For flat owners who have fallen on hard times, the Housing Development Board (HDB) may offered a temporary reduction or deferment of their mortgage instaLlments to help with their financial situation.
Minister of State for National Development Koh Poh Koon said that HDB offered several measures such as subletting, financial counselling and referrals to social support agencies for job placements and financial aid.
Ms Joan Pereira, MP for Tanjong Pagar GRC, who had asked what kind of mortgage assistance HDB provides to the retrenched, particularly those in their late 40s and 50s.
Dr Koh replied that right-sizing to a flat within their means is also an option. For low income households who are unable to afford another flat, have no family support and no other housing options during the interim, HDB may offer them a public rental flat.
When asked if HDB would be able to offer financial aid, Dr Koh said that the HDB was not a bank but it can help flat owners in restructuring their finances.