Queries on the Lease Buyback Scheme, which allows seniors to retain part of the lease on their HDB flat and sell the rest to HDB for retirement income, almost tripled to 500 three weeks after changes to the scheme were announced on 3 September, reported the media.
HDB revealed it has around 250 officers who can provide financial counselling sessions, but seniors have to apply first to the scheme before they can attend the sessions.
Building awareness for the scheme among seniors is a real challenge, noted Speaker of Parliament and Chairwoman of the People’s Action Party Seniors Group Halimah Yacob.
“In 2009, when they (HDB) introduced the Lease Buyback Scheme, what they did was they had these exhibitions at the housing estates. It is not useful for everyone – because the five-roomers, the executive flat, the private property owners, they are not going to benefit. They had exhibitions at specific areas like Bedok and MacPherson. I think that would be helpful. So that people can come and get a sense, ask the questions they want to ask,” she said.
However, the lack of financial literacy among seniors led to poor attendance.
“But the problem is – the attendance is not so good. So again, it’s a question of whether they are aware. Secondly, it is a question of whether they feel there is a need for them to attend. So making a compelling case for them to feel that there is a need for them, it is useful for them to attend, I think it is something we need to look at,” said Mdm Halimah.
Meanwhile, HDB said it will ramp up its efforts in order to help the elderly better understand the different ways on how they can monetise their flats.
For instance, Lina Lim, Principal Estate Manager at HDB’s Bishan Branch, draws models to help seniors better understand the scheme.
“With a diagram, it makes it easier to understand for the elderly,” she said.
Image source: Mailer Terence; Wikimedia Commons
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
