Financing a flat (S’pore) – Unemployment strikes!

If you are able to, do read more from https://www.99.co/blog/singapore/, which is a housing/property site for Singapore. There is one interesting post on rental discrimination – Your wife is Indian, landlord won’t rent to you. (28 Jul 2016). The post was earlier referenced on TechinAsia (18 Jul 2016).  (The 99co site is quite beautiful as well if I may add).

Alas, I have to return to the topic. It is the opinion of Ryan Ong (9 Dec 2016) – Unemployment woes: What happens to the HDB flat if you’re out of a job, the best bet is to: “Build your emergency fund, and pay for the mortgage insurance.” The aforementioned fund should minimally be 6 months worth of mortgage repayments. (Gasp!)

If for some reason you are unable to pay, there may be:

  • temporary deferment of mortgage – in some situations this means lengthening the loan payment duration (it seems even the banks desire this step compared to foreclosure)
  • special allowance from the Housing Development Board (HDB) to rent out a room
  • HDB efforts to get you downsized
  • an option where you get your working children to co-own the house so that they can help finance it
  • the operation of the Home Protection Scheme (HPS) when the owner/payee dies or is permanently incapacitated/terminally ill
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