HDB: $431,000 CPF – But homeless soon?

[makapaaa]

<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>

Coffeeshop Chit Chat - HDB: $431,000 CPF – But homeless soon?</TD><TD id=msgunetc noWrap align=right></TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"></TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89_ <NOBR></NOBR></TD><TD class=msgDate width="30%" noWrap align=right>Jun-11 8:28 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right>(1 of 10) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"></TD><TD class=wintiny noWrap align=right>52552.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD id=msgtxt_1 class=msgtxt>HDB: $431,000 CPF – But homeless soon?

Posted by theonlinecitizen on June 11, 2011 54 Comments

http://theonlinecitizen.com/2011/06/hdb-431000-cpf-–-but-homeless-soon/#http://theonlinecitizen.com/2011/06/hdb-431000-cpf-–-but-homeless-soon/#10Share


Leong Sze Hian /
It was 8 p.m. on a Thursday night when our first couple came for financial counseling.
Mr Lim (not his real name) is a 47-year-old taxi driver and a bankrupt. Mrs Lim is a 47-year-old accounts executive. They have three children age 14, 18 and 21 – two are in school and one is in National Service.
They have obtained permission from the Official Assignee to sell their Executive Condo (EC), so that they can try to clear their debts and buy a resale HDB flat. However, HDB sent them a letter, dated 1 June, rejecting their appeal through their Member of Parliament (MP) for a HDB Concessionary Loan.
Over the last few months, they have appealed a few times directly to the HDB and also through their MP.
EC owners not eligible
The HDB letter of rejection states that:

“… applicants who wish to apply for a second HDB concessionary loan must meet all the eligibility requirements, one of which is that they must not own/have an interest in any private property, including Executive Condominium (EC).
You are currently owning an EC. Hence, your household is not eligible for a second HDB concessionary loan.
From the documents submitted, we gathered that you are selling your EC at $954,000. After deducting the outstanding loan of $276,000, your wife and you are expected to receive CPF refunds of about $431,000 and cash proceeds of about $213,000. You have informed that you use about $106,000 to discharge from bankruptcy, $70,000 to settle your wife’s debts and the rest for your children’s university fees.
Your wife and you may wish to use your combined CPF refunds and available cash savings to outright purchase an affordable flat, before using the balance to settle your debts.”
​

Facing bankruptcy and homelessness
As Mr and Mrs Lim have been trying to explain to the HDB in their appeals, it is the Official Assignee’s requirement when permission was given to sell their EC that the cash proceeds must be used to discharge his bankruptcy debts, and that his wife’s debts must be cleared because she may be made bankrupt too and thus not be able to purchase a resale flat. Their combined net income is already insufficient to pay for their EC mortgage monthly repayments and the minimum monthly repayments on Mrs Lim’s credit card debts, as well as the cash-over-valuation for a resale flat.
Mrs Lim’s credit card debts of over $70,000 were primarily incurred to keep their home for the last seven years, which has a monthly mortgage of over $2,000. They won’t have this problem, if theirs is a HDB flat, as HDB flat sales proceeds are protected from creditors.
Since some EC owners may in a sense have been forced by HDB to buy, because they exceeded the Income Ceiling of $8,000 for HDB flats, why are they being discriminated as never ever needing a second HDB concessionary loan like Mr and Mrs Lim?
How can the HDB assume that all EC owners can get a bank loan?
Singaporeans who are undischarged or discharged bankrupts, have adverse Consumer Credit Bureau credit records, have been sued in their lifetime for a debt, loan quantum less than $100,000, etc, are typically denied housing loans by banks.
This leaves them short of about $30,000 to $50,000 (depending on the resale flat’s COV), which they are asking the HDB to lend to them as a second HDB concessionary loan, because no bank will lend them a housing loan as the husband is a bankrupt.
Second concessionary loan eligibility?
As we try to explain the HDB’s new second concessionary loan eligibility requirements which were changed last year to allow downgraders to be eligible, but at the same time imposed more stringent eligibility requirements such as that half of the cash proceeds from the previous flat’s sale must be utilised for the resale flat, Mrs Lim broke down and kept saying she cannot understand why they have $431,000 of CPF but yet they can’t buy a resale flat, because of HDB’s policies.
We tried to console her by saying that as there is now a new National Development Minister, who has been saying almost every other day that he will look into the HDB’s policies and help Singaporeans who may be suffering from their HDB housing problems, that hopefully the policies which affect Singaporeans like them may be reviewed soon.
Homeless soon?
Although we all put up a brave face and tried to console Mrs Lim that the new Minister may look into issues like theirs soon – we knew deep down in our hearts that they may be homeless, by the middle of next month, as they had already signed the documents to sell their EC following the Official Assignees’ approval.
Alex Lew, Lee Mei Wei, Ko Siew Huey and Leong Sze Hian provides free financial counseling every Thursday from 8 pm. To 10 pm., at Blok 108, Potong Pasir Ave 1.

