Guide on buying a new flat.

[Yusld]

So you mean that is a way to escape paying levy? I don't think so, if a second timer applying a BTO, levy always must paid regardless of buying from branch offices or hub.

 

What is the different btw branches and hub anyway?

 

 

 

That's why I said earlier the only way to escape the levy is to buy resale HDB or new DBSS.

 

You can ask your parents to go down to the HDB Branch office to check the amount of levy payable

 

if buying a second new flat from HDB. HDB Branch office and NOT HDB hub.

 

[Latka]

Yes you are correct but also depend on when one purchase the first HDB flat.

 

The HDB web site is a guide line and it's better to check with the HDB branch office

 

on the exact figure of levy. That's what my property agent advice me.

 

Previously they went by % of re-sale price, after that they switched to fixed rate.

New rates dependant on when re-sale transaction was submitted, not when it was bought.

[Latka]

So you mean that is a way to escape paying levy? I don't think so, if a second timer applying a BTO, levy always must paid regardless of buying from branch offices or hub.

 

What is the different btw branches and hub anyway?

 

Not really escape paying levy, just avoid it by buying re-sale or DBSS, which is really crazy price.

[Mdfaz]

Actually if think of it:

 

1. BTO: need to pay levy, must be in cash also if not mistaken. Also only 5% set aside for 2nd timer, so probability of getting it is pretty low.

 

2. Dbss: no need levy but price is so freaking expensive.

 

3. Resale: no need levy but need to fork out minimally cov in cash. Highest bidder wins.

 

End of the day, see which one fits u best.. Also must consider waiting time. BTO and Dbss, need to wait but resale can be chop chop.

Edited October 25, 2011 by Mdfaz

[Ysc3]

from what i have been reading, many references to second timer ... but what is second timer ?

 

i bought my first 3 rm hdb as a single from resale market 9 years ago without grant, just loan(redeemed).

 

now family expanding ... so considering upgrading to a 4rm new BTO directly from HDB.

 

am i a first timer or second timer ? need to pay any levy or not ? before or after allocation of new flat ?

 

coz i am actually thinking of joining the next exercise ...

 

and lets say if i sell my 3rm for 300k and a new 4rm only 290k ... can i use the sales from my 3rm to pay in full for the 4rm ?

[Jman888]

from what i have been reading, many references to second timer ... but what is second timer ?

 

i bought my first 3 rm hdb as a single from resale market 9 years ago without grant, just loan(redeemed).

 

now family expanding ... so considering upgrading to a 4rm new BTO directly from HDB.

 

am i a first timer or second timer ? need to pay any levy or not ? before or after allocation of new flat ?

 

coz i am actually thinking of joining the next exercise ...

 

and lets say if i sell my 3rm for 300k and a new 4rm only 290k ... can i use the sales from my 3rm to pay in full for the 4rm ?

 

Sounds like you are still consider as first timer.

[Ysc3]

Sounds like you are still consider as first timer.

 

hopefully can siam any levy and use the sales from my 3rm for the new 4 rm ?

[Lala81]

 

hopefully can siam any levy and use the sales from my 3rm for the new 4 rm ?

 

u should be a 1st timer.

[Jman888]

 

hopefully can siam any levy and use the sales from my 3rm for the new 4 rm ?

 

Upgrade no levy right? You can read from the HDB website.

[Ysc3]

Upgrade no levy right? You can read from the HDB website.

like that got chance liow .... so just drop $10 to ballot for a number and see if lucky or not ...

[Dafansu]

from what i have been reading, many references to second timer ... but what is second timer ?

 

i bought my first 3 rm hdb as a single from resale market 9 years ago without grant, just loan(redeemed).

 

now family expanding ... so considering upgrading to a 4rm new BTO directly from HDB.

 

am i a first timer or second timer ? need to pay any levy or not ? before or after allocation of new flat ?

 

coz i am actually thinking of joining the next exercise ...

 

and lets say if i sell my 3rm for 300k and a new 4rm only 290k ... can i use the sales from my 3rm to pay in full for the 4rm ?

 

Question 1:

First-timer Applicants

You and the essential family members listed in the application for purchase of the flat must not:

• Be the owners of a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
• Have sold a flat bought direct from HDB, a DBSS flat or an Executive Condominium bought from the developer
• Have received the CPF Housing Grant for the purchase of an HDB resale flat
• Have taken other forms of housing subsidy (for example, benefitted under the Selective En bloc Redevelopment Scheme, privatisation of HUDC estate etc)

Question 2:

Resale Levy

The Resale Levy/Premium is payable by flat owners who had previously sold a flat bought directly from the HDB or a resale flat bought with a CPF Housing Grant. It is applicable if you are buying your next flat from HDB or an EC where the land sale was launched on or after 9 Dec 2013.

 

Question 3:

Sales Proceed

Sales Proceed Calculator is available in HDB website, you can use it to calculate the estimated cash you can get from selling your home.

http://services2.hdb.gov.sg/webapp/BB24SaleProceedCalculator/BB24SSaleProceedsCalc?pageName=home&loanTag=H

 

If you are applying for second HDB loan:

If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flats. You can keep the greater of $25,000 or half of the cash proceeds. The HDB will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you.

 

Hope the above helps. Call HDB or make a trip down and they will assist you in the above. Best to get confirmation from them.

Edited October 27, 2014 by Dafansu

[Sci10213]

from what i have been reading, many references to second timer ... but what is second timer ?

 

i bought my first 3 rm hdb as a single from resale market 9 years ago without grant, just loan(redeemed).

 

now family expanding ... so considering upgrading to a 4rm new BTO directly from HDB.

 

am i a first timer or second timer ? need to pay any levy or not ? before or after allocation of new flat ?

 

coz i am actually thinking of joining the next exercise ...

 

and lets say if i sell my 3rm for 300k and a new 4rm only 290k ... can i use the sales from my 3rm to pay in full for the 4rm ?

 

For yr last question, using sales from 3rm ($300k) to pay in full for 4rm ($290k) ... I dun tink it is possible becos u haven factor other misc expenses e.g. stamp duty, admin fees, etc... (not inclusive of any other levy yet)... unless u have a lot of CPF to cover any difference.

[Ysc3]

 

For yr last question, using sales from 3rm ($300k) to pay in full for 4rm ($290k) ... I dun tink it is possible becos u haven factor other misc expenses e.g. stamp duty, admin fees, etc... (not inclusive of any other levy yet)... unless u have a lot of CPF to cover any difference.

uh-oh ... that is what i was afraid of ... still got these fees ar ?? any idea what "fees" i'll be looking at ?