Wt_know Supersonic August 30, 2018 Share August 30, 2018 (edited) any age limit to exercise 1st timer huh? jobless at 60 can apply bto bo? Edited August 30, 2018 by Wt_know ↡ Advertisement Link to post Share on other sites More sharing options...
Showster Twincharged August 30, 2018 Share August 30, 2018 cool. is it better to get 1x 2 room each and then combine them?How is this different from buying a larger HDB to begin with? I doubt authorities will allow two 2rm flats to be combined. How is this different from a 3rm (cheaper) or a 4rm (larger) flat? Link to post Share on other sites More sharing options...
Wt_know Supersonic August 30, 2018 Share August 30, 2018 (edited) grant also got check on household income la not simply use pink IC can get full grant liao Edited August 30, 2018 by Wt_know 1 Link to post Share on other sites More sharing options...
Carbon82 Moderator August 30, 2018 Share August 30, 2018 Hi @ysc3, answer to some of your questions: 1) You will be considered a 1st timer since you did not take any grant for your resale unit, so you are free to go for BTO, OR get a resale unit and apply for housing grant; 2) You are left with 1 chance to take loan from HDB, since you have already uses 1 for your current resale flat (1 person / family only allowed 2 take 2 loan through HDB, thereafter from bank); 3) Per HDB regulations, you and your wife shall be the joint owner of the unit, which is not related to loan. And the each of you will automatically be allocated 50% share of the unit (you cannot change that, even if you are paying 100% for the unit). The same applies if you sublet the unit in the future, after MOP, when calculating income from rental (where income tax is payable); 4) For loan, you can do anything from 100%/0% to 0%/100%, BUT subjected to fulfilling the min sum requirement. For example, if you want to use your wife's CPF for downpayment and/or monthly installment, she must set aside at least 50% of the min sum (combination of ordinary & special account) in her CPF account before HDB allow her to use the remaining for DP and/or installment. 5) If you are paying your installment using CPF, it is compulsory to get HPS insurance from their appointed insurer, so that in the event when the insurer is dead, become total permanent disabled or suffering from terminal illnesses, the insurance will pay on behalf of the insured the balanced installment amount. But do note that if both you and your wife are paying the installment, each of you have to get your own HPS insurance, and upon the decease of either party, the payout will only for the deceased share of installment. I.e. the other person will still have to continue paying his/her installment, according to the initial percentage. 5 Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 https://www.cpf.gov.sg/Members/Schemes/schemes/housing/home-protection-scheme Hmm can be exempted if you have term insurance covering the outstanding loan based on above FAQ. I didn't know that at that point. but the term and life insurance i had was more to cover for daily expenses, so still needed this to cover for the home loan part. How does it work? Is it compulsory? Link to post Share on other sites More sharing options...
Ysc3 Twincharged August 30, 2018 Author Share August 30, 2018 Hi @ysc3, answer to some of your questions: 1) You will be considered a 1st timer since you did not take any grant for your resale unit, so you are free to go for BTO, OR get a resale unit and apply for housing grant; 2) You are left with 1 chance to take loan from HDB, since you have already uses 1 for your current resale flat (1 person / family only allowed 2 take 2 loan through HDB, thereafter from bank); 3) Per HDB regulations, you and your wife shall be the joint owner of the unit, which is not related to loan. And the each of you will automatically be allocated 50% share of the unit (you cannot change that, even if you are paying 100% for the unit). The same applies if you sublet the unit in the future, after MOP, when calculating income from rental (where income tax is payable); 4) For loan, you can do anything from 100%/0% to 0%/100%, BUT subjected to fulfilling the min sum requirement. For example, if you want to use your wife's CPF for downpayment and/or monthly installment, she must set aside at least 50% of the min sum (combination of ordinary & special account) in her CPF account before HDB allow her to use the remaining for DP and/or installment. 5) If you are paying your installment using CPF, it is compulsory to get HPS insurance from their appointed insurer, so that in the event when the insurer is dead, become total permanent disabled or suffering from terminal illnesses, the insurance will pay on behalf of the insured the balanced installment amount. But do note that if both you and your wife are paying the installment, each of you have to get your own HPS insurance, and upon the decease of either party, the payout will only for the deceased share of installment. I.e. the other person will still have to continue paying his/her installment, according to the initial percentage. thks for the clear answers ... but still confused with the cpf minimum sum thingy ... when I bought my resale, they took almost everything out ... did not have to set aside any minimum sum. does it mean if buying new bto then must set aside min sum and cannot use all of my cpf ? Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 Hi @ysc3, answer to some of your questions: 1) You will be considered a 1st timer since you did not take any grant for your resale unit, so you are free to go for BTO, OR get a resale unit and apply for housing grant; 2) You are left with 1 chance to take loan from HDB, since you have already uses 1 for your current resale flat (1 person / family only allowed 2 take 2 loan through HDB, thereafter from bank); 3) Per HDB regulations, you and your wife shall be the joint owner of the unit, which is not related to loan. And the each of you will automatically be allocated 50% share of the unit (you cannot change that, even if you are paying 100% for the unit). The same applies if you sublet the unit in the future, after MOP, when calculating income from rental (where income tax is payable); 4) For loan, you can do anything from 100%/0% to 0%/100%, BUT subjected to fulfilling the min sum requirement. For example, if you want to use your wife's CPF for downpayment and/or monthly installment, she must set aside at least 50% of the min sum (combination of ordinary & special account) in her CPF account before HDB allow her to use the remaining for DP and/or installment. 