Oral Answer by Ministry of National Development on HDB housing loans

Feb 12, 2019

Mr Ong Teng Koon: To ask the Minister for National Development 

(a) what is the approval rate for non-concessionary HDB housing loans; and

(b) whether HDB will consider increasing such loans to help residents who are unable to obtain bank loans to purchase their HDB flats.  

Answer:

HDB provides up to two housing loans at concessionary interest rate to eligible Singapore citizen households. This is generally sufficient to meet the life-cycle needs of each flat buyer. Flat buyers also have the option of taking a bank loan.

Nevertheless, HDB has extended a third housing loan upon careful consideration of the merits of each specific case, particularly for those with urgent need of housing but are unable to secure commercial financing options. These households must have sufficient savings and steady incomes to service the HDB loan. Last year, HDB received around 4500 such appeals, and assisted about 20% of the appeals or about 900 households. HDB will continue to evaluate such appeals, and extend flexibility where necessary.