HDB Questions

[compuser]

Supposedly

Me: Income $6000
Spouse income: $3500

Question 1

I found this info with the first time grant's income ceiling
Full document here
https://www.google.com/url?sa=t&rct...ble-homes-b1&usg=AOvVaw12U7lOEB2nWBKHVmyS0hJ4

The monthly household income it refers, is it my spouse and me?
Or my family with all the occupiers I'm staying with right now
Or my family with all the occupiers I'm staying with in the future



Question 2
What sort of grants and subsidy can I get for buying a New/Resale HDB 4 room flat?



Question 3

If I decide to buy a bigger 5 room resale HDB 5 years later.
I will need to payback the resale levy $45000 for selling the old HDB?

Then will I get grants and subsidy for my new purchase.
If yes, what sort?

 

[Perisher]

Q1, your spouse and you. Or who ever is bidding for the house. Only the applicants in other words.

 

[compuser]

Also, what's my monthly household from the salary quoted above

 

[Perisher]

Also, what's my monthly household from the salary quoted above

$9500. Use gross income. Not take-home.
Also, note they calculate using average gross monthly household income for the 12 months prior to you submitting your flat application.
So if you have a pay cut recently or pay raise, it won't be included.

 

[Perisher]

Oh, TS, I recommend you ask your questions in the following thread/forum
http://deluxeforums.hardwarezone.com.sg/homeseekers-homemakers-74/

 

[compuser]

Sorry mod, can shift the thread there?

Or i start a new one there?

 

[Perisher]

Sorry mod, can shift the thread there?

Or i start a new one there?

Can, I shift for you.

 

[arm4da]

if you and your spouse are applying, then your household income would be $6,000 + $3,500 = $9,500.

and yes, if you sell off your flat you will have to pay back the grant with interest

 

[compuser]

if you and your spouse are applying, then your household income would be $6,000 + $3,500 = $9,500.

and yes, if you sell off your flat you will have to pay back the grant with interest

So in other words, for such income, the total grant i can receive is $0 if i apply for BTO?


If I choose resale, my grant for 4 room is

$50k family grant
$20k proximity grant
$0 AHG

I will still need to pay back grant with interest on top of resale levy?

 

[Zetrio2006]

So in other words, for such income, the total grant i can receive is $0 if i apply for BTO?

YES

If I choose resale, my grant for 4 room is

$50k family grant
$20k proximity grant
$0 AHG

I will still need to pay back grant with interest on top of resale levy?

Yes. Proximity grant is subject to conditions as well.

The grant is paid back to your cpf account when you sell the first flat.

You only need to pay resale levy if you buy another subsidised flay (BTO, ECs etc)

 

[vinz]

Supposedly

Me: Income $6000
Spouse income: $3500

Question 1
The monthly household income it refers, is it my spouse and me?

You and Spouse. (or all flat applicant/owners)

Question 2
What sort of grants and subsidy can I get for buying a New/Resale HDB 4 room flat?

New : Based on 9.5k income, no grant.
Resale: Based on 9.5k income, first timer family grant.

So in other words, for such income, the total grant i can receive is $0 if i apply for BTO?

Yes as above.

Pls click : CPF housing grant

Question 3
If I decide to buy a bigger 5 room resale HDB 5 years later.
I will need to payback the resale levy $45000 for selling the old HDB?

No. Buying a resale for next flat, there is no need to pay this resale levy immediate. Can be deferred until u decided to get a BTO/ direct flat from HDB.

If you keep buying resale, you can don't pay this levy forever.

Take note, resale levy is not the same as "pay back the grant with interests" as what other user mentioned. THERE IS NO PAYING BACK OF GRANT. It is given to you and put into your CPF ordinary account and used for your first purchase. And form part of your CPF money once your flat is sold.

Resale levy is for those who keep wanting to get subsidized housing price (BRAND NEW FLAT), compared to those who only get it once (BTO/ resale with grant)

Then will I get grants and subsidy for my new purchase.
If yes, what sort?

