counselling and explore sustainable housing options with the flat owners, for example by subletting their spare bedrooms. The Housing Counsellors may also refer them to social support agencies for job placements, financial aid, for example at the Employment & Employability Institute (e2i), Social Service Offices (SSOs), and Family Service Centres (FSCs).
Flat owners who face short-term difficulties in servicing their mortgage instalments may be offered a temporary reduction or deferment of their mortgage instalments to help them with their cash flow situation.
For those who face longer-term financial hardship, HDB will advise them on measures such as including their working adult children as joint owners to help with the mortgage instalments. Another long-term measure is to right-size to a flat within their means, and HDB may offer them another loan and/or interim rental housing to help with their move. For low income households who are unable to afford another flat, have no family support and no other housing options, HDB may offer them a public rental flat.