Leepee 1st Gear February 6, 2009 Share February 6, 2009 Anyone can clarify...the two grants given by the gov, "Enhanced Additional CPF Housing Grant, AHG" and the "CPF Housing Grant- near parents house", it was stated that it will be reinstated into the recipient's CPF account when the flat is sold.....it is true? Or will the gov take it back. Assuming one took a $30k AHG and a $40k(near parents) grant to buy a HDB, must return the money if say one were to sell the HDB after 5 years?? http://www.asiaone.com/Business/News/My%2B...206-119958.html More help to buy first home Lower income households looking to buy their first home will have more help starting February 6. The minister for National Development announced in Parliament today the details of the enhanced Additional CPF Housing Grant Scheme. The AHG is an additional subsidy over and above the regular market subsidy and CPF Housing Grant that new and resale flat buyers enjoy respectively. It offsets the purchase price of a new or resale HDB flat, thereby further reducing the loan a flat buyer needs to take. The enhancements are: Increase in the income ceiling from $4,000 to $5,000. This will increase the coverage of the AHG from 50% to 60% of resident households. Increase in maximum grant quantum from $30,000 to $40,000. Reduction of the 2-year continuous employment condition to one year. Average Monthly Household Income Current Additional CPF Housing Grant Quanta Enhanced Additional CPF Housing Grant Quanta $1,500 or less $30,000 $40,000 $1,501 - $2,000 $25,000 $35,000 $2,001 - $2,500 $20,000 $30,000 $2,501 - $3,000 $15,000 $25,000 $3,001 - $3,500 $10,000 $20,000 $3,501 - $4,000 $5,000 $15,000 $4,001 - $4,500 - $10,000 $4,501 - $5,000 - $ 5,000 An additional 2,700 first time homebuyers are expected to benefit from this scheme. For instance, a family with a monthly household income of $1,500 can comfortably own a new 2-room HDB flat priced at $90,0001. With the help of the maximum AHG quantum of $40,000, they only have a monthly mortgage instalment of about $200. This is about 13% of monthly income and can be serviced entirely from monthly CPF contributions. Middle income families will also benefit from this scheme. a family with a monthly household income of $4,000 will get an AHG of $15,000, an increase of $10,000. They can also get a higher CPF Housing Grant of $40,000 if they stay near their parents. If they buy a resale 4-room flat at about $315,0002, they will only need to use 26% of their monthly income to service their loan. Only a small cash payment of about $121 is needed, with the rest from their monthly CPF contributions. The grant, similar to the current scheme, will be used to service the capital payment of the flat. The amount will be reinstated to the recipient's CPF account when the flat is sold. This can be used to purchase new/DBSS flat, as well as resale flats on or after February 6, 2009. ↡ Advertisement Link to post Share on other sites More sharing options...
Latka 1st Gear February 6, 2009 Share February 6, 2009 When u sell the after 5 years, yes, the grant goes back to your CPF. But if you are buying another flat direct from HDB, then u must pay a levy which is based on the selling price. But if u buy from the re-sale mkt, then no need to pay the levy. Link to post Share on other sites More sharing options...
Falc 3rd Gear February 6, 2009 Share February 6, 2009 The grants are like gift by the govt to your CPF, which u used to buy the flat. WHen u sell the flat, it returns to your CPF together with the other sums you have withdrawn from CPF to pay for the flat. Only when you next buy a new flat direct from HDB do you have to a levy. The levy can be returned using cash or from the CPF grants you took earlier (i think) Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear February 6, 2009 Share February 6, 2009 (edited) Hrrrr......sidetrack a bit. One question har. After one sell his HDB flat. The so call "Cash Profit" = selling price - outstanding loan - cpf ultise & interest incur right ? The excess, HDB will issue a bank cheque to the seller right ? one week after completion of sale transaction? Edited February 6, 2009 by Hiphiphoray Link to post Share on other sites More sharing options...
