More than 1,800 people have taken advantage of the Housing and Development Board’s (HDB) second concessionary loan to downgrade to a smaller flat since the rules were relaxed two months ago.
The HDB has received more than 4,000 applications for second concessionary loan.
So far, about 1,800 applicants were successful.
About a quarter of applications were rejected, while the rest are still being processed.
Previously, only households that are upgrading to a bigger flat type are eligible to apply for a second concessionary loan from HDB.
Source: Channel News Asia,7 May 2010