Grant is once only in your life time.

If not every sporean just keep buying resale with grant,sell make a lump sum of money, and repeat?

If I choose resale, my grant for 4 room is

$50k family grant
$20k proximity grant
$0 AHG

Yes.

Proximity grant pls check with parents they ok to remain within same estate as you for next 5yrs or not. They need to go down to HDB and sign a document stating they wont shift out of same estate as yourself.

 

[arm4da]

Take note, resale levy is not the same as "pay back the grant with interests" as what other user mentioned. THERE IS NO PAYING BACK OF GRANT. It is given to you and put into your CPF ordinary account and used for your first purchase. And form part of your CPF money once your flat is sold.

Resale levy is for those who keep wanting to get subsidized housing price (BRAND NEW FLAT), compared to those who only get it once (BTO/ resale with grant)

Grant is once only in your life time.

sorry I might had misread if he meant resale levy.

but if it's the first-timer grant, you do have to 'pay' it back to your CPF with the accrued interest.

and this grant money can only be used to offset your next purchase, and is not credited to your account normally (i.e. you cannot earn interest on the grant money)

 

[vinz]

This may not be the best explanation , but I try my best to give everyone an idea how our housing grant works.

How does the CPF housing grant works?
(Assume applicant is eligible for grant)

1. Apply for grant.

2. Grant Approved, grant amount will be credited into applicant CPF ORDINARY ACCOUNT (admin work done by HDB + CPF)

3. Taking HDB loan : full amount inside ordinary account (inclusive of grant) will be deducted for downpayment of flat (including stamp fees etc)

4. Applicant CPF ordinary account will be left with $0 once all the above amount is deducted.

Eg. Assume Buyer A CPF 30k, grant 50k. Bought a house for 300k.
(simple example, dont take into account stamp fees,legal fees etc)

Loan needed = Purchase price - (cpf + grant + cash if any)
= 300k - (30k + 50k)
= 220k

Buyer A will have $0 in his CPF ordinary account and a HDB loan of $220k once he take over the flat.
_______________________________

When house is sold 10yrs later :
(all figures are just for example purpose)

Assume outstanding loan 100k.
CPF used + accured interests = 200k
Flat sold for 400k

1. HDB will take back the outstanding loan amount ,
thus 400k - 100k =300k left

2. CPF will want full refund (Grant amount is inside these figures) + accrued interests ,
thus 300k - 200k (Cpf refund) = 100k cash proceeds.
___________________________

If this same seller does not purchase a next flat , the full 200k CPF refund is credited back into his CPF ordinary account and will be earning an interests of 2.5% per annum.

Take note, this grant is given to Singaporean, and after the house is sold, can be used according to whatever CPF allows (purchase next flat, invests in stock etc)

There is no special account being created to keep this grant amount + accrued interests, just to be used for another flat.

(if there is a special account for this, what happen if someone dont buy another flat for next 10 to 20yrs? money just sit there somewhere? where? not reflected in our CPF statement? if reflected not earning interests?)

-vinz

 

[testerjp]

I always thought that hdb deposit must be in cash. Din know the OA will be wiped clean.

So the grants will go back to your cpf account, so you are just paying yourself back right. Not that the grant amount goes back to HDB.


After buying resale still can buy bto?

 

[windwaver]

After buying resale still can buy bto?

Yes.

10 chars.

 

[arm4da]

This may not be the best explanation , but I try my best to give everyone an idea how our housing grant works.

