Help with HDB Flats
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The current flat that I'm staying is approximately 6 years and the first flat purchased with CPF and HDB grants.Currently owes around $50k in loans from HDB.
Thinking of selling this flat now for around $250k and get one new HDB 4 rooms which is $190k and earns $60k profits to clear the loans owed. Even if loan is required, it will be much lower at around $10k only.
I'm not sure if I can buy one first before selling the current one cause I have no where to place the furnitures and stays at. And, how much subsidies will I received?
I've tried calling HDB but their line is busy, so thought of coming online and see if there's any experienced people around.
Thanks in advance.
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Me not quite sure if you downgrade your flat from 5-room to 4-room, heard that there will be no rebate or subsidy given and you will need to take on a housing loan from the banks at prevailing interest rates.
There is deadline for selling off your old flat after you bought your new flat, think it's a month if not wrong.
Maybe youncould check up HDB website for more details. -
U owe 50k in loans from HDB...how about grants and the cpf money that U put in?Originally posted by photo_seeker:The current flat that I'm staying is approximately 6 years and the first flat purchased with CPF and HDB grants.Currently owes around $50k in loans from HDB.
Thinking of selling this flat now for around $250k and get one new HDB 4 rooms which is $190k and earns $60k profits to clear the loans owed. Even if loan is required, it will be much lower at around $10k only.
I'm not sure if I can buy one first before selling the current one cause I have no where to place the furnitures and stays at. And, how much subsidies will I received?
I've tried calling HDB but their line is busy, so thought of coming online and see if there's any experienced people around.
Thanks in advance.
U might have to top up ur cpf after the sale of ur flat...reason is to stop people from speculative buying and selling for profit like some years back...so I also suggest U email or call HDB up...now still early....let their hotline warm up first...try calling later...
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Reported in news yesterday that if u downgrade, u cannot take HDB loan.
I guess it is better to sell first before buying.
There is less stress in case u cannot get a good price for your present 5-rm.
As for your furniture/appliances, u can always store them in a warehse.
Check the classifieds- there are companies that provide this type of service. -
u can always arrange with the buyer to take over the place later...
thats what my dad use to do...
the first time was when reno wasn done in time for us to move in.. so end up we stayed at the old place for a few mths extra... in the mean time.. we were payin the buyer around 1k in terms of rent for every 1 mth we stayed.. -
You shall get a housing agent. He shall be able to provide you with the best advice needed.
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best for agent confirmedOriginally posted by CoolMyth:You shall get a housing agent. He shall be able to provide you with the best advice needed.
best for buyer or seller depends on where the wind blows at that time...
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hMz....can downgrade? I've thought of buying a 5-Rms HDB flat and intend to sell it off in a 5~7yrs time and switch/"downgrade" to 4-Rms and maybe could get abit of money from the sale of the 5-Rms flat to use for other purposes...but then heard from my friend said something that we can't just "downgrade" like that becoz last time got alot of ppl did that n garment has post a restriction on that...not too sure if it's applicable to HDB or private properties,i.e. condos'
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Well, the agent I had was quite good. (At least we didn't face any problems dealing with him)Originally posted by Xcert:best for agent confirmed
best for buyer or seller depends on where the wind blows at that time...
It really depends on how you get the agent and also a bit on luck. -
Mine is a 4 Rooms corner unit, not 5 rooms. So not considered downgrade right?
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this is serious if u cannot service your 5-rm and has to downgrade...i believe downgraders cannot buy a new flat from HDB newly built ones and hhas to source for a newer one in the open market...only upgraders can but new unsold HDB flats.
u need to go down to HDB and talk to them ask for advice tell them details of your property and situation..once u hav all the information u need then go look for agent...dun go agent first then HDB...listen to what both sides have to say and work on it accordingly...u can also rent out one or 2 rooms of your existing flat to earn the money to service your 5-rm flat....50k loan is not much and there are ppl who borrow more than what u did.....work out if u can fetch enuff from the rentals to pay off the monthly instalments
gl -
Mine is a 4 room !Originally posted by newmanmback:this is serious if u cannot service your 5-rm and has to downgrade...i believe downgraders cannot buy a new flat from HDB newly built ones and hhas to source for a newer one in the open market...only upgraders can but new unsold HDB flats.
u need to go down to HDB and talk to them ask for advice tell them details of your property and situation..once u hav all the information u need then go look for agent...dun go agent first then HDB...listen to what both sides have to say and work on it accordingly...u can also rent out one or 2 rooms of your existing flat to earn the money to service your 5-rm flat....50k loan is not much and there are ppl who borrow more than what u did.....work out if u can fetch enuff from the rentals to pay off the monthly instalments
gl -
i think same...cannot get direct new flats from HDB only open market...pls check with HDB as i may be wrong and the regulations changed
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well...if U trust ur agent that much....then its up to U...Originally posted by CoolMyth:Well, the agent I had was quite good. (At least we didn't face any problems dealing with him)
It really depends on how you get the agent and also a bit on luck.
ya...contacts and luck counts...
but one thing I learnt from agents is that every potential sale is a new one...meaning...if he did a good job the last time...it doesnt mean it will also be a good job this time...so keep ur eyes open big big -
aiyo throw everything to agent...tell him/ her look for a flat for u and sell your current one but must at he same time coordinate timing very well....giv him/ her all the chance he can earn commission but i htink if they can do it re=ight for u worth while orso
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I'm looking more for new flats so that I can do all the renovations and stuffs myself .
