Condo downgrade to hdb - Double Whammy with FRS and 15m wait-out period?

[Water Bottle]

so after 15m period, no restrictions on size of resale HDB can buy?

No

 

[XuishX]

Not an expert but your friend can try writing in to MND for a waiver of the waiting period (case-by-case basis)

https://www.mnd.gov.sg/newsroom/par...ait-out-period-after-selling-private-property

waiver can wait long long

I have a friend bought a condo recently then didn’t expect that his next expectancy is a twin. He admit he cannot tong the costs and space so wanna go back HDB. We thought his case can confirm submit for waiver in the end the waiver attempt failed.

We shock sia. His case so extraordinary still cannot pass. Now he stuck with no where to go sia

 

[Hysteri]

Good to see rich getting pwn. They think they can get away everytime

 

[Laneige]

where is hes money from selling the condo?
no extra ???

 

[mxkxmx]

So if you use massive amount of CPF to buy condo, after you retire, you sell condo downsize to hdb, you need to top up FRS plus clear Accrued interest. The balance you pay full cash for a 4 room flat and retire on the FRS plus whatever is left?

If they voted for PAP then don't complain about CPF and property regulations. Just bend over for govt to screw people.

 

[qhong61]

Hi, recently a friend did some reading and shared with us his concerns, which will also apply to us in the coming years. So seeking some insights here pls.


He is currently staying in a condo, and he is nearing 50yo.

If he want to downgrade to resale HDB now, he will have to suffer the "new" 15m wait-out rule, which means he need to rent for roughly 2 years, which is about $60k-$80k in current crazy market?

The good thing is if he sell his condo now, his entire refunds to his CPF can be used to buy the next HDB.


However, the 15m wait-out rule exempts 55yo who downgrade to HDB 4-room.

So, if he wants to avoid the rental expense ($60k-$80k) by only selling at 55yo, he no need to wait for 15m before buying the next resale HDB.

However, he read that when he sells the property at 55yo, he need to top-up his Full Retirement Scheme. (If a person turns 55yo in 2027, the required FRS is $228,200, and the figure will continue to climb over the years!)

After deducting the FRS, there won't be much left to apply towards the next HDB purchase, and need to take loan again?


The original idea of downgrading is to fully pay off the HDB and chill a bit.

But now it seems that we cannot do that anymore? Like go left, go right also jammed?


Seems that the only way is to bite the rental bullet and make the "move" before 55yo, in order to avoid topping up the FRS.

Or maybe just hold on to the condo and passed it on to his kids later on?


Are there further things to take note of?

Any insights or advice please?

Or what would you do if you are in a similar case?

Thanks!

Why u unable to hit FRS?
Why need to take loan if downgrade to smaller size?

 

[usarmy]

Please stay in private sector. HDB has to be remained affordable for future generation. There are many loophole hdb already allowed such as early mop, waiving 15mths waiting time for private downgrader. These are one of the reason contributed to inflation.


Sent from EDMWER!

 

[diminishin]

waiver can wait long long

I have a friend bought a condo recently then didn’t expect that his next expectancy is a twin. He admit he cannot tong the costs and space so wanna go back HDB. We thought his case can confirm submit for waiver in the end the waiver attempt failed.

We shock sia. His case so extraordinary still cannot pass. Now he stuck with no where to go sia

I don't see what's so exceptional about this case.

 

[XuishX]

I don't see what's so exceptional about this case.

He got a small condo thinking that his life will only have 1 teenage kid and with wife.

3 person family so the small condo good enough.

Didn’t expect he caused his wife to get pregnant by accident and the accident caused not 1 more baby but 2 baby (twins)

Pretty exceptional to me. At least in National context, he create more babies for population growth. He also civil servant too

 

[OptiRed]

waiver can wait long long

I have a friend bought a condo recently then didn’t expect that his next expectancy is a twin. He admit he cannot tong the costs and space so wanna go back HDB. We thought his case can confirm submit for waiver in the end the waiver attempt failed.

We shock sia. His case so extraordinary still cannot pass. Now he stuck with no where to go sia

if he bought it and want to sell within the 3y period, there is still the Seller Stamp Duty to consider woh.

 

[Boliaosguser]

I was just finding out for situation you sell current hdb and apply BTO for seniors age above 60. Does it mean they have to top up FRS also? Then the rest pay cash? Any guru can help pls.

 

[XuishX]

if he bought it and want to sell within the 3y period, there is still the Seller Stamp Duty to consider woh.

He don’t mind to pay that fee. As long as he can get 5 room flat

 

[formula]

waiver can wait long long

I have a friend bought a condo recently then didn’t expect that his next expectancy is a twin. He admit he cannot tong the costs and space so wanna go back HDB. We thought his case can confirm submit for waiver in the end the waiver attempt failed.

We shock sia. His case so extraordinary still cannot pass. Now he stuck with no where to go sia

Yup. That's how they worked. Even your parents (both side) got cancer, also they won't allow.

 

[Evil_Boss]

its working as intended, to take away property profits from downgraders

 

[OptiRed]

Is there a legal requirement to top up to fsr???? I thought you can take out anything over brs

yes. As long as u meet the BRS.

Thanks for this!

So we went to dig further, you can still withdraw anything above the BRS to pay for the next property.

That makes it more manageable for them. Imagine both husband and wife needed to meet FRS of (228k x 2) = 456k, now is BRS of 228k.

 

[OptiRed]

I was just finding out for situation you sell current hdb and apply BTO for seniors age above 60. Does it mean they have to top up FRS also? Then the rest pay cash? Any guru can help pls.

yes, still need to top up FRS, but can withdraw partial for paying the next flat.

See: https://sharehook.com/55-years-old-and-above-what-happens-if-you-sell-your-hdb/

 

[Foetid]

Sometimes life is unpredictable….Some people tio retrenched at middle age… or tio some medical problems then cannot work, wipeout big part of their retirement fund too..

人有不测之风云

now there is AI, company mergers n retrenchments, relocations, etc, then govt do this to us?

 

[OptiRed]

He don’t mind to pay that fee. As long as he can get 5 room flat

maybe renting for the 15m wait-out period can also help him to save the SSD?

 

[Foetid]

waiver can wait long long

I have a friend bought a condo recently then didn’t expect that his next expectancy is a twin. He admit he cannot tong the costs and space so wanna go back HDB. We thought his case can confirm submit for waiver in the end the waiver attempt failed.

We shock sia. His case so extraordinary still cannot pass. Now he stuck with no where to go sia

he n wife must be very high income, maybe 30k to 40k a month, hence govt dont allow the downgrade lor.

 

[XuishX]

he n wife must be very high income, maybe 30k to 40k a month, hence govt dont allow the downgrade lor.

Civil servant. Not officer route also. I doubt will be 30 to 40 k a month.

At most give 10 k a month .

Wife not working