How does the CPF housing grant works?
(Assume applicant is eligible for grant)

1. Apply for grant.

2. Grant Approved, grant amount will be credited into applicant CPF ORDINARY ACCOUNT (admin work done by HDB + CPF)

3. Taking HDB loan : full amount inside ordinary account (inclusive of grant) will be deducted for downpayment of flat (including stamp fees etc)

4. Applicant CPF ordinary account will be left with $0 once all the above amount is deducted.

Eg. Assume Buyer A CPF 30k, grant 50k. Bought a house for 300k.
(simple example, dont take into account stamp fees,legal fees etc)

Loan needed = Purchase price - (cpf + grant + cash if any)
= 300k - (30k + 50k)
= 220k

Buyer A will have $0 in his CPF ordinary account and a HDB loan of $220k once he take over the flat.
_______________________________

When house is sold 10yrs later :
(all figures are just for example purpose)

Assume outstanding loan 100k.
CPF used + accured interests = 200k
Flat sold for 400k

1. HDB will take back the outstanding loan amount ,
thus 400k - 100k =300k left

2. CPF will want full refund (Grant amount is inside these figures) + accrued interests ,
thus 300k - 200k (Cpf refund) = 100k cash proceeds.
___________________________

If this same seller does not purchase a next flat , the full 200k CPF refund is credited back into his CPF ordinary account and will be earning an interests of 2.5% per annum.

Take note, this grant is given to Singaporean, and after the house is sold, can be used according to whatever CPF allows (purchase next flat, invests in stock etc)

There is no special account being created to keep this grant amount + accrued interests, just to be used for another flat.

(if there is a special account for this, what happen if someone dont buy another flat for next 10 to 20yrs? money just sit there somewhere? where? not reflected in our CPF statement? if reflected not earning interests?)

-vinz

/shrugs this is what I gathered from reading up on the HDB website. maybe you're more familiar and if so then good lor

 

[sentsggirls]

thanks vinz for the layman summary of our housing grant

I decieded to get a BTO with my fiance. After looking thru HDB website, it seems that
the grant and type of BTO ( room-size) depends on my fiance and my combined income.

to apply for bto must submit PAyslip or what documents?
both me and my girl or?

Average gross monthly household income ceiling
what is this ceiling?

 

[GeraldineT]

thanks vinz for the layman summary of our housing grant

I decieded to get a BTO with my fiance. After looking thru HDB website, it seems that
the grant and type of BTO ( room-size) depends on my fiance and my combined income.

to apply for bto must submit PAyslip or what documents?
both me and my girl or?

Average gross monthly household income ceiling
what is this ceiling?

the grant will be base on both ur combine income over the last 12 months.
and it also depends on whether u want to get mature / non-mature estate.

there are 2 type of grant. AHG and SHG
(SHG for non-mature only)

so given ur
Me: Income $6000
Spouse income: $3500

For eg if u are going to BTO for Feb2018,
u will have to calculate 12 months before feb 2018 - which is jan 2018 and 12 months before to feb 2017.

So if eg the salary from feb2017-jan 2018 is as what u stated
(6000+3500) * 12 is 9000
meaning u don't even get any grant.
you can check more on this page

Unless one of u just started work or lesser salary over the last 12 months, then ur average income is lesser, then u might have grant.
But also do note, 1 of u need to have 12 months of continuous employment for grant to be approved

___________________
do note:
Income/ allowance that will be considered for the income ceiling
Allowances (fixed/ variable) received on a regular basis, such as allowances for food, transport, laundry, uniform
Stipend

Income/ allowance that is not considered for the income ceiling
Alimony allowance
Bonuses
Income from overtime work
Interest from deposit accounts
National Service Allowance
Pension
Rental income
Scholarship overseas allowance

 

[GeraldineT]

I always thought that hdb deposit must be in cash. Din know the OA will be wiped clean.

So the grants will go back to your cpf account, so you are just paying yourself back right. Not that the grant amount goes back to HDB.


After buying resale still can buy bto?

if u can pay in cash, then it's good lor, ur 2.5% accrued interest will not start from the day u wipe from ur CPF.

 

[testerjp]

I tot the Average gross monthly household income for example
Me: Income $6000
Spouse income: $3500

Should be $9500