Singapore legislation
Regulation 2
Regulation 2
Definitions
In these Rules, unless the context otherwise requires —“flat” means any flat, house or other building sold under Part IV of the Act which has been acquired by the present owner thereof whether directly from the Board or otherwise;“flat priced with additional subsidies” means a flat sold by the Board —
under its Prime Location Public Housing (PLH) model; or
under a similar model where the Board sells flats in a particular location and prices these flats with additional subsidies;“lender” means any —
bank that holds a licence under section 7 or 79 of the Banking Act (Cap. 19);
finance company licensed under the Finance Companies Act (Cap. 108); (c)direct insurer registered under the Insurance Act (Cap. 142); or
merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;“mortgage” includes any charge on any flat for securing the repayment of any money lent to any person;“subsidy recovery amount” means an amount that the Board is entitled to recover from a mortgagee upon the sale by the mortgagee of a flat priced with additional subsidies, computed in accordance with the formula where —
A is a percentage specified by the Board for the computation of the subsidy recovery amount in the agreement for lease or lease entered into between the Board and the mortgagor; and
B is the higher of the following amounts:
the consideration for the sale by the mortgagee of the flat priced with additional subsidies;
the value of the flat priced with additional subsidies at the time of its sale by the mortgagee as assessed by the Board, if the Board makes such an assessment.
Definition
“flat” means any flat, house or other building sold under Part IV of the Act which has been acquired by the present owner thereof whether directly from the Board or otherwise;
Definition
“flat priced with additional subsidies” means a flat sold by the Board —
under its Prime Location Public Housing (PLH) model; or
under a similar model where the Board sells flats in a particular location and prices these flats with additional subsidies;
Definition
“lender” means any —
bank that holds a licence under section 7 or 79 of the Banking Act (Cap. 19);
finance company licensed under the Finance Companies Act (Cap. 108); (c)direct insurer registered under the Insurance Act (Cap. 142); or
merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;
Definition
“mortgage” includes any charge on any flat for securing the repayment of any money lent to any person;
Definition
“subsidy recovery amount” means an amount that the Board is entitled to recover from a mortgagee upon the sale by the mortgagee of a flat priced with additional subsidies, computed in accordance with the formula where —
A is a percentage specified by the Board for the computation of the subsidy recovery amount in the agreement for lease or lease entered into between the Board and the mortgagor; and
B is the higher of the following amounts:
the consideration for the sale by the mortgagee of the flat priced with additional subsidies;
the value of the flat priced with additional subsidies at the time of its sale by the mortgagee as assessed by the Board, if the Board makes such an assessment.