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HDB (Puchase Process (Request for Value for flat (Form basis of CPF usage,…
HDB
Puchase Process
HDB Resale Portal process flow (see CU4 pg 87)
Usually 8 weeks from HDB acceptance of resale application to completion
Legal documents needing 'wet ink' signatures will need to be signed at completion appt at HDB hub.
Request for Value for flat
Form basis of CPF usage, HLE and LO from FI
Can be submitted by Salespersons
Valid for 3 months
Resale application fees
(buyer and seller)
1/2 room: $40
3 room or bigger: $80
Credit card or in person
Allowed temporary extension of stay (max 3 mths), with buyer's agreement
Salesperson statutory declaration (in presence of Comm of Oaths at HDB Resale Office) to be submitted at completion appt (3 years false dec)
HLE is valid for 6 mths
Enhanced Contra Facility (ECF)
HDB Loan
2nd HDB loan
Can keep greater of $25K or 50% of cash proceeds
Interest rate
After disposing 1st flat
HDB rate, but must use up to 50% of cash proceeds and all of CPF balance for purchase of 2nd flat
Before disposing 1st flat
Grant bigger loan at commercial rates (3 mth avg of 3 big banks)
0.1% above CPF OA IR
Minus CPF balance/refund
HLE
Valid 6 mths
Documents
Questionnaire with income supporting docs
Unemployed (statutory dec for 55-62yrs or valid student pass)
Log in to My HDBPage to check status
Qualifying criteria
@ least 1 SC buyer
Gross Monthly Household Income
Singles $6K for 5rm/smaller
Families $12K (except for 2 rm hdb flat - $6k/
DBSS with HDB loan - $8K)
Extended families $18K
Excludes:Alimony, bonus, dividends, interests fr savings, nat svc allowance, OT, rental income, claims/expenses, scholarship allowance
Generally max two times
No private resi property (incl HUDC/EC)
Have to dispose of any private resi > 30 mths before application
Not more than 1 hawker/commercial property, self operated
Max loan quantum
See table on Mortgage Loan Terms (HDB and Bank) in notes
Repayment period
65 yrs less buyer's age, max 25 years (shorter)
Sale Criteria
MOP 5 years except
non-portable SERS or
1 room resale flat without CPF Housing Grant
EIP - Ethnic Integration Policy
Malaysian PR same treatment as SC
Non-Malaysian SPR quota
Neighbourhood Max: 5%
Block max: 8%
Defined as household without SC or Malaysian PR
SPR defined as someone with PR status for at least 3 yrs
Special Scenarios
Bankruptcy
Only forced to sell if there's outstanding mortgage
SC households
Don't need OA's consent for sale
SPR households
Need OA consent to sell (before granting OTP)
Need OA's consent for purchase of flats $500K and above
(after subsidies/levies)
Divorce
Others
Can retain flat
Parents' name listed in flat
Children living with you
Divorced party qualifies under SSC scheme, unless there's a 5 year MOP (bought with CPF HG) not reached
Must dispose flat
Within MOP
Sell back to HDB at prevailing compensation price
After MOP
Open market sale
Void/Annulled
Forced disposal, unless parents listed in purchase application
Deceased
Joint owner
Passes on to other owner, as long as
fulfills criteria to hold flat + >21 + SC/SPR
Sole owner
Distribute according to Will or Intestacy
Subsidies/Levies
Buying 2nd subsidised flat
Resale Levy
Amount based on type of 1st subsidised flat bought and timing of resale application (3 March 2006) (see table CU 4 pg 132)
Timing of payment
Pt of resale of 1st flat
When buying 2nd flat (+5%pa int)
Payable if buying 2nd subsidised flat
(i.e. from HDB/with CPF Housing Grant, not if buying DBSS from developer)
CPF Housing Grants
Types
First timer
Additional Housing Grant (2 rm flexi or larger,
based on income <$5K)
Special Housing Grant (2 rm flexi, 3 rm, 4 rm in non-mature, based on income <$8.5k)
Family/ Enhanced Housing Grant
(based on type of flat, includes ECs, up to $12K)
Singles
Half that of Proximity, Family/Enhanced and
Additional Housing Grant (up to 5 rm flat)
Half that of SHG (only non mature 2 rm flexi)
Max of 2 singles grants under JSS/PS
CPF Housing Top-up Grant Scheme
When NC becomes PR/PR becomes SC
When marry FT citizen spouse or another Singles Grant recipient
Proximity Grant
Only for resale flats
Min 2 room with >30 years lease left
Only grant available to non-first timers
Based on distance from parents
Only for SCs.
SC/PR couples have $10k withheld
until PR turns SC or they have SC child.
Also pay $10K premium on purchase price
CPF Housing Grant
For Family
PS, FS,
For Singles
OS, SSCS, JSS, NCSS, NCFS
Eligibility
Eligibility Schemes
If owner of private residential
Must sell private property within 6 mths of purchase of resale flat
PS
@ least 1 SC/SPR
FS
@ least 1 SC/SPR
Submit marriage cert
W/O CPF Housing Grant: Within 3 mths of vacant possession
With CPF HG: By vacant possession date
OS
2 or more unmarried, orphan siblings
At least 1 parent SC/PR
JSS
2- 4 singles
Be >35 if single/divorced; >21 if widowed/orphan
SSCS
Be >35 if single/divorced; >21 if widowed/orphan
NCSS
If SC is >21
Spouse: LTSVP or Work Pass >6 mths @ submission of resale application
If SC is >35
Spouse: Visit pass or Work Pass @ submission of resale application
NCFS
SC with NC parents and siblings, or NC children
SC > 21 years
NC must have LTSVP or Work Pass >6 mths @ submission of resale application
CS
2 buying options
2 units of 3 rms/smaller
Adjoining 3-rm/smaller flat (EIP/PR Quota does not apply)
SC/PR with at least 1 occupant SC/PR