Debunking HDB myths (Part 1): Singaporeans own their HDB flats

[temasekreview]

The Housing Development Board was set up in 1960 during a time when large numbers of people are living in squatter settlements and slums around the city centers.

Under the then infatigable Minister for National Development Mr Lim Kim San, HDB began the task of solving Singapore’s housing crisis and resettling the squatters.

It built 21,000 flats in less than three years. By 1965 it had built 54,000 flats, exceeding the 50,000 target of its First Five-Year Building Programme.

Today, about 84 percent of Singaporeans live in HDB flats compared with only nine percent in 1960 when HDB was first established.

The ruling party has always prided itself for building homes to house the majority of the population. HDB has become its crowning achievement and the mainstream media never fails to attribute Singapore’s high home “ownership” to the PAP during every elections.

While it is true that most Singaporeans have a roof over their heads, whether they actually own the flats they live in is debatable.

Read rest of article here:

http://temasekreview.com/?p=12267

 

[halsey02]

Not many SIN-gaporeans will get to see the title of their HDB flats; for their loan is usually 20 yrs or 30yrs...

I had the privilege of collecting mine, some eons ago, and what a surprise ( maybe schock), that even I paid up, every single cent through my blood, sweat & tears; I still do not own the title. HDB still own the flat, and I am leasing it from them....

Back in those time, with the title in hand I can not get financing from the banks, as in private properties..

Had that title to the flat being changed today?, now that Banks finance the brrowings to buy HDB flats?

If not...we are perpectual slave....add that to the bounded slaverly to National Service...:p

 

[oli9]

Talking about title deeds, its really silly that one dont atcually own the flat even if they have fully paid up.
One cant get a bank mortgage with a HDB as well. HDB should tweak the rulings. If the owner has fully paid up for their HDB flat, at least theyre entitled to pledge it to a bank for private loans. After all, banks are already into the HDB picture by providing housing loans. If someone defaults on their hosuing loans, the banks has the rights to repossess your HDB. If I cannot service my private loan pledged on my HDB, the banks has all rights to repossess my HDB. Same argument, no?

 

[halsey02]

Talking about title deeds, its really silly that one dont atcually own the flat even if they have fully paid up.
One cant get a bank mortgage with a HDB as well. HDB should tweak the rulings. If the owner has fully paid up for their HDB flat, at least theyre entitled to pledge it to a bank for private loans. After all, banks are already into the HDB picture by providing housing loans. If someone defaults on their hosuing loans, the banks has the rights to repossess your HDB. If I cannot service my private loan pledged on my HDB, the banks has all rights to repossess my HDB. Same argument, no?

You mean in the year 2009, we still have to title to the flat, despite we have paid say S$300,000 in full for it?. That means, I can not get a mortgage value for the flat from the bank? Then, why are we paying so much for it, new & resale?

 

[makapaaa]

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</TD></TR><TR><TD><TABLE style="FONT-FAMILY: Tahoma; COLOR: #000000; FONT-SIZE: 8.5pt" id=mp_results_body_options_table width="100%"><TBODY><TR><TD>Affordable</TD></TR><TR><TD><TABLE id=mp_option_progressbar_table_1 border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD style="BACKGROUND-IMAGE: url(http://www.micropoll.com//images/micropoll/chart/chart_606060.gif); BACKGROUND-REPEAT: repeat-x; BACKGROUND-POSITION: center center" height=10 width="4%"></TD><TD style="BORDER-RIGHT-WIDTH: 0px; FONT-FAMILY: Tahoma; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 8px; BORDER-LEFT-WIDTH: 0px" vAlign=center width="96%"> 4%7</TD></TR></TBODY></TABLE></TD></TR><TR style="FONT-WEIGHT: bold"><TD>Unaffordable</TD></TR><TR><TD><TABLE id=mp_option_progressbar_table_2 border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD style="BACKGROUND-IMAGE: url(http://www.micropoll.com//images/micropoll/chart/chart_606060.gif); BACKGROUND-REPEAT: repeat-x; BACKGROUND-POSITION: center center" height=10 width="95%"></TD><TD style="BORDER-RIGHT-WIDTH: 0px; FONT-FAMILY: Tahoma; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 8px; BORDER-LEFT-WIDTH: 0px" vAlign=center width="5%"> 96%161</TD></TR></TBODY></TABLE></TD></TR></TD></TR></TBODY></TABLE><TR><TD style="FONT-FAMILY: Tahoma; COLOR: #000000; FONT-SIZE: 8.5pt" align=left>Total Votes : 168</TD></TR><TR><TD style="FONT-FAMILY: Tahoma; COLOR: #000000; FONT-SIZE: 8.5pt">See how users in null are polling »</TD></TR><TR><TD vAlign=bottom width="100%"><TABLE style="DISPLAY: none" id=results_rounded_white_bg_table_199193 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD vAlign=top width=10>

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