Car fully paid up. Where to finance & get cash?

[Chucky2007]

I found this from the FAQ in HDB website:

 

Q: My housing loan with HDB is fully paid up. Can I use my flat as collateral to obtain a bank loan for personal purposes?

[ Living in HDB Flats > Servicing Your Mortgage Loan > Mortgage Loan Payments ]

 

A: HDB flats can only be mortgaged to banks or financial institutions to finance the purchase of the flat itself.

 

You are not allowed to use your HDB flat, which has been fully paid for, as collateral to banks to raise credit facilities for private reasons. This is to avoid exposing flat owners like yourself to the risk of losing your flat should you be unable to repay the bank loan.

 

So it is not the 99 years lease that HDB flat cannot be used as as collateral to banks. It is the ruling of the HDB that does not allow owner of the HDB flat to use it as as collateral to banks to raise credit facilities

Not correct. Real reason is because even after fully pay up the hdb, the flat does not belongs to you and it will never belong to your. Hdb is the landlord and you are master tenant... That's all. So how can a bank take a tenancy agreement as a collateral for loan? That's the best part about hdb.. Self phrase until most hdb owners thought that they own the property. Look at it this way, if a person litter from his private condo for 5x and got caught 5x, he will be fined by NEA and brought to court, and put to jail maybe. But his condo will not be confiscated. But if this person staying in hdb does the same time, his hdb flat will also be confiscated.. If a property belongs to you, how can people confiscate it or take it back?

 

[Throttle2]

got not enough money, why fully pay up your car?

 

make sure got a few times the amount before you full cash your car.

othwrwise full cash already pocket got nothing, problem comes, die c--k stand, funny lah you guys.