</TD></TR><TR><TD></TD></TR></TBODY></TABLE><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=msgleft width="1%"></TD><TD class=msgopt width="24%" noWrap> Options</TD><TD class=msgrde width="50%" noWrap align=center>Reply</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[karmabear]

Fuck off lah, they already own an EC flat still want to get more?? KNN. I agree with the HDB in this point. There are tons of people more jialat than them.

 

[Narong Wongwan]

They can soon move to beach front unit in district tent.

 

[red amoeba]

simi lan jiao...taxi driver + accounts exec have monthly pay exceeding 8K? Ok, fair enough.

But how come now end up bankrupt? Gambling? Speculating in shares? Sorry hor...u got EC and wanna take advantage of HDB policies...no way....

 

[rofthelper]

Can't the Lim's family buy a 3rm resale or a HDB resale flat < 431K?

"Your wife and you may wish to use your combined CPF refunds and available cash savings to outright purchase an affordable flat, before using the balance to settle your debts.”

HDB not wrong mah, unless they want to buy a 600k 5rm resale or keep at least half of the cash proceeds into the next resale, den I got nothing to say...

 

[ahleebabasingaporethief]

Can ALL of you think out of the box please?

Everyone including the MIW Ministars are missing the point.

It does not mean you build more HDB flats means solving the problem. The CRUX of the problem is SERVICING the loans.
MIWs knew many will default so they very bastardly send in the banks to re-pocess. Long time ago, no banks can touch your HDB. So MIWs VERY BASTARD to change rule.

ALSO, the MAIN POINT here is that Mr. Lim does not want Govt's help. He is just asking for his CPF money to be returned to him so he can start afresh.

That is the MAIN POINT. Many S'poreans do not need govt help. Just return ALL CPF monies to citizens.

ALL IT TAKES IS FOR ONE CHARASMATIC PERSON TO TAKE THIS CPF ISSUE AND OVER THROW THE MIWs. This is not far fetched.

WTF, is WORKERS PARTY or other OPPOSITION Parties so quiet on the CPF issue?:oIo::oIo:

 

[PRONTO01]

Try to be less judgemental please. Yes, having a honourable job like driving a taxi and a Account Exec post may lead most Singaporean of spending beyond their limits and not thinking about tomorrow. And typically the case many of us Singaporean do not already know about hidden HDB Policies which hits like a bolt of lightning when one needs help. This and many other HDB Policies are in place to IMHO, is keep us Singaporean licking and sucking up to our Gods who rules this land we call our home.

How can I call this land my Home, when we say, "One People, One Nation and One Singapore", but please speak mandarin. One People, One Nation, One Singapore but there is a Ethnic Integration Policy that states for over 2 years that as an Indian I am not eligible to sell my house to a Chinese but only to others. So in a nutshell, no Indians or malays would want to move to this area, all the chinese who wants to buy this house of mine were not allowed and the PRs with all their craps of wanting to buy the house knows my dilemma uses that as an advantage and reduces the price to almost valuation price. Can you all understand our plights as a Singaporean Indian living in Singapore? Surely you Chinese Singaporean will never understand.

The Late Balaji appealed to HDB and was told off that that the policy is such as such we are sorry you are unable to sell your flats any other race except your own race. Can you believe HDB can help? Isn't this racism? I wrote to to PM, to some useless HDB Maestro but none can help so do you think that Mr and Mrs Lim problem can be resolved? Because here is a case clearly can be seen that they can afford to buy a EC Flat and due to their negligence or whatever(lest no judge) lost and penniless wants to sell their EC but cannot buy HDB because of Policy matter. But one can see through the cracks that it is solely the Govt way making sure that you are indebted to me till the end of time. So that PAP can continue to rule on and on....do your mathematics and you will know.

 

[borom]

I do not understand why their CPF of $431,000 (more than most locals I know) cannot be used to buy a resale flat.
This family is actually not in dire straits as they stayed in an EC(better than most),both husband and wife are working and the youngest child already 14.
It appears to be a case of poor financial planning (eg using credit cards to service housing loan) and mabye business failure (by husband).
They used to earn more than $8k, which is not a small sum.

Looks like nothing to do with govt policies but rather poor judgement on the part of the couple.
I know of many worst cases.
Its difficult but in life we sometimes have to eat humble pie and lower our standard of living.

