MP Sylvia Lim

Ms Sylvia Lim asked the Minister for National Development (a) for the last two years, how many households are in arrears of HDB loan repayments; and (b) whether there is an over-representation of households in arrears where flat owners are over 55 years of age.   

Mr Desmond Lee: As at end 2022, 16,200 households who were servicing their HDB loans were in mortgage arrears of three months or more. This represented 6% of all households with outstanding HDB loans. The corresponding figures as at end 2021 were 18,200 and 6.5%. 

Of these households in mortgage arrears, about half had at least one flat owner aged 55 years and above. Nevertheless, about three-quarters of households with at least one flat owner aged 55 years and above have fully paid off their housing loans. 

To help households in mortgage arrears, HDB provides one-to-one financial counselling and may assist them through measures such as allowing them to temporarily reduce or defer their loan instalments, or extend their loan tenure to reduce their monthly instalments. HDB may also refer households in financial hardship to other agencies for financial aid or other support services. For those with prolonged financial difficulty, HDB will help them explore long-term solutions, such as including working adult children as joint owners to help with the loan instalments, or right-sizing to a flat within their means. We encourage flat owners facing financial difficulties to approach HDB early, to explore options for support. 

Ministry of National Development
10 January 2023

%d bloggers like this: