Free advice/discussion on buy/sell of Resale flat (Part 5)

[vodka7up]

Hi Vince,

I am currently single and co-own a hdb flat with my father.
I took up a bank loan for this with no grant.
I am planning to apply for upcoming BTO with my gf.
Does living with my parents qualifies me for the near parents grant?


As the time to getting my keys will be 3-5 years, can I still buy and sell in the resale market?
Planning to do this with bank loan and with my father as co-owner, please advice me.

Thanks.

 

[vinz]

hi vinz,

in your opinion, do u thk sembawang flats are better for sale or for rental? cos i have seen in the past 6 months more than 10 new families moving into my block (i.e. via sale).

Rental is always about location, what do you think then?

There are always people willing to rent HDB as long as yours is in tune with the market price and they are working nearby etc.

cos right now with the 4btos, my wife and i are thking of whether to apply for a flat in sembawang (which we currently stay with my mom) or a flat at dawson (my assumption for better resale or rental opportunities).

eventually we want to keep both flats (current flat is in my mom's name), one for rental, the other to live in. at this point, we like the current sembawang flat and the area. which is why i asked the 1st question above.

Assume u buy a BTO flat, you are not suppose to rent it out for the next 5yrs after u take keys.

Rental price as compare to the purchase price :

Buy Sembawang at 250k, Rental out at 2k
Buy Dawson at 480k, Rental out at 2.2k

Which will you choose then? Its very subjective, up to you to decide since you buying to keep and rent out. The higher your purchase price, the higher your loan amount, the higher your iinterests paid.

 

[vinz]

I am currently single and co-own a hdb flat with my father.
I took up a bank loan for this with no grant.
I am planning to apply for upcoming BTO with my gf.
Does living with my parents qualifies me for the near parents grant?

BTO no near parent grant at all.

Unless combined income less than $5k monthly for the past one year, then can apply for AHG (additional housing grant).

As the time to getting my keys will be 3-5 years, can I still buy and sell in the resale market?
Planning to do this with bank loan and with my father as co-owner, please advice me.

Once you apply for BTO and is allocated a flat, I believe HDB will allow you to sell off the house but not buy anymore. Your dad alone can buy as long as he is eligible and he is able to loan the money for it.

Please call HDB to check, as I am dealing with Resale flat only, Brand new flat policy I am not 100% sure.

HDB Hotline : 1800-8663066.

vinz

 

[Who_am_i_Orc]

Can I check, my parents currently are not owning any flat now. My mother is thinking to buy a hdb with me. Is it possible?

She is > 35 years old and I am below 35. Just 2 of us buying, is it possible? A resale hdb by the way.

 

[wanker88]

Hi Vinz,

If i'm buying a BTO flat frm HDB, is conveyancing fee included in the stamp duty or is it charged separately? Also are there any other payments i have to make?

2ndly, must all these be paid in full when the 1st down downpayment is made? Thanks!

 

[Who_am_i_Orc]

Can I check, my parents currently are not owning any flat now. My mother is thinking to buy a hdb with me. Is it possible?

She is > 35 years old and I am below 35. Just 2 of us buying, is it possible? A resale hdb by the way.

Anyone knows ma?

 

[vinz]

Can I check, my parents currently are not owning any flat now. My mother is thinking to buy a hdb with me. Is it possible?

She is > 35 years old and I am below 35. Just 2 of us buying, is it possible? A resale hdb by the way.

If a person is MARRIED (your parents), both of them must be inside any HDB flat ownership.

Can be :
a) Both owner + yourself.
b) One owner + yourself + another parent as occupier

Cannot be :
a) One owner + yourself (the other not listed as occupier or owner).

 

[vinz]

If i'm buying a BTO flat frm HDB, is conveyancing fee included in the stamp duty or is it charged separately? Also are there any other payments i have to make?

2ndly, must all these be paid in full when the 1st down downpayment is made? Thanks!

Conveyancing and stamp duty is two separate issue, i would belive you will be given two figure instead of one lump together.

I dont deal with HDB brand new flat, so sorry I dont know the answer your questions.

Pls give a call to HDB hotline to ask.
1800-8663066

 

[wanker88]

Conveyancing and stamp duty is two separate issue, i would belive you will be given two figure instead of one lump together.

I dont deal with HDB brand new flat, so sorry I dont know the answer your questions.

Pls give a call to HDB hotline to ask.
1800-8663066

Alrite. Thanks mate.

 

[Who_am_i_Orc]

If a person is MARRIED (your parents), both of them must be inside any HDB flat ownership.

Can be :
a) Both owner + yourself.
b) One owner + yourself + another parent as occupier

Cannot be :
a) One owner + yourself (the other not listed as occupier or owner).

Very confused at the reply.. Can my mum and I be the co-owner??

 

[rdew43@yahoo.com]

I think the main thing is the hassle of selling your property is having to spend time to market the property and not having the network to sell your property fast fast and at the bestest price. But many agents also only promise you that but don't deliver the goods so it really depends. oh, u might wanna try the forum at www.thehomelook.com/forum they talk about home ideas. some of you might find that useful

 

[vinz]

Very confused at the reply.. Can my mum and I be the co-owner??

What is the confusion about?

If you and your mum are co-owner (both owners),
then your dad must be occupier inside the house, Your dad is not suppose to own any other HDB flat then, that is the reason why he must be an occupier. (occupier no need pay loan etc)

In simple term, a married couple cannot be owning two different HDB flat.
(eg. you dad owns a HDB, you and mum own another)

vinz

 

[Who_am_i_Orc]

What is the confusion about?

If you and your mum are co-owner (both owners),
then your dad must be occupier inside the house, Your dad is not suppose to own any other HDB flat then, that is the reason why he must be an occupier. (occupier no need pay loan etc)

In simple term, a married couple cannot be owning two different HDB flat.
(eg. you dad owns a HDB, you and mum own another)

vinz

Hmm, if the situation is

Mum and Dad not owning any flat now.

Mum want to buy a hdb with my name. Can this be done?

And my dad is not going to stay with us, cause quite far for him. Is this a concern?

 

[deweylim]

Questions

Dear Vinz,

I planning to get a 3 room flat first without any first timer grant and plan to use first timer status to bid for 4 room BTO. If by chance I get my BTO.

1) Am I able to use HDB loan for the 3 room and BTO? If I do this, will there be any lockdown on the 3 room flat? Or I can't use HDB loan for the BTO later?

2) Will I still be able to bid for the BTO? considering I own a HDB flat without first timer grant

3) Will I be able to use any AHG? or it works together with the first timer grant?

4) is it better to use bank loan or hdb loan in this scenario?

 

[-Ramza-]

hi vinz, to add on to the inventory list questions..

if there are big items like wall cabinet and old-style TV console cabinets in the inventory list, can i force the current owner to remove them ?

it would be a hassle to engage guys to tear those stuffs down.

 

[vinz]

Hmm, if the situation is

Mum and Dad not owning any flat now.

Mum want to buy a hdb with my name. Can this be done?

And my dad is not going to stay with us, cause quite far for him. Is this a concern?

Can be done, but dad must be listed as occupier.
He is not owner, no credit checks on him, no need to go for HDB appt etc.

BUT HE MUST BE LISTED inside the house.
(To prevent him from getting another house)

 

[vinz]

Dear Vinz,

I planning to get a 3 room flat first without any first timer grant and plan to use first timer status to bid for 4 room BTO. If by chance I get my BTO.

1) Am I able to use HDB loan for the 3 room and BTO?

If first flat 3room resale and you are 1st timer status and eligible for HDB loan, then shouldnt be a problem.

2nd flat (BTO), for 2nd HDB loan (each person only allocated to use two times HDB LOAN in your life, so please make use of it properly) you must be upgrading.
eg. 3rm moving to 4rm/5rm

If I do this, will there be any lockdown on the 3 room flat?

What does lockdown mean?
Do you mean MOP (period where u cant sell?)

HDB loan without grant = 30 Months MOP
Bank Loan = 12 Months MOP

Or I can't use HDB loan for the BTO later?

Refer to the 1st answer above.

2) Will I still be able to bid for the BTO? considering I own a HDB flat without first timer grant

Yes u can, as long as no grant before, no levy needed to be paid if u get a 2nd flat which is a BTO.

Please note once you must get the resale HDB flat 1st (become official owner), before you ballot for the BTO. This is because once you ballot for any BTO (as long as application received, whether get it or not in the end is still the same), HDB will not allow u to get any resale flat anymore.

So get resale flat, then take your time to try BTO.

Not the other way round, try for BTO, barred from getting resale flat anymore once BTO application received.

3) Will I be able to use any AHG? or it works together with the first timer grant?

AHG is together with first timer grant.

4) is it better to use bank loan or hdb loan in this scenario?

3room go for bank loan (since smaller, lesser commitment, lesser loan amount, keep the HDB loan for bigger flats.)

 

[deweylim]

questions 2

Dear Vinz,

Thank you for your advises.

3room go for bank loan (since smaller, lesser commitment, lesser loan amount, keep the HDB loan for bigger flats.)

One more question regarding the bank loan. Now I only have a HLE from the HDB, do you know how long it takes to process a loan option from the bank? Do you know which bank has the best deal?

 

[vinz]

One more question regarding the bank loan. Now I only have a HLE from the HDB, do you know how long it takes to process a loan option from the bank?

Within a few days if your documents are all ready.
(OTP signed, 3months payslip, IRAS letter, CPF statement etc.)

Since it's a resale flat, pls ask the agent to calculate how much your loan amount will be after deducting whatever downpayment which is required.
Bank officer will have a faster/easier time to process yout application if all the above is ready.

Do you know which bank has the best deal?

Different banks got different packages. Fixed rate (different number of years) will have different interest rates.
Variable rates also the same thing.

Each borrower got different criteria and needs. If you intend to sell after the next 4-5 years, then maybe go for the fixed 1-2yrs type, or variable rates if u intend to sell within the next 1-2yrs.

Surf the web and give a call to the bank hotline (during office hours) for the bankers to advise you accordingly.

 

[kop2311987]

Vinz.. can i check with you something.

Lets say i and my gf apply for BTO for dawson... but when we receive the queue or even before we receive the queue.. i decide to buy a flat with my dad.. means i joint name with my dad.. can i still proceed to buy a resale flat with my dad?

or i have to cancel the BTO before can go and buy a resale flat with my dad...?? or i can not buy any resale flat after i submit BTO?

Thanks for your help...