Lease Buyback

A sharp rise was seen for Lease Buyback Scheme applications after recent changes kicked in from April that allowed for more flexibility and made more households eligible in Lew Lian CDL New Condo. The scheme was brought into play in 2009 but has been revamped many times. It allows elderly apartment Lorong Lew Lian Condo owners to be able to sell a portion of their lease back to the HDB to add to their income for retirement.

Replying to the query put forth by The Strait Times, the Housing & Development Board stated that during the 6 month month period (April through September) that occurred after the most recent round of changes, they received 779 applications, figure that is over double the 369 that were received in 2013, which was the last time Serangoon Condo Lew Lian CDL New Condo scheme had been updated.

New Buyback at Lorong Lew Lian Condo

Nearly 50% of these new applications came from owners of 4 room apartments. It was after April that the 359 household applicants became eligible for the scheme. Prior to this, the scheme eligibility was for 3 room and smaller Lew Lian CDL New Condo, which covered 35% of elderly Housing & Development Board homes. With this most recent change it now covers 75%.

Another change that was made was the raising of the monthly income ceiling for households, which went from $3,000 to $10,000in April, and then to $12,000 for August. Out of these new applications, 60 of them came from flat owner who had gone over the $3,000 income ceiling previously.

Other changes were made as well, such as presenting a choice in the leasing lengths to be retained so long as the youngest owner would be covered until they were at least 95 years old, and being given more upfront cash from the proceeds.

Lew Lian CDL New Condo

Applications generally take about 3 months for processing. Out of the households that applied after the changes were made in April, 251 of these were successful.

It isn’t every application that will end up with a buy back though for Lorong Lew Lian Condo Hong Leong, because the eligibility of each household needs to be confirmed by the Housing & Development Board, as well as provide each with personal financial counselling in order to assist the applicants in making a final decision that is a well informed one in Lorong Lew Lian Condo CDL.

Koh Sai Choo, who is a 66 year old former factory worker, is one of the applicants who has taken up the scheme, applying back in June when she became eligible to do so. A resident of Tampines, Ms. Koh is unmarried and resides in a 4 room apartment on her own and had been planning to apply to this scheme for quite some time. She shared that she is not working any longer and feels it is a good idea to have a steady monthly income for Hong Leong Holdings Condo.

Upper Serangoon Condo Nex Shopping Centre

Ms. Koh has 68 years still left on her lease and 38 years ago sold back for around $200,000 to the HDB. Out of this amount $147,000 went to her retirement account at Central Provident Fund. Over $50,000 was paid out to her in cash. She used her retirement savings account to purchase a life plan at CPF, a plan that will give her family a $761 monthly payout. She said it was a big help to her knowing she would receive money each month and would not have to move, allowing her to grow old there for Hong Leong Holdings Condo.

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