Falc 3rd Gear February 6, 2009 Share February 6, 2009 (edited) Yap. Then u can pay your agent his/her 1-2%. lol To be exact it's selling price minus option money received minus cpf (+interest) utilise minus outstanding loan. Edited February 6, 2009 by Falc Link to post Share on other sites More sharing options...
Latka 1st Gear February 6, 2009 Share February 6, 2009 Hrrrr......sidetrack a bit. One question har. After one sell his HDB flat. The so call "Cash Profit" = selling price - outstanding loan - cpf ultise & interest incur right ? HDB will issue a bank cheque to the seller right ? Yes, u r right. Any chance u buying flat in Bt. Batok West, Ghim Moh Rd, Rumah Tinggi, T Blangah Crescent or Meiling St? Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear February 6, 2009 Share February 6, 2009 No im not. Im highly interested in toa payoh flats tho. In particular 1km within Pei Chun Primary. Link to post Share on other sites More sharing options...
Scenic98 Clutched February 6, 2009 Share February 6, 2009 which is why i always advise my younger friends to buy a HDB or EC as their first property. Govt give you money, better take. Don't try to be hao lian and straight away buy private. Link to post Share on other sites More sharing options...
Mivec9 1st Gear February 6, 2009 Share February 6, 2009 No im not. Im highly interested in toa payoh flats tho. In particular 1km within Pei Chun Primary. Ah, i kw u have some hidden agenda one. It was my first choice initially (Pei Chun). In the end, i got another one (school), also as good. PM me for more details and maybe i can teach u a trick or 2! Cheerio Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear February 6, 2009 Share February 6, 2009 Yap. Then u can pay your agent his/her 1-2%. lol To be exact it's selling price minus option money received minus cpf (+interest) utilise minus outstanding loan. Oh ok. Thanks. The 1-2% is a lot of moeny hor. If one can do a self sale transaction, can save quite a bit of money. Link to post Share on other sites More sharing options...
Dj_spike 2nd Gear February 6, 2009 Share February 6, 2009 I believe the DBSS flats no need to pay resale levy if its ur 2nd direct buy from HDB.... not too sure... can check on this... but the price Link to post Share on other sites More sharing options...
Ridethewave Neutral Newbie February 6, 2009 Share February 6, 2009 The links will give you a better idea... HDB Grant Resale Levy Link to post Share on other sites More sharing options...
Falc 3rd Gear February 6, 2009 Share February 6, 2009 Need two hands to clap. If you have no agent, the other side also mustn't have engaged agent, else the other side agent will want to makan your share also (totally unreasonable). Link to post Share on other sites More sharing options...
Jkl78 Neutral Newbie February 6, 2009 Share February 6, 2009 I believe the DBSS flats no need to pay resale levy if its ur 2nd direct buy from HDB.... not too sure... can check on this... but the price Yes u r rite. there's no resale levy as DBSS flats is priced as like a HDB in open market. That's y the price is Link to post Share on other sites More sharing options...
Rafsimons Neutral Newbie April 17, 2009 Share April 17, 2009 Sorry OT abit. Newbie here not able to post. Normally how long does it take to sell off your flats ? From 1st appt leading to 2nd appt. Thanks for the guidance ! Link to post Share on other sites More sharing options...
Snowbell Neutral Newbie April 17, 2009 Share April 17, 2009 abt 6-8weeks. Link to post Share on other sites More sharing options...
Rafsimons Neutral Newbie April 17, 2009 Share April 17, 2009 abt 6-8weeks. Thanks bro Link to post Share on other sites More sharing options...
Spurman Supercharged April 17, 2009 Share April 17, 2009 Just a quick question which I also posted in another thread (upping my chances of a reply, hee), Say my Girlfriend is a Malaysian, not yet a PR and me, a Singaporean citizen.. Can we apply for a HDB yet?? Maybe I m planning to get married in 2yrs times, not now, but we are looking at the possibility of getting a flat soon, those BTO types or those flats which would be built and ready in 2-3yrs times one? ↡ Advertisement Link to post Share on other sites More sharing options...
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