Free advice/discussion on buy/sell of Resale flat (Part 6)

[spinelli]

Thanks bro, and nemo88

I got the key answer from below. Maybe I should had been more straight to the point. So the cash part would be towards the end of the installments and not something that must be up front.

Wow so it’s really hard to get a resale flat with less than 60 years lease in a mature area then....

In buying the flat spinelli needs to make a downpayment of 10% with CPF savings and cash (if CPF savings are insufficient).

He has to pay (COV) - cash for the difference between purchase price and valuation amount, if lower.

The resale flat has remaining lease of 58 years. When his wife 36 turns 55 in 19 years, the remaining lease will be 39 years. Use of CPF to pay for the flat will be limited to 39/58 or 67% of the purchase price or valuation amount whichever is lower.

The loan amount depends on his income and age less whatever CPF savings left after the downpayment as all his remaining CPF will be to pay for the flat before the loan is disbursed.

The loan period cannot stretch beyond 25 and the amount of monthly instalments cannot be more than 30% of his gross pay (MSR).

The loan can be paid by cpf or cash or both, but once the CPF limit is reached, the remaining instalments must be paid by cash.

spinelli should note that if the wife is a joint owner, she will be liable for the loan jointly.

 

[qhong61]

Thanks bro, and nemo88

I got the key answer from below. Maybe I should had been more straight to the point. So the cash part would be towards the end of the installments and not something that must be up front.

Wow so it’s really hard to get a resale flat with less than 60 years lease in a mature area then....

Hoping for SERS?

 

[henrylbh]

Hoping for SERS?

Who doesn't. Wondering why Kampong Batu still no enbloc.

 

[nemo88]

Thanks bro, and nemo88

I got the key answer from below. Maybe I should had been more straight to the point. So the cash part would be towards the end of the installments and not something that must be up front.

Wow so it’s really hard to get a resale flat with less than 60 years lease in a mature area then....

It’s hard to buy, hard to sell. It’s often people who have cash on hand and can’t use much of their CPF anyway because of retirement age limits. I’ve seen a number of retirees who got a windfall from en bloc so have liquidity to buy those old mature area flats.

 

[spinelli]

No la bro. Not a gambler by nature lol

Hoping for SERS?

 

[fotoudavid]

Don't try to buy old hdb like my friend. He hope for en bloc and bought Tanglin Halt 3 room high price. The SERS never come. Ended up paying high interest as the couple about 50 years old.

In case people not sure, tangling halt very old flats.

 

[flashover]

Tanglin Halt already sers. My uncle already choose his replacement flat

Don't try to buy old hdb like my friend. He hope for en bloc and bought Tanglin Halt 3 room high price. The SERS never come. Ended up paying high interest as the couple about 50 years old.

In case people not sure, tangling halt very old flats.

 

[henrylbh]

Don't try to buy old hdb like my friend. He hope for en bloc and bought Tanglin Halt 3 room high price. The SERS never come. Ended up paying high interest as the couple about 50 years old.

In case people not sure, tangling halt very old flats.

You don't know meh? It was in the papers few years back. I helped my brother to select his new flat which should be ready by 2020. He bought a 2rm flat in 1990s at 40k.

 

[fotoudavid]

I was talking about Blk 85 areas there, maybe not call tanglin halt? It's at commonwealth close... A bit slope up hill.

 

[Emo_Rhino]

Question if someone buy resale hdb without grants can that person apply for ec before the 5yr is up?

 

[fotoudavid]

Question if someone buy resale hdb without grants can that person apply for ec before the 5yr is up?

Can. No problem at all.

 

[dilphinus]

Can. No problem at all.

Only for one room flats.

https://www.hdb.gov.sg/cs/Satellite?c=Page&cid=1383799236311&d=Touch&pagename=InfoWEB%2FPage%2FArticleDetailPage

 

[fotoudavid]

Paiseh, see wrongly... Before 5 years I see after 5 years... Paiseh

 

[dance42001]

SERS

any gurus on sers here.

my friend got his flat from bto 6 years ago (MOP over) now he is thinking of selling his flat and buying over her mum sers flat as his mum currently lives with him.

Does he need to pay for the resale levy even though he did not get any grant from HDB previously ?

I understand from him is that he wants to have the sers benefit and also to upgrade to a bigger room currently three rm to a four or five room. as the sers benefit he can have a higher chances to select units from BTO and SBF.

Is this true ? Do they have a higher queue number on these BTO and SBF ?
or do they go thru the same as those with special schema ?

Thanks

 

[vinz]

First flat BTO,

If next flat direct from HDB again, resale levy is applicable.

If not everyone will keep buying direct flat again and again (bto, sobf. Sers etc).

His question are all about gaming the system, pls ask him drop by his mum's flat branch office, they will be able to reply him on the spot instead of reading replies on forum, and not knowing the info given is accurate or not.

The branch office is the correct place to ask all these questions.

-vinz

 

[PostCountWarrior[+1]]

any gurus on sers here.

my friend got his flat from bto 6 years ago (MOP over) now he is thinking of selling his flat and buying over her mum sers flat as his mum currently lives with him.

Does he need to pay for the resale levy even though he did not get any grant from HDB previously ?

I understand from him is that he wants to have the sers benefit and also to upgrade to a bigger room currently three rm to a four or five room. as the sers benefit he can have a higher chances to select units from BTO and SBF.

Is this true ? Do they have a higher queue number on these BTO and SBF ?
or do they go thru the same as those with special schema ?

Thanks

buy mother flat no resale levy, but if invited to bto for new unit because of sers, need to pay resale levy. unless u give up that right to bto, take proceeds and go buy private.

 

[kluangboy123]

Hi all the experts here, I recently completed my resale transaction to buy my resale flat. Initially agreed to grant the sellers extension of stay. Now sellers told me that they couldn’t get approval from HDB for extension as their EC key collection date is not confirmed.. now insisting on telling me that HDB is okay with private agreement between sellers and buyers even though no approval from HDB for extension.. how ah? Isn’t this so called private arrangement unlawful? Should I ask them to move out?

 

[fotoudavid]

Hi all the experts here, I recently completed my resale transaction to buy my resale flat. Initially agreed to grant the sellers extension of stay. Now sellers told me that they couldn’t get approval from HDB for extension as their EC key collection date is not confirmed.. now insisting on telling me that HDB is okay with private agreement between sellers and buyers even though no approval from HDB for extension.. how ah? Isn’t this so called private arrangement unlawful? Should I ask them to move out?

Beside inz residents, which EC didn't top?

 

[kluangboy123]

Beside inz residents, which EC didn't top?

they said the resale proceeds is not in their CPF account yet, can't get a confirmation date... lol

 

[fotoudavid]

Wa, think you face a problem here kluangboy123... Bad guy people scold, good guy you might land in trouble...

Must ask hdb branch office for advise.