HWZ Forums

Login Register FAQ Mark Forums Read

Cancellation of BTO after agreement of lease

Reply
 
LinkBack Thread Tools
Old 07-11-2019, 10:55 PM   #1
Member
 
Join Date: Jan 2012
Posts: 219
Cancellation of BTO after agreement of lease

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.
blacksundays is offline   Reply With Quote
Old 07-11-2019, 11:08 PM   #2
Master Member
 
vinz's Avatar
 
Join Date: Sep 2000
Posts: 4,240
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
__________________
<<Due to me being a ONE MAN SHOW,my reply can be a little slow at times,hope you can understand>>

Last edited by vinz; 07-11-2019 at 11:18 PM..
vinz is offline   Reply With Quote
Old 08-11-2019, 06:40 AM   #3
Member
 
Join Date: Jan 2012
Posts: 219
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
blacksundays is offline   Reply With Quote
Old 08-11-2019, 03:04 PM   #4
Member
 
Join Date: Jan 2012
Posts: 219
Anyone else who knows about this?

Thanks!
blacksundays is offline   Reply With Quote
Old 08-11-2019, 04:17 PM   #5
Member
 
slashGNR's Avatar
 
Join Date: Aug 2002
Posts: 415
Anyone else who knows about this?

Thanks!
Not sure if able to find your answer here...

https://blog.seedly.sg/break-up-bto-hdb-application
slashGNR is online now   Reply With Quote
Old 09-11-2019, 10:26 AM   #6
Member
 
Join Date: Jan 2012
Posts: 219
Thanks. I read that up but didn't really explain. Will only have to wait for HDB to reply.
Not sure if able to find your answer here...

https://blog.seedly.sg/break-up-bto-hdb-application
blacksundays is offline   Reply With Quote
Old 09-11-2019, 03:10 PM   #7
Arch-Supremacy Member
 
windwaver's Avatar
 
Join Date: Apr 2000
Posts: 23,208
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.
windwaver is offline   Reply With Quote
Old 09-11-2019, 04:21 PM   #8
Member
 
Join Date: Jan 2012
Posts: 219
Thanks. So each of us pay $25k each.
Vinz is correct.
blacksundays is offline   Reply With Quote
Old 10-11-2019, 08:26 AM   #9
Member
 
Join Date: Dec 2009
Posts: 256
Thanks. So each of us pay $25k each.
I think 5% penalty is the deposit. So ur deposit is forfeit, then u pay back the granted taken.

Sent from HUAWEI LYA-L29 using GAGT
AndRiy80 is online now   Reply With Quote
Old 10-11-2019, 09:48 AM   #10
Member
 
Join Date: Jan 2012
Posts: 219
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.

Sent from HUAWEI LYA-L29 using GAGT
blacksundays is offline   Reply With Quote
Old 10-11-2019, 11:06 AM   #11
Member
 
Join Date: Dec 2009
Posts: 256
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.

Sent from HUAWEI LYA-L29 using GAGT
AndRiy80 is online now   Reply With Quote
Old 11-11-2019, 06:47 AM   #12
Member
 
Join Date: Jan 2012
Posts: 219
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.

Sent from HUAWEI LYA-L29 using GAGT
blacksundays is offline   Reply With Quote
Old 11-11-2019, 12:04 PM   #13
Member
 
Join Date: Dec 2009
Posts: 256
Thanks. Just read through an article, now not just pay back grants, pay additional 5% of flat price on top of grants.

According to hdb website only 5% of flat price forfeit. Stamp duty can apply for refund

Sent from HUAWEI LYA-L29 using GAGT
AndRiy80 is online now   Reply With Quote
Old 11-11-2019, 12:16 PM   #14
Member
 
Join Date: Dec 2009
Posts: 256
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
AndRiy80 is online now   Reply With Quote
Old Today, 01:13 AM   #15
Member
 
Join Date: Oct 2008
Posts: 109
Yes stamp duty can be refunded. Happened to 2 of my friends.
Apricot is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On