Let HDB flat owners use their property to take personal loan from Banks.
I had been a property agent for 20 years but now retired. Owners unnecessarily sold their flats due to unforeseen circumstances Some need to sell their property to send their children for further studies, hospitalizations, business planning or other urgent needs. Some manage to buy another property but most just left without a property.
Why prevent someone from en-cashing their locked assets?
It does not cost the government but it really helps a lot of individuals. I know there is issue of cpf's refund. If the property is worth say $300k. After deducting the loans and cpf's refund, there is a profit of say $100k, let them allow to use say 70%, that work out to $70,000.
This is perhaps another revenue for HDB if they want to take responsibilities of helping those who really need the money.
80% of Singaporeans live in HDBs, you must follow with times and the free markets. It is just pure ridiculous for one to sell their property and buy another one to unlock the cash. This is unhealthy and stupid. It is about time the government followed with the times and be more mature, get rid of all the “dumbass” rules that are restricting innovations.
Imagine it would be a huge relief, if HDB allows one to take personal loans from their HDB flats, big boost to the banks, relief to those owners who really need to use money and do not need to sell their property. I hope HDB would consider my proposal as I am emailing one copy to PMO.
Aziz kassim
TRS Contributor