Two years ago, renovation contractor Ting Kah Ping was up to his neck in debt, owing the Housing Board more than $80,000 for his home loan. He was unable to meet the instalments.
Today, the father of four owns a flat without an outstanding loan - and he said it is thanks to the HDB.
Mr Ting, 54, and his wife bought a four-room flat in Tampines in 1998 for $112,800 but started having problems paying the instalments about five years ago.
Work as a renovation contractor was inconsistent and he was unable to service his loans regularly. He approached the HDB for help and it agreed to let him make smaller payments and, for a time, postpone his payments for half a year.
Still, despite his wife taking on part-time jobs while looking after their four children, now aged 11 to 21, they had difficulty paying their debts.
The HDB advised the couple to downgrade their flat and, earlier this year, they sold their home for $303,000. With the money, he bought a three-room home nearby and fully paid up his debt to the HDB.
‘I’m just glad the HDB did not force me to give up my flat or take it back. I think banks wouldn’t have had as much patience,’ Mr Ting said in Mandarin.
He is one of many home owners whom the HDB hopes to help with its various initiatives.
The board will consider allowing them to pay reduced loan instalments on a temporary basis and work out a solution to their financial situation.
Owners can also sublet a room to generate income, or include working family members as joint owners to help pay for the flat.
The board may also consider providing an additional HDB loan to help owners downgrade to a smaller, more affordable unit.
Source : Sunday Times - 4 Jan 2009
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