Get unlimited access to all stories at $0.99/month for the first 3 months. From 2010 to 2015, about 7,900 second-timer households had paid the required resale levy amount. He added that in the same period, HDB had received about 3,500 requests to waive the entire resale levy, while about 4,100 requests were for the partial waiver. "iiRows": 2, "dur" : 300 }, Until we resolve the issues, subscribers need not log in to access ST Digital articles. Honest, Reliable & Service you can trust. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. It ranges from $5k-$40k. Else,no point. "scrollToResults": 0, Maybe social worker etc can help too. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Remember to do your sums carefully before making any decisions because the transaction costs incurred when buying and selling homes can be a lot higher than what most people realize. Link to post Share on other sites. "hide_keyboard": 0 }, "on_magnifier": 0, We understand finding a new home in this complex ECs market is not easy. "mobile": 1 }, "redirect_url": "?s={phrase}", "redirectEnterTo": "results_page", "iitemsWidth": 200, "autop": { The main problem I facing is I unable to fork out so much hard cash for the resale levy. "enabled": 0, "loaderLocation": "auto", "pshowsubtitle": "0", ... You should also consider resale levy, which when applied reduces the amount of your eligible housing grants when you buy another public housing unit. Count the number of days from 16 to 30 September where levy is payable, i.e. "defaultImage": "http://eccompare.sg/misc/fb_photo.jpg", These are usually second-timer households who sold their flats some time ago, and have accrued high interest amounts and face significant financial hardship.”. "settingsVisible": 0, My first home with my husband was a four-room flat, bought directly from the HDB. You can add any HTML here (admin -> Theme Options -> Promo Popup). Resale flat announced for SERS Terminated the Sale and Purchase Agreement for an EC/ DBSS flat If you had previously bought a DBSS flat/ EC using a CPF Housing Grant and subsequently terminated the Sale and Purchase Agreement, you must wait out a 5-year period from the date of the termination before you can apply or be listed as an essential occupier of an EC. 15 days. I, sec. "settings": { top soon ! "imagewidth": 70, "iihideContent": 1, It agrees with the Christies France reasoning and overturns the judgments of the Court of Appeal of Versailles in this case.” She confirms that the judgment allows Christies to charge the buyer the resale levy, as long as this is specified in the sale conditions in the catalogue. "dur" : 300 }, You can use Ask Jamie, our virtual assistant, located on the right of our website, to assist you on your HDB-related queries. "anim" : "fadedrop", ** New update 23may2018 from couple: HDB rejected resale levy appeal. We suggest you create a static block and put it here using shortcode, { There are more considerations such as resale levy, selling your existing flat and COV that you need to take note of, in addition to the actual purchase your second flat. Purchasing your resale HDB flat in Singapore. "iitemsHeight": 200, }, "redirectClickTo": "results_page", http://www.channelnewsasia.com/news/singapore/about-7-900-second-timer/2470160.html. HDB assesses the appeals based on the merits of each case and advises the buyers accordingly. We are the most comprehensive solution you will need in related to ECs purchase and investment. inRead invented by Teads Since your mother already bought a flat from HDB once, she would have to pay a resale levy, unless they get a resale flat from open market. Why investing in Executive Condominium is a good idea? Read 3 articles daily and stand to win ST rewards, including the ST News Tablet worth $398. Appeal. "enabled": 1, "showdescription": 0, The resale levy policy also helps prioritise the allocation of subsidies “to groups that need them most”, such as first-timer citizen families seeking to buy a subsidised new flat, said Mr Wong. Good luck. fr $778,888 ! no resale levy! Up to $13,000 discount to u ! "highlight": 0, Do I have to pay a resale levy when I subsequently buy a flat direct from HDB? 7,900 second-timer households paid resale levy over past 6 years: MND In the same period, HDB had received about 3,500 requests to waive the entire resale levy, while about 4,100 requests were for the partial waiving, says Minister for National Development Lawrence Wong. "results" : { All I want is they can add the resale levy to my flat price and pay by installment. That’s really it to your home-buying journey! }, Copyright 2019 ecCompare.sg All Rights Reserved |. "lang": "en", Interested in a project but the information is, http://www.channelnewsasia.com/news/singapore/about-7-900-second-timer/2470160.html. "highlightwholewords": 1, AskHDB. BTO (HDB) or EC, which one should be your starter home? "didyoumeantext": "Did you mean:", If you sell your flat first, then you need to pay the resale levy in cash before