 

[LeMans2011]

"Singaporean has poor reading comprehension" heehee

Don't you guys get it, they can't afford the COV cos' the OA will not leave any cash available to them. Unless they can find any flat that has zero COV. However i can't see how this has anything to do with HDB policies? You can never get a loan for COV anyway.

 

[ahleebabasingaporethief]

"Singaporean has poor reading comprehension" heehee

Don't you guys get it, they can't afford the COV cos' the OA will not leave any cash available to them. Unless they can find any flat that has zero COV. However i can't see how this has anything to do with HDB policies? You can never get a loan for COV anyway.

Agree with you. Most S'poreans cannot think out of the box....because of the force-fed education system and media here. They always seem to miss the real issues in any scenario thrown to them. Phooooey!

 

[karmabear]

Try to be less judgemental please...How can I call this land my Home, when we say, "One People, One Nation and One Singapore", but please speak mandarin. One People, One Nation, One Singapore but there is a Ethnic Integration Policy that states for over 2 years that as an Indian I am not eligible to sell my house to a Chinese but only to others. So in a nutshell, no Indians or malays would want to move to this area, all the chinese who wants to buy this house of mine were not allowed and the PRs with all their craps of wanting to buy the house knows my dilemma uses that as an advantage and reduces the price to almost valuation price. Can you all understand our plights as a Singaporean Indian living in Singapore? Surely you Chinese Singaporean will never understand.

Hey fucker-neh, who is being judgemental here? Whats wrong with speaking mandarin? You don't have to learn it, you know? Seeing an indian speak mandarin really makes my skin crawl. You can speak Tamil wat. But you know and I know that the FT Indians will never employ you. Between FT indian and local indian, you are last choice because local indians come from the untouchable castes, the corpse cleaners and rat eaters. In Singapore, you are viewed as an equal. Sure, sometimes people tease and joke, but ultimately we are one people. Just don't try to pull wool over my eyes. FT Indians treat you much worse ok?

Intrinsically, I agree with abolishing this racial quota bullshit. Let people stay where they want. Enforcing racial quotas dilutes the sense of community for the relevant ethnic groups. You got your flat at a preferred location. Put it this way, there were a lot of chinese waiting for that flat of yours. So you buy cheap, you sell cheap. Whats wrong with that? Don't try to neh-neh your way out of it, bro (give u face since u say u r singaporean).

 

[Narong Wongwan]

"Singaporean has poor reading comprehension" heehee

Don't you guys get it, they can't afford the COV cos' the OA will not leave any cash available to them. Unless they can find any flat that has zero COV. However i can't see how this has anything to do with HDB policies? You can never get a loan for COV anyway.

Agree that the issue should be COV....
If they can come out with the COV then no issue coz the 400+ K in CPF can use to buy a resale 3 or 4 room flat without taking out a loan.
Even if HDB gives them a loan, they have to cough up the COV either way.

 

[Received_by_Kings]

“… applicants who wish to apply for a second HDB concessionary loan must meet all the eligibility requirements, one of which is that they must not own/have an interest in any private property, including Executive Condominium (EC).
You are currently owning an EC. Hence, your household is not eligible for a second HDB concessionary loan.

You losers live in a private limited version of public housing and now you try to say you have no money and you want more? You ugly and failed copycat dwellers better not be too much.

 

[lauhunku]

Of course i am ugly and worthless like all the other toilet slurping keling. :p

I dunno what to say and just have to agree. ​

 

[Received_by_Kings]

Of course i laubolanpaku am ugly and worthless like all the other toilet slurping keling. :p

That sounds like you best you ugly, stupid and worthless bastard chink. :oIo:

Where's your father now, you ugly dumbfuck?

It's good you only show your garbage fuck self online, so people can't see how fuck ugly, weak and also useless you are.

So bastard chink, how's my cock and the assing from me? Good? Good.

 

[Received_by_Kings]

You bastard ugly virgin, go fuck yourself.

Slanting cock-eyed chink HAHAHAHA. PUI!!!

 

[ballsathome]

"SamuelShitSkin! Stop rubbing your dick against my ass!"​

 

[Zombie]

empathy misplaced in this case..

comparing with those who bought 3-4 room flats at the beginning, they already made few hundred thousands from the system, like getting a 3-4 room free of charge ..

 

[streetsmart73]

hi there


1. this is one good example of sheep make no much preparation for rainy days.
2. as if everyday is sunny without noise or setbacks.
3. honest, nothing is constant nowadays.
4. spend & live within your means!
5. no one can help except the troubled sheep themselves.