If you plan to sell your HDB flat, this is what you need to know and consider, for both your sale and the purchase of your next home. From procedures to market data, read on to find out more.
If you plan to sell your HDB flat, this is what you need to know and consider, for both your sale and the purchase of your next home. From procedures to market data, read on to find out more.
So you have decided to sell your HDB flat. As you prepare to put your HDB flat up for sale, you no doubt have a lot of questions
So you have decided to sell your HDB flat. As you prepare to put your HDB flat up for sale, you no doubt have a lot of questions
So you have decided to sell your HDB flat. As you prepare to put your HDB flat up for sale, you no doubt have a lot of questions
Prior to selling your HDB flat, you should first check your eligibility to sell your unit. You must have fulfilled the Minimum Occupation Period
Prior to selling your HDB flat, you should first check your eligibility to sell your unit. You must have fulfilled the Minimum Occupation Period
Prior to selling your HDB flat, you should first check your eligibility to sell your unit. You must have fulfilled the Minimum Occupation Period
Selling your HDB means making dozens of decisions, starting with whether to work with a real estate agent or selling it yourself.
Selling your HDB means making dozens of decisions, starting with whether to work with a real estate agent or selling it yourself.
Selling your HDB means making dozens of decisions, starting with whether to work with a real estate agent or selling it yourself.
Thinking of selling your home on your own? Online listing sites may lure you into thinking that the process is simple.
Whether you are selling or buying first, whichever comes first will put additional pressure on the other side of the equation. But there is an order that will make sense for you. The first step is to take a good look at your options for your next home, finances and the market conditions where you are buying and selling. Here are some pointers on how you can begin searching for your next home.
A new HDB flat is subsidised and meant for Singapore Citizens only. If you are a SPR, you will have to look at the Open market for a Resale HDB flat. You and any other applicants and essential occupiers need to meet several eligibility conditions such as age, income and property ownership.
If you intend to buy a resale flat using the sale proceeds and refunded CPF money from your current flat, you can apply for the Enhanced Contra Facility.
Private developers offer Design, Build and Sell Scheme (DBSS) flats and Executive Condominium (EC) units. The eligibility conditions are similar to that for buying an HDB flat.
DBSS flats offer greater design options as developers are free to decide the designs, finishes, as well as size and unit configurations. Check out the following information:
EC is a hybrid of public and private housing. Similar to private condominiums and they are enclosed within a gated compound with security, amenities like swimming pools, clubhouses, playgrounds. They are built and sold by private developers, but at a price lower than private homes because their land prices are subsidised by the Government. Additionally, buyers can take CPF grants to pay for an EC bought from a developer. Therefore, an EC is subject to some regulations that apply to HDB flats such as income ceiling and MOP.
Buyers’ household income must not exceed $16,000, in order to qualify for an EC. This limit was raised from the previous $14,000 in September 2019.
During the MOP of five years, the EC cannot be sold or rented out whole. After five years, the EC can only be sold to Singaporeans or Singaporean Permanent Residents (PRs). Only when the development reaches ten years old can it be sold to foreigners.
Executive Condos are subjected to the Resale Levy. This is a lumpsum payment made to HDB when you purchase a second subsidized home. The Resale Levy depends on whether you sold your first subsidized flat before or after 3 March 2006. If you buy the EC from a developer where the land sale was launched on or after 9 Dec 2013, the Resale Levy is $55,000.
Check out the following information:
Buying a home is a long-term commitment, and so it is crucial that you do not overstrain yourself financially. Doing thorough research before committing to a flat purchase will help you work out your finances well.
You should take care to:
Financial planning is important and should be done before your next purchase. To help you better plan your finances, you may refer to:
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 flat.
You may keep $25,000 or half of the cash proceeds, whichever amount is more. We will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you.
The right-sizing of loan amount ensures that you do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears.
If you are buying a resale flat after selling your current flat
You have to use up to half of the cash proceeds from the sale of your current or immediate past HDB flat, and all of the CPF balance to finance the purchase of your next flat. This applies regardless of when you sold your previous HDB flat.
If you are buying a flat before selling your current flat
As you would not have received the proceeds from the sale of your existing flat when you apply for an HDB loan, we will grant you a bigger loan at commercial interest rates.
The commercial interest rate is pegged to the 3-month average non-promotional interest rate for purchase of HDB flats offered by the 3 local banks. Currently, the rate is 3.38%.
After the sale of your current flat, you will have to redeem this loan with the full CPF refund and part of the cash proceeds from the sale of your existing flat. Upon redemption, the loan will be converted to a concessionary rate loan.
For any inquiries or questions regarding our services, please contact us.
Flat Fee Package covers all professional services associated with the sale of your property. These services include: