LOWERING QUALIFYING AGE FOR LEASE BUYBACK SCHEME IN SPECIAL CASES

Recently at MPS, I came across a case of a disabled person who was under the eligibility age of 65 when applying for the lease buyback scheme. His original appeal was not successful on account of his age. I then re-appealed to HDB highlighting his plight. I also filed a parliamentary question (PQ) on the same matter pointing out that such persons should be allowed to monetize their property assets earlier as they have difficulties securing jobs. Minister Desmond Lee’s reply was positive! Please see below my PQ and his answer.

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Mr Murali Pillai asked the Minister for National Development whether the age criterion for the Lease Buyback Scheme of 65 years old may be lowered for owners who are or have become disabled and have difficulty securing jobs and will benefit from the earlier monetisation of their flats.

Mr Desmond Lee: The qualifying age for the Lease Buyback Scheme (LBS) is set at the CPF Payout Eligibility Age of 65 to allow seniors to receive their monthly CPF payouts immediately after they take up the LBS.

Nevertheless, HDB is prepared to and has exercised flexibility on the age requirement for those with long-term medical expenses and financial difficulties. This includes those who are or have become disabled, and experience challenges securing employment.