Around 25,000 households were granted HDB loans between January 2013 and June of this year. Among this group, the housing board assisted 1,312 households with another HDB loan on top of the previous two loans.
According to the Ministry of National Development (MND), HDB evaluates the situation on a case-by-case basis before granting such loans.
“Typically, these are flat buyers who have a steady income, in urgent need of housing, but are unable to secure financing from the banks due to poor credit records,” said MND.
The ministry was responding to a query made by MP for Hougang Png Eng Huat on the number of HDB flat owners taking more than two loans. He also asked about the qualifying criteria for such loans.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
