Bookmark & Share
The Lease Buyback Scheme (LBS) is a subsidised scheme to help less well-off elderly home owners monetise their flat. Eligibility checks are necessary to ensure the scheme is targeted at this intended group of HDB lessees. At the same time, we have put in place comprehensive financial counselling so that those who apply for the scheme are clear about the financial implications to them and their family.
Ms Tan's grandmother, Madam Toh, has a daughter who is listed as an occupier in her flat. HDB requires verification of her daughter's income to ensure that Madam Toh's household qualifies under the $3,000 monthly income ceiling for LBS.
As for allowing LBS applications only after the completion of ongoing lift upgrading works, this is to ensure that the assessed value of the flat takes into account the benefits of the upgrading. This is in the flat owner's interest. However, we are prepared to make exceptions on a case-by-case basis if the elderly individual needs the LBS payout urgently, and he understands the implications of his decision.
We have contacted Ms Tan to explain this, and we thank her for her feedback.
Tan Kok Lam
Head, Tampines Branch Office
Housing & Development Board
Search Property News
