Private Property Owners Cannot Purchase Hdb Flat?

[blackcar 0]

I was told that private property owner cannot purchase HDB flat even if the owner went bankrupty and got to wait for 2 and half years later. Is it true?

[yoongf 11]

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WP...rs?OpenDocument

Correct.

Usually will rent during the 30months time bar.

[heynsl 1]

how about whether pte properties owner can buy resale flats?

[therat 18]

private property owner only can buy resale flat, only can take bank loan. No Grant

If want new HDB or resale with grant or take HDB loan (if total salary <8k per mth), need to sell after the private property and wait for 30mth.

[therat 18]

I was told that private property owner cannot purchase HDB flat even if the owner went bankrupty and got to wait for 2 and half years later. Is it true?

if the private property owner went bankrupt. I believe he need OA (hope I get the name correct) approval before can purchase a HDB even after 30 mths.

[blackcar 0]

if the private property owner went bankrupt. I believe he need OA (hope I get the name correct) approval before can purchase a HDB even after 30 mths.

Wow he is single and he is dead broke but CPF is cash rich and no shelfter over his head. He cant sign any legal documents even for renting a room or a flat rite? So for those private property owner is better to keep the HDB flat and rent it out, incase one day he went dead broke?

[therat 18]

Wow he is single and he is dead broke but CPF is cash rich and no shelfter over his head. He cant sign any legal documents even for renting a room or a flat rite? So for those private property owner is better to keep the HDB flat and rent it out, incase one day he went dead broke?

bankrupt has not right to sign any legal doc.

Edited September 1, 2009 by therat

[therat 18]

I just found this

http://app.minlaw.gov.sg/ipto/insolvency.a...72B2D5129030E1B

there is no need to apply to the Official Assignee for consent to purchase flats that are 5-rooms or smaller. However, if you intend to buy an HDB Executive/Maisonette flat you must make an application to the Official Assignee for his approval.

http://app.minlaw.gov.sg/ipto/insolvency.a...D0603061B060A1C

Protected Property

Certain property is protected against your creditors by law, which means it cannot be sold or taken over by the Official Assignee. Such properties include trust property, HDB flats, CPF contributions, necessary household furniture, personal effects, limited tools of trade, life insurance policies which are expressed to be for the benefit of your spouse or children and compensation awarded for personal injuries or wrongful acts against you.

It is the Official Assignee's policy not to allow an insolvent person to purchase an executive flat or a maisonette unless there is a real need for a large flat and he can afford to finance the purchase and maintenance of the flat through his CPF savings. This is because insolvent persons should not be seen to be living ostentatiously whilst their debts remain unpaid.

Edited September 1, 2009 by therat