Loans to help buyers pay cash-over-valuation?
ARE HDB resale prices rising too quickly, a situation worsened by exorbitant cash-over-valuation (COV) requests?
That is the hot topic among many Singaporeans over the past few months, as they find the booming property market pushing flat prices beyond their reach.
Several of them have voiced their grievances in letters to the media, and now netizens have started an online petition urging the Government to do something to curb the rises.
COV rises when buyers are willing to pay more than the market value of the resale flat, which is determined by professional valuers.
This issue was raised in Parliament yesterday when Dr Lim Wee Kiak, MP for Sembawang GRC, raised the question of whether COV was a significant barrier for those buying resale HDB flats.
He asked whether there should be an alternative.
‘Many people are CPF-rich but cash-poor when they want to buy a flat,’ he said. Continue reading
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