If you have fallen into arrears with your Housing Development Board (HDB) loan in Singapore, it is essential to take immediate action to address the situation and make arrangements to clear the outstanding amount. Here’s a guide on how to pay your HDB arrears:
- Contact HDB: Reach out to the HDB as soon as possible to inform them about your arrears and discuss your financial situation. You can contact the HDB Branch or Customer Service Centre to seek guidance and discuss payment arrangements.
- Assess your finances: Take a close look at your current financial situation to determine how much you can afford to pay towards your arrears. Review your income, expenses, and any available savings or assets that can be used to settle the outstanding amount.
- Negotiate a payment plan: Work with the HDB to negotiate a payment plan that suits your financial capabilities. Provide them with accurate information about your income, expenses, and any extenuating circumstances that may affect your ability to pay. The HDB may consider your financial situation and propose a suitable repayment arrangement.
- Make regular payments: Once a payment plan is agreed upon, ensure that you make regular payments as scheduled. Stick to the agreed repayment schedule and fulfill your obligations promptly to gradually clear the arrears.
- Seek financial assistance if needed: If you are facing significant financial difficulties, you may be eligible for financial assistance schemes offered by the HDB or other government agencies. These schemes can provide temporary relief or financial support to help you manage your arrears. Explore options such as the Temporary Loan Repayment Scheme (TLRS) or seek advice from the HDB on available assistance.
- Monitor your progress: Keep track of your progress in clearing the arrears. Maintain communication with the HDB and stay informed about your remaining balance. Regularly review your financial situation to ensure you can meet your repayment obligations and make adjustments if necessary.
It is crucial to address your arrears promptly and work closely with the HDB to find a suitable repayment solution. Open and honest communication is key to resolving the issue and avoiding further complications.