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seconf hand flat orso can but must remove the existing one and renovate again loh...no prob one if u wanna renovate....the main prob is money and cash only take note some new flat design and build one okay floor got tiles oredi so u may want to hack them away and renovate again
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Most new flats are only tiles in the kitchen and toilet and not the rest. I only want to redo my kitchen cooking and basin and also my room. And don't want 2nd handed because there might be flaws and stuffs.Originally posted by newmanmback:seconf hand flat orso can but must remove the existing one and renovate again loh...no prob one if u wanna renovate....the main prob is money and cash only take note some new flat design and build one okay floor got tiles oredi so u may want to hack them away and renovate again
Anyone can help, maybe agents? I've received 2 PMs but I'm too busy to call. Maybe if you're able to guide me here?
Thanks ! -
just 2 cent
always remember HDB there has
SALE unit & RE sale unit
althougth they are under one roof
before you sign paper, they do not communicate each other
once you signed they talk to each other.
when you sell, you deal with RE sale UNIT
when you buy new, you deal with SALE UNIT
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i tht hdb loans are not for first time applicants?
if we first time buy flat
we can only borrow from bank rite? -
Hello to everyone here...I read your topic.I'm actually a housing agent with 10 years experience both in private/HDB property.If you're keen we can always meetup for a discussion and maybe I can sell your unit and at the same time help you source another one for you.You can call me at 93838178(Dora).Thks everyone for reading.Anyone has anything regarding housing matters can also call me on my mobile,be it buy or sell.Have a nice day!!! -
It's a HDB loan cause they every month also chase me for payment !Originally posted by BufPuf:i tht hdb loans are not for first time applicants?
if we first time buy flat
we can only borrow from bank rite? -
i very confused leh.
downpayment for resale flat is 10%
if both our cfp combined got more than enuff to pay..
that means we dun haf to fork out any cash?
Can monthly installment be split among two of us like 50-50 or any amount we want? or deduct one person fully, not enuff den deduct the other?
den i read from the website
got this cash payment increase 2% each year or something...
wad is it about?
the bank loan is when we dun haf enuff CPF and have to borrow 1 rite?
HDB loan leh? -
okay my case was long time ago that time rule like dat i dun know now got change or not...Originally posted by BufPuf:i very confused leh.
downpayment for resale flat is 10%
if both our cfp combined got more than enuff to pay..
that means we dun haf to fork out any cash?
Can monthly installment be split among two of us like 50-50 or any amount we want? or deduct one person fully, not enuff den deduct the other?
den i read from the website
got this cash payment increase 2% each year or something...
wad is it about?
the bank loan is when we dun haf enuff CPF and have to borrow 1 rite?
HDB loan leh?
down payment percent die die must pay one if yr cpf ordinary got excess have to use whatever to pay for dwnpayment...excess in ordinary u can pay for the balance so u take up lesser loan or u can simply take up more loan and keep the balance in your ordinary to earn interest and service onthly instalment at the same time...if u are not borrowing alot i advice to keep some in ordinary acc. if u have not enuff money in ordinary to pay the dwnpayment...rest hav to top up yr own iin cash.
cash increase usually for bank loans i believe...HDB instalment plans no is ffixed throughout your loan from them when u first buy the flat.
cpf giving high interest rate...sometime back bank tearly interest to savings and other accounts went down...so i believe u can earn more money by keeping the cpf ordinary and using money from the bank instead to service house loan? bank loans interest fluctuates..thus teh adjustments
bank loan is u opt for it...not enuff in cpf ordinary take up more loan lor. but hdb will also access your anual or monthly income to see how much how long the loan u can take up..usually up to 55 years old one lah
if the above i wrote has been ineffective pls state so...best get advice from sgents and hdb...they make a living with this kind of trade so they can advice u...esp on the sale of your existing flat and buying of anew flat..timing very important
i also prefer new flats coz resale/sec hand ones in open market sometimes "not clean"..but there are cons also since if u can get a good renovated resale one that has all the basic piping, plumbing and electrical layout done u save a lot of hecking and trouble from sub-con renovation work and dispute...(trust me sure got one!)
but if u lookin for a confort design own houuse okay...the money making from flat sale and resale trend is over and MBT and gahmen is lookin very tight into they housing grants so that it benefits the needy and not for cash rippin abuse....before and during 1997 there was huge migration activities from the hong kongers prior to china take over the city...now its overr and with the burst of the bouble, 911, downturn etc selling of flat is no longer that lucretive anymore...get a flat stay there and let it be your sweet lair lah.....sell if u see that clear sign that it can make some profits or when u cannot servvice it anymore and buy if u hav the real money and asets to upgrade -
Q1. I think can use cpf to pay the 10% downpayment? (sorry can't recall) Also need to pay cash as commission to the agent, if you have to.Originally posted by BufPuf:i very confused leh.
downpayment for resale flat is 10%
if both our cfp combined got more than enuff to pay..
that means we dun haf to fork out any cash?
Can monthly installment be split among two of us like 50-50 or any amount we want? or deduct one person fully, not enuff den deduct the other?
den i read from the website
got this cash payment increase 2% each year or something...
wad is it about?
the bank loan is when we dun haf enuff CPF and have to borrow 1 rite?
HDB loan leh?
Q2. Can split cpf among the joint/common tenants in any proportion you wish, as long as the you have sufficient amount every month (need to show pay slip).
Q3. If you're referring to the increase of the 10% downpayment, it means each year, the downpayment will increase to 12%, then 14% and so on...they want to curb frivolous buying or buying a flat that's beyond their means, e.g. by people who don't have much cash.
Q4. You can get HDB loan as long as you have not enjoyed the privilege for 2 times already. First timer can get loan from HDB...a better deal in the long run.
That's as far as I know from a yr or so ago...