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Old 08-09-2003, 02:44 PM   #38
sunsetbay
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Fm ST, 05 Sep 2003

Income ceiling for HDB loan stays


I REFER to the letter, 'Review income ceiling for loan' (ST, Aug 29), by Mr Chia Shyh Chiuan suggesting that the Housing Board review the household income ceiling for flat buyers to qualify for a loan from HDB. HDB provides mortgage loans at a concessionary interest rate to help young Singaporean families buy their first flats as well as to assist citizen families to upgrade from smaller to bigger flats.

At the current household income ceiling of $8,000 per month, more than eight out of 10 households qualify for a concessionary loan. Households earning above $8,000 should be able to obtain loans from commercial banks and financial institutions. Hence, HDB has no intention to raise the income ceiling.

We also wish to clarify that households which have taken a bank loan are still eligible for an HDB concessionary loan for their subsequent flat purchase if they meet HDB's prevailing eligibility conditions.


LEONG CHOK KEH
Deputy Director (Policy and Property)
for Director (Estate Administration and Property),
HDB
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