mr funny
03-03-07, 20:33
HDB relaxes rules to allow owners to sublet entire flat
The rule will benefit some 645,000 HDB flat owners if they have met the minimum occupation period.
By Irene Ngoo
Mar 3, 2007
Housing Board flat owners can now sublet their whole flats after they have occupied them for the minimum period.
National Development Minister Mah Bow Tan announced this in Parliament today, saying that the HDB recognises that an HDB flat is the single most valuable asset for many Singaporeans, and has a value that can be unlocked to provide some supplementary income for flat owners.
The relaxed rule will benefit some 645,000 HDB flat owners who can immediately sublet their flats if they have lived in them for three or five years, depending on whether the flat had been purchased with a housing subsidy.
The HDB has gradually relaxed its policy on the subletting of whole flats over the years since 2003. The policy was last relaxed in March 2005 when the minimum occupation period (MOP) for subletting was further reduced to 10 years for lessees with an outstanding HDB loan, and 5 years for all other lessees.
Under the latest relaxed rules, the revised MOP is:
-5 years for owners of subsidised flats, which are purchased directly from HDB or from the open market with a CPF Housing Grant; and
-3 years for owners of non-subsidised flats, which are bought from the open market without a CPF Housing Grant.
"This reduction of the MOP for subletting will allow flat owners greater flexibility to monetise their flats when it is needed, for example, . during retirement or times of financial difficulty," said an HDB statement today.
"It will also enlarge the rental market for HDB flats and offer more rental housing options for those who are not yet ready to buy a property."
Flat owners must seek HDB's prior approval before they sublet their flats, and will have to comply with HDB's subletting rules and conditions.
They can submit their applications online at HDB's InfoWeb at www.hdb.gov.sg.
HDB will conduct half-yearly flat inspections for approved subletting cases and work closely with the community to gather feedback on nuisance created by subtenants. In the event that subtenants disrupt the good environment and ambience of the public housing estates, HDB may revoke the subletting approval and the flat owner will be required to terminate the tenancy.
For further information or enquiries, the public can contact the HDB Branch Office Service Line at 1800 2255432
The rule will benefit some 645,000 HDB flat owners if they have met the minimum occupation period.
By Irene Ngoo
Mar 3, 2007
Housing Board flat owners can now sublet their whole flats after they have occupied them for the minimum period.
National Development Minister Mah Bow Tan announced this in Parliament today, saying that the HDB recognises that an HDB flat is the single most valuable asset for many Singaporeans, and has a value that can be unlocked to provide some supplementary income for flat owners.
The relaxed rule will benefit some 645,000 HDB flat owners who can immediately sublet their flats if they have lived in them for three or five years, depending on whether the flat had been purchased with a housing subsidy.
The HDB has gradually relaxed its policy on the subletting of whole flats over the years since 2003. The policy was last relaxed in March 2005 when the minimum occupation period (MOP) for subletting was further reduced to 10 years for lessees with an outstanding HDB loan, and 5 years for all other lessees.
Under the latest relaxed rules, the revised MOP is:
-5 years for owners of subsidised flats, which are purchased directly from HDB or from the open market with a CPF Housing Grant; and
-3 years for owners of non-subsidised flats, which are bought from the open market without a CPF Housing Grant.
"This reduction of the MOP for subletting will allow flat owners greater flexibility to monetise their flats when it is needed, for example, . during retirement or times of financial difficulty," said an HDB statement today.
"It will also enlarge the rental market for HDB flats and offer more rental housing options for those who are not yet ready to buy a property."
Flat owners must seek HDB's prior approval before they sublet their flats, and will have to comply with HDB's subletting rules and conditions.
They can submit their applications online at HDB's InfoWeb at www.hdb.gov.sg.
HDB will conduct half-yearly flat inspections for approved subletting cases and work closely with the community to gather feedback on nuisance created by subtenants. In the event that subtenants disrupt the good environment and ambience of the public housing estates, HDB may revoke the subletting approval and the flat owner will be required to terminate the tenancy.
For further information or enquiries, the public can contact the HDB Branch Office Service Line at 1800 2255432