9/02/2007

HDB lease buy back scheme

This is perhaps the best option that the govt has proposed recently. With this scheme, oldies can at least live their last years with some financial certainty and a roof over their heads. They will be independent even if their children abandon them. And with this scheme, there is no need for annuity. The people need to be suspicious if any joker still insists on an annuity on top of such a scheme. And for anyone who can provide proof of his assets that are better than those 3 roomers who opted for this scheme definitely do not need annuity. They have much much more to provide for themselves and are capable of providing for themselves.

6 comments:

Anonymous said...

Geez.. Say come say go I still don't know very clearly what this buy back hdb scheme is about at all? Anyone care to enlighten?

Kum sia hor. :)

redbean said...

say you are 55. you bought the flat at 25. so flat lease still got 69 years. you expect to live till 85, ie 30 yrs more to go.

by then your flat would be 60 years. you go you no need flat. so remaining 39 years sold back to hdb at a price determine by market price.

govt pay you one lump sum at time of lease buy back plus monthly sum till 85 or you die.

so you can live till 85 and have some guaranteed income, like annuity. so no need annuity.

unfortunately the govt may still want you to have another annuity through your cpf savings. no confirm on this yet.

Anonymous said...

Wa seh, veri kum xia hor, ang dao peng you! so you mean the monthly sum enough for use ar?
if i ah peh then i go sell my flat liao, then how? no la, i not going batam gio guay or gio tiong kok chio bu la..

redbean said...

it depends on the market value lah. but hearing from a few so called expert, they are valuing it below market value, for a killing.

the last 30 years of the least is likely to be the rental value it can bring it. say a 3 rm fetching $1,500 pm rental, that is $18,000 a year x 30 years is $540,000 potential revenue. even at $1k it should generate $360,000.

i heard some jokers said the value is only $50k! sharks around!

Anonymous said...

I think the monthly amount you can get will be very little if going by the current reverse mortgage plans sold by NTUC, that is why it is not popular. This lease buy back plan should work on the same principle.

The jokers valuation of $50k is not impossible. Remember, Singapore is a 'city of possibilities'

Anonymous said...

Geez.. ntuc reverse morgue plan not many pp want, so big bro big taking up bigger form of reverse morgue to kotok us ar?
wa lau eh.. sie jia lat la like this.. ;P