you’re allowed to take possession of your second flat. I share the sentiments of Mr Richard Chan Yong Huat regarding the HDB levy under the Build-to-Order (BTO) scheme ("Have uniform HDB levy for second BTO flat purchase"; Sept 26). Since its not your first hdb loan, do check whether you need to pay resale levy (if u had buy a bto or taken grant before), if yes do include this inside your appeal letter as levy are to be paid in cash only. "itemscount": 4, "on_click": 0, In the same period, HDB had received about 3,500 requests to waive the entire resale levy, while about 4,100 requests were for the partial waiving, says Minister for National Development Lawrence Wong. You might have tried a few options but couldn’t make an informed decision. "triggeronreturn": 1, If you are interested in finding the best and most suitable property without wasting your time and money, we are here to help. This way, your resale levy will be paid through instalment like your flat price. "resultstype": "vertical", "width": "100%", They can read the article in full after signing up for a free account. 1) Resale Levy is necessary, as hdb flats are already considered subsidized, usually about $50k below market rate. RESIDENTIAL. Can I afford to purchase an Executive Condominium? "triggerOnFacetChange": 1, As for the AHG, it’s not a fix sum of $40k. "animations": { "dur" : 300 }, ... For ec, gotta look at the ones that fall under the old rule which has no resale levy. "pshowdesc": "1", "resultareaclickable": 1, "anim" : "fadedrop", "closeOnDocClick": 1, "closeOnMagnifier": 1, }, Share gift link below with your friends and family. "overridewpdefault": 1, The gift link for this subscriber-only article has expired. "iiGutter": 5, You have reached your limit of subscriber-only articles this month. Any shortfall will have to be paid in cash. "iishowOverlay": 1, What is the Minimum Occupation Period of an Executive Condominium (EC)? "pc": { "redirect_on_enter": 0, In short, it is to make sure every eligible individual or household can get the subsidy a maximum of 1 time in their lifetime. EC compare is your essential guide to Executive Condominiums purchase in Singapore. But a log-in is still required for our PDFs. The high levy has made it difficult for my husband and me to downgrade. "count": 10 } "analytics": 0, "iifNoImage": "defaultimage", "items" : "voidanim" "on_typing": 0 }, "googleOnly": 0, "phrase": "", So if you only received the PHG on your first or second resale flat, you do not have to pay a Resale Levy upon selling the first and buying the second. In some cases where buyers lack the cash to pay the resale levy, Mr Wong said HDB would help by incorporating the resale levy into the purchase price of the second subsidised flat the appellant is buying, so that the appellant can subsequently pay the levy by instalments. Over the same period, HDB received about 3,500 requests to waive the resale levy totally and about 4,100 requests to waive the resale levy partially. "resultitemheight": "auto", Check if you have met the eligibility conditions to buy a new or resale flat and apply for an HDB housing loan. And from September 2004 onwards, they were allowed to buy resale flats of any size. “For those applying for partial waiver, HDB has acceded to about one-third of the appeals. "on_enter": 0, Email: hello@eccompare.sg. If the resale levy is not paid at the time of resale, and if the lessees wish to purchase a subsequent flat directly from HDB, they will have to pay the resale levy with interest at the time of the subsequent purchase. "autocomplete": { "resultsposition": "hover", You need to sell your existing flat within six months Under HDB rules, you need to sell your existing flat within six months when you receive the keys to your new flat. You’re now a proud owner of your new home. How do you find a unit that is suitable for you? "charcount": 3, "more_redirect_url": "?s={phrase}", 8, cl.3?" "openToBlank": 1, Typically, you can appeal for an extension to HDB if you fail to meet the deadline. "aapl": { "settingsimagepos": "right", I was shocked to learn that the resale levy payable would amount to about $193,000, comprising $91,350 (22.5 per cent of the resale price of my … No. Only with a combined income of . Resale levy On the sale of a first DP flat, the lessees must pay a graded resale levy based on the declared resale price or 90% of the market value of the flat, whichever is higher. 15 days × $9.87 = $148.05; Amount waived = Monthly levy rate - Levy payable $300 (monthly levy rate) - $148.05 (levy payable) = $151.95 (amount waived) What is the Minimum Occupation Period of an Executive Condominium ( EC ) `` have uniform HDB for. Have met the eligibility conditions to buy resale flats of any size is a good idea this e-Service you! 7,900 second-timer households had paid the required resale levy paid in cash are interested in finding best! `` have uniform HDB levy for second bto flat purchase '' of appeals. 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