[The Claw]

Here is one country where the government thinks that the purpose of housing is to provide shelter.

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HDB flats not meant to be used as sources of funds for other uses by Hetty Musfirah Abdul Khamid 05:55 AM Jul 21, 2010 SINGAPORE -

National Development Minister Mah Bow Tan has stressed that HDB flats are not meant to be used as a source of funds for business or other uses.

He said this a day after changes were made to the Housing and Development Act, to prevent owners from using their flats as collateral to settle debts with moneylenders.

Mr Mah said: "The whole scheme was designed to provide affordable, good quality home for them, not to use that as a collateral or sources of funds for other uses ..."

If people were allowed to raise funds from their flats, some may use it for business while others may even use it to go to the casinos, Mr Mah noted. " ... And then what happens? They lose their money and then they lose their flats .... where will they stay? Where will be their children stay?

"So we decided to be prudent, as far as HDB flats are concerned. If you want to raise funds for businesses, for other things, entrepreneurship, look for other sources for funds," said Mr Mah, who spoke to reporters on the sidelines of his ministry's joint scholarship ceremony yesterday.

The amendments were passed under the "certificate of urgency" in Parliament on Monday. Any contract using an HDB flat as a security or collateral for any debt other than as mortgage to finance the purchase of the flat will be null and void.

Mr Mah stressed that the gap has to be plugged immediately to prevent moneylenders from lodging future caveats against HDB flats. Hetty Musfirah

[Max Carnage]

And their home ownership rate is 89%!
http://www.singstat....ats/keyind.html

[hamish]

I'm surprised they go as far as preventing you using your home as collateral for a business start up, but I think banning from use against gambling debts is an excellent idea. More than a few Australians have put their house through the pokies, so putting in place something that prevents that happening would be genuine benefit to our society.

Probably saves them money on social housing as well, as that's where someone at the end of their working life who's just blown it all on the pokies will most likely end up.