March, 2007
Main Stories, The Poor, Uncle Leong - Thursday, March 29, 2007 11:30 - 5 Comments
“895 HDB flats repossessed since 2003″
By I refer to the article “895 HDB flats repossessed since 2003” (TODAY, Feb 28).
It states that “seven per cent of those who took HDB mortgage loans were in arrears of at least 3 months”.
As at the end of last year, banks have completed the mortgagee sale of 895 HDB flats financed with bank loans since the start of bank origination in January 2003. In recent months, the rate is about 60 cases a month.
Seven per cent of the 89,000 HDB flats with bank loans means that about 6,230 HDB flat owners have not been able to pay for more than 3 months. Some of these may become foreclosures.
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