Cancellation of BTO after agreement of lease

blacksundays

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Hi,

Me and my ex fiance booked a 5 room flat in 2017, flat price is roughly $497k. Now we are cancelling it and HDB mentioned that it costs alot. We received $25k AHG, which is being used for the 5%. So if we were to cancel, how much do we each need to pay without including interests?

Not sure if my calculations are correct. Return $12.5k each + interests, forfeit stamp fees, forfeit conveyance fees. Each of us also have to forfeit additional sum of $12.5k again which means a total of $50k?

Hope to get some advice. Thanks.
 

vinz

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Hi,

Me and my ex fiance booked a 5 room flat in 2017, flat price is roughly $497k. Now we are cancelling it and HDB mentioned that it costs alot. We received $25k AHG, which is being used for the 5%. So if we were to cancel, how much do we each need to pay without including interests?
Return grant with interests.

Not sure if my calculations are correct. Return $12.5k each + interests (correct), forfeit stamp fees ($9510) , forfeit conveyance fees. ($300- $500)
As above in red, you already deducted this amount using CPF, so most likely write off from your CPF. (CPF still your own money but forfeited now)
Each of us also have to forfeit additional sum of $12.5k again which means a total of $50k?
at this stage 5% penalty , divide by two of u. (on top of the above). And I believe barred from applying BTO or getting resale grant for a period of time too.

Pls click on : Step to cancel new flat , click the link near middle of page : "STEPS TO CANCEL NEW FLAT APPLICATION"

-vinz
 
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blacksundays

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Thanks vinz for the reply. That means return $12.5k + interests, and pay another $12.5k each per person for the forfeit? Total 25k payment per person (12.5k being return to CPF for the AHG)
Return grant with interests.

As above in red, you already deducted this amount using CPF, so most likely write off from your CPF. (CPF still your own money but forfeited now)at this stage 5% penalty , divide by two of u. (on top of the above). And I believe barred from applying BTO or getting resale grant for a period of time too.

Pls click on : Step to cancel new flat , click the link near middle of page : "STEPS TO CANCEL NEW FLAT APPLICATION"

-vinz
 

windwaver

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Return grant with interests.

As above in red, you already deducted this amount using CPF, so most likely write off from your CPF. (CPF still your own money but forfeited now)at this stage 5% penalty , divide by two of u. (on top of the above). And I believe barred from applying BTO or getting resale grant for a period of time too.

Pls click on : Step to cancel new flat , click the link near middle of page : "STEPS TO CANCEL NEW FLAT APPLICATION"

-vinz

Anyone else who knows about this?

Thanks!

Vinz is correct.
 

blacksundays

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My 5% is from grant, only the stamp fees from my CPF. If pay back grant only no issue, only worried is more than that.
I think 5% penalty is the deposit. So ur deposit is forfeit, then u pay back the granted taken.

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AndRiy80

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My 5% is from grant, only the stamp fees from my CPF. If pay back grant only no issue, only worried is more than that.
I know the 5% is from grants. The 5% deposit is cfm gone. But since u need pay back grant, it will be deducted from both ur cpf + interest.

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blacksundays

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Thanks. Just read through an article, now not just pay back grants, pay additional 5% of flat price on top of grants.
I know the 5% is from grants. The 5% deposit is cfm gone. But since u need pay back grant, it will be deducted from both ur cpf + interest.

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AndRiy80

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Thanks. Just read through an article, now not just pay back grants, pay additional 5% of flat price on top of grants.
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According to hdb website only 5% of flat price forfeit. Stamp duty can apply for refund

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AndRiy80

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Think u misunderstood.

1. Ur grant is use to pay downpayment.
2. When u cancel the downpayment is forfeit, which is basically ur grant.
3. Now u need pay back the grants, so u need use ur cpf to pay back the grant to gov.

So total amount u lost is:
1. The grants amount + interest
2. All those fees which u pay when sign agreement

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blacksundays

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Understood, thanks! Hdb taking awhile to reply.
Think u misunderstood.

1. Ur grant is use to pay downpayment.
2. When u cancel the downpayment is forfeit, which is basically ur grant.
3. Now u need pay back the grants, so u need use ur cpf to pay back the grant to gov.

So total amount u lost is:
1. The grants amount + interest
2. All those fees which u pay when sign agreement

Sent from HUAWEI LYA-L29 using GAGT
 
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