5) If you are paying your installment using CPF, it is compulsory to get HPS insurance from their appointed insurer, so that in the event when the insurer is dead, become total permanent disabled or suffering from terminal illnesses, the insurance will pay on behalf of the insured the balanced installment amount. But do note that if both you and your wife are paying the installment, each of you have to get your own HPS insurance, and upon the decease of either party, the payout will only for the deceased share of installment. I.e. the other person will still have to continue paying his/her installment, according to the initial percentage. is this correct? When i signed for the flat, my wife was still paying loan installment out of CPF. But i think u can state how much of the loan outstanding amount can be stated. Assuming 50-50 split or can be increased to 100% of the outstanding principal. Link to post Share on other sites More sharing options...
Carbon82 Moderator August 30, 2018 Share August 30, 2018 thks for the clear answers ... but still confused with the cpf minimum sum thingy ... when I bought my resale, they took almost everything out ... did not have to set aside any minimum sum. does it mean if buying new bto then must set aside min sum and cannot use all of my cpf ? OK, here is a simple illustration. - You have a flat under your name, said value at $200K, with $10K outstanding loan. So after selling your flat (within 6 month upon getting your new BTO), technically you have $190K, which is >50% of current min sum level of around $160K++. And you can use your CPF for DP and installment. - Your wife have no flat under her name, and say only $50K in CPF (combination of ordinary & special account). So she still do not have 50% of the min sum (which work out to be about $80K+), and thus are not allowed to use her CPF for DP or installment. is this correct? When i signed for the flat, my wife was still paying loan installment out of CPF. But i think u can state how much of the loan outstanding amount can be stated. Assuming 50-50 split or can be increased to 100% of the outstanding principal. HPS is payable on the amount of loan a person take (as defined by the repayment ratio), and maybe changed as and when necessary. Example when person A first get the flat, both A and his wife (B) decided on 50-50 for the installment, so both A and B will each have to purchase HPS insurance to cover for the outstanding loan amount at 50-50 ratio. Then sometime down the road, A decided that he want to pay 100% of the installment, A will have to apply to CPF for the changes in installment plan, and A shall need to pay more for HPS, and the balance HPS (if any) paid by B earlier, will be refunded to her. Now touch wood, if A suffered from total permanent disability (TPD), B will not need to pay a single cent for the remaining loan, as it will be taken care by the HPS insurance. However, if it was B the one that suffered TPD, A will still have to continue with the monthly installment, till all outstanding loan are cleared. 6 Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 (edited) I distinctly remembering paying for 100% coverage each way so that the home loan will be wiped out in event of either of our demise, so as not to burden the survivor with housing loan issues (even though my installment payment was only 60% then). So as below, can be done. HPS is payable on the amount of loan a person take (as defined by the repayment ratio), and maybe changed as and when necessary. Example when person A first get the flat, both A and his wife (B) decided on 50-50 for the installment, so both A and B will each have to purchase HPS insurance to cover for the outstanding loan amount at 50-50 ratio. Then sometime down the road, A decided that he want to pay 100% of the installment, A will have to apply to CPF for the changes in installment plan, and A shall need to pay more for HPS, and the balance HPS (if any) paid by B earlier, will be refunded to her. Now touch wood, if A suffered from total permanent disability (TPD), B will not need to pay a single cent for the remaining loan, as it will be taken care by the HPS insurance. However, if it was B the one that suffered TPD, A will still have to continue with the monthly installment, till all outstanding loan are cleared. Your share of the HPS cover should at least match the proportion of the monthly housing instalment which is payable with your CPF savings and/or cash. This is because HPS pays off the outstanding housing loan, up to the sum assured, based on the percentage share of cover of the insured in the event of death or permanent incapacity. For example, if you are paying 80% of the monthly housing instalments, and your co-owner pays the remaining 20%, you should be insured for 80% of the loan and your co-owner 20%. The total share of cover per household should add up to at least 100%. However, you may each choose to insure for a higher or lower share based on your individual needs and circumstances, up to 100% share of cover per owner. For example, if you and your co-owner are paying 80% and 20% of the loan respectively, you can both be insured for 100%. This means that the Board would settle 100% of the outstanding housing loan up to the insured sum in the event of death or permanent incapacity. https://www.cpf.gov.sg/Members/Schemes/schemes/housing/home-protection-scheme Edited August 30, 2018 by Lala81 1 Link to post Share on other sites More sharing options...
Vratenza Supersonic August 30, 2018 Share August 30, 2018 I only bought home mortgage loan insurance for myself so that my wife (stay home mom) will be burden free when and if I am gone. If she is gone, I will still be able to continue paying for the mortgage, so I don't want to spend the extra premium. I rather get her a stand alone accident and death insurance if I really want to but still no such need. In fact, on top of the home mortgage insurance, I bought yearly 300K accident and death insurance for myself so that the family will have a sum to survive on for at least a year over and on top of clearing the home mortgage. I distinctly remembering paying for 100% coverage each way so that the home loan will be wiped out in event of either of our demise, so as not to burden the survivor with housing loan issues (even though my installment payment was only 60% then). So as below, can be done. https://www.cpf.gov.sg/Members/Schemes/schemes/housing/home-protection-scheme 1 Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 30, 2018 Share August 30, 2018 I only bought home mortgage loan insurance for myself so that my wife (stay home mom) will be burden free when and if I am gone. If she is gone, I will still be able to continue paying for the mortgage, so I don't want to spend the extra premium. I rather get her a stand alone accident and death insurance if I really want to but still no such need. In fact, on top of the home mortgage insurance, I bought yearly 300K accident and death insurance for myself so that the family will have a sum to survive on for at least a year over and on top of clearing the home mortgage. lol at the time i signed for the flat and did all the paperwork, i was earning 4.2k as a MO. haha same as my wife my thought was that if there were kids and for some freak reason, my wife passes away. i may just be a part time locum and spend more time with the kids. Then just earn enough to get by can liao 1 Link to post Share on other sites More sharing options...
Enye Hypersonic August 30, 2018 Share August 30, 2018 wah doctors earn 300k pa and up Link to post Share on other sites More sharing options...
Sadan 6th Gear August 31, 2018 Share August 31, 2018 Hearsay and for sharing and discussion. If buying BTO/ resale flat between husband & wife, I heard of an interesting way. Taking into account that both husband and wife are financially well to support the BTO/ ReSale HDB individually. The husband to register as owner, and wife as co-occupier. This way still can buy the HDB under Public Scheme. After MOP of 5 yrs, the wife is eligible to buy a private residential without ABSD.. As mention, the main concern is that each party must be able to financially support the loan. 3 Link to post Share on other sites More sharing options...
Wt_know Supersonic August 31, 2018 Share August 31, 2018 (edited) still can use the co-occupier loophole to siam ABSD? sure bo? Edited August 31, 2018 by Wt_know Link to post Share on other sites More sharing options...
Sadan 6th Gear August 31, 2018 Share August 31, 2018 still can use the co-occupier loophole to siam ABSD? sure bo? I hearsay.. not siam la.. it’s call savings. Haha. Let’s see what the other experts say Link to post Share on other sites More sharing options...
Lala81 Hypersonic August 31, 2018 Share August 31, 2018 I hearsay.. not siam la.. it’s call savings. Haha. Let’s see what the other experts say Link to post Share on other sites More sharing options...
Sadan 6th Gear August 31, 2018 Share August 31, 2018 I tried to do some googling. I can't see any outright answer that said "No". Public scheme still need u to fulfill a nucleus family though. So whether owner vs occupier satisfies HDB criteria, not sure. But i didn't even know you can opt out of joint purchase of a BTO flat. But HDB website does mention you can have tenancy in common. It’s not common as must couple need both parties to finance the flat. And also the ownership thingy between husband and wife for equal share lo 2 Link to post Share on other sites More sharing options...
Ysc3 Twincharged August 31, 2018 Author Share August 31, 2018 It’s not common as must couple need both parties to finance the flat. And also the ownership thingy between husband and wife for equal share lo ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Properties info
Properties info
Renovation budget that blows your mind
Renovation budget that blows your mind
Hdb flat renovation
Hdb flat renovation
Accident on NSHW with a malaysia car
Accident on NSHW with a malaysia car
Ford Doing BTO, KYM?
Ford Doing BTO, KYM?
Does HDB profit from selling flats?
Does HDB profit from selling flats?
Over 900 flats to be built in Sin Ming; first new HDB project in the area in over 30 years
Over 900 flats to be built in Sin Ming; first new HDB project in the area in over 30 years
Will my HDB flat be worth $0 when the lease expires?
Will my HDB flat be worth $0 when the lease expires?