Hello Kash,
How come you are not able to purchase a flat direct from public housing board direct? Or receive a grant for the resale flat despite being first timer? You and your hubby hit the 8k cap?
So far it has been hush hush about seizure of HDB flats purchase financed by bank loans. I don't think this data will be published as it will make some people look bad for implementing this policy.
What I gather from coffeeshop talk was that, in those years of extreme economic hardship, some lease holders defaulted on their mortgage payments, they simply can't service their payments. The lease holders can't not be evicted as afterall it would be distasteful as the public housing board is still a government organisation.
So to absolve public housing board of any moral obligation. The banks loans were brought in. They can now washed their hands of any moral responsibilties should the lease holders default on their payments.
Yes, banks do seize and forced sell. As to how soon they will take action, you need to ask the banks.
Interest rates is poised to rise. At least that's what Alan Greenspan promissed.
Honestly Kash, I do not envy your situation. However, we are all creatures of circumstances.
What resale flat size do you have in mind then may I ask?