Written answer by Ministry of National Development on Data on Flats Purchased with Loans from Commercial Banks Instead of HDB

Feb 4, 2025

Question No: 7149

Question by: Mr Gan Thiam Poh

To ask the Minister for National Development (a) from 2021 to 2024, what is the total number of HDB flats purchased via housing loans; (b) what percentage of these loans are taken with a commercial bank instead of HDB; (c) during this period, how many appeals have HDB received to allow existing HDB homeowners to refinance their loan from a commercial bank to HDB; and (d) whether the HDB can consider reviewing their policy to allow HDB homeowners to refinance their housing loan from a commercial bank to HDB.

Answer:

From 2021 to 2024, about 135,000 HDB flats were purchased with housing loans, of which about 31% took a housing loan from the financial institutions (FIs) regulated by the Monetary Authority of Singapore. HDB received 397 appeals from HDB homeowners to refinance their housing loan from an FI to HDB.

HDB offers housing loans at a concessionary interest rate to eligible flat buyers. Flat buyers may also approach FIs for a housing loan. HDB does not seek to compete with FIs in providing mortgage financing. Doing so may dampen the interest of FIs in providing mortgage financing for HDB flat purchases, which would in turn constrict the financing options available to future HDB flat buyers.

HDB will continue to focus on its core mission of providing affordable and accessible public housing for Singaporeans.