18 Mar '11, 5am

[TR] HDB Flats are worthless as collateral with our local banks

I write to share my shocking discovery on the worthless value on my 4 room HDB Flat with a balance lease of 91 years which I purchase for $476,000.00 about eighteen months ago from the resale market. I paid $100,000.00 cash upfront plus about $8,000.00 for others fees and charges and took a loan of $376,000.00 payable over 30 years period for a monthly installment of $1,486.00. Total amount payable is $533,880.00 by 30 year’s time. About a year ago I enjoy an inheritance from my father’s estate, cash distribution of $350,000.00 and my home manager (wife) pestered me every day to full settle my outstanding loan on the 4 room HDB Flat. After paying 12 monthly installments totaling $17,832.00. I have to pay a lump sum of $370,474.00 to full settle the home loan. Last week I collected my 4 room HDB lease document and title deed from HDB Hub in Toa Payoh. I need to arrange a ba...

Full article: http://www.temasekreview.com/2011/03/18/hdb-flat-title-de...

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