Quick Answer: Can I Use CPF To Pay For Resale Flat?

How can I pay my HDB resale flat?

The main payments you need to make for a resale flat purchase are as follows:Deposit to seller (option fee and deposit)Initial payment.Cash payment for balance purchase price (if applicable).

How long can I sell my resale flat?

The Minimum Occupancy Period or MOP means flat owners can’t sell or rent out their property for five years. But after that, there ways of either upgrading or monetising your home.

How much does it cost to buy HDB?

TL;DR: Only Buy as Much House as You Can Comfortably AffordHDB BTO Flat TypeAverage Price (excluding grants)Minimum Monthly Household Income2-Room Flexi$89,000$1233-Room$177,000$1,3234-Room$272,000$2,8205-Room$350,000$4,0831 more row•Aug 15, 2020

Do I need to sell HDB to buy EC?

Upgrading to an Executive Condominium is the most “seamless” route as you can collect the keys for your EC, then sell your HDB. Furthermore, at the point of booking, you do not have to pay ABSD and can secure loan up to 75%. Browse all new and resale executive condos listed on PropertyGuru.

How much do you pay back CPF after selling HDB?

Finally, you also need to refund the accrued interest you owe to CPF for using this funds, amount to approximately $106,000. HDB Housing Grant: You will also have to refund the HDB housing grant, with accrued interest, when you sell your HDB flat.

How much do you pay upfront for resale HDB?

HDB resale flat: Deposit of up to $5,000 which must be paid in cash. Private resale property: Deposit of at least 5%, including an option fee of at least 1% which must be paid in cash.

Is resale EC worth buying?

#1: Closer to full privatisation One advantage of buying a resale Executive Condominium, rather than a brand new one, is that an EC is fully privatised after 10 years. Crossing this milestone allows you to sell it to foreigners and entities in five years’ time or less, depending on when you buy the resale EC.

Can I sell my flat back to HDB?

Through the Lease Buyback Scheme (LBS), you will be able to monetise your flat to receive a stream of income in your retirement years, while continuing to live in it. You can sell part of your flat’s lease to HDB and choose to retain the length of lease based on the age of the youngest owner.

What happens to HDB flat when owner dies?

Demise of sole owner/ tenant-in-common. If the flat’s sole owner or co-owner passes away, his interest in the flat will be distributed according to his will, or the provisions of the Intestate Succession Act if there is no will. A court order is required to obtain legal authority to administer the deceased’s estate.

Should I use cash to pay HDB loan?

Investing With Your Cash Since you will be paying the same amount of interest on the HDB loan regardless if you use cash or CPF, you will need to invest and attain returns of more than 2.5% p.a. (or 3.5% p.a. for first $20k) as you are basically ‘borrowing’ from your own CPF account at this interest rate.

How much do you have to pay for HDB resale?

7.2 The sellers and buyers will each have to pay an administrative fee (inclusive of GST) of $40 (1/2-room flats) or $80 (3-room and bigger flats). The payment will be via the payment modes provided in the HDB Resale Portal/e-Resale System/Estate Agent Toolkit.

How do you sell a flat under a loan?

One can sell a property after getting the consent or in-principal approval from the lender. “This has to be done in a manner that part of the sale consideration will be paid directly to the lender or lending bank and the remaining balance (if any) shall go to the seller/current owner.

Can I buy resale EC?

You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).

How much do I need to pay for resale flat?

Calculate the More Down Payment So banks would expect you as the purchaser of the resale property to pay a certain percentage of the price as down payment. You may have to pay about 20% of the price as down payment; property of 50 lakhs requires 10 lakh as down payment.

Can I own 2 HDB?

Yes, you can. For resale flats, HDB has a Conversion Scheme whereby eligible buyers/owners can apply to join up two existing flats on either of these two conditions: 1. You currently own a three-room HDB flat (or smaller) and want to buy an adjoining three-room or smaller resale flat.

Is option fee part of down payment?

You pay the option fee when you book your flat. The amount is based on the flat type that is booked. Option fee is reimbursed in cash if there is enough money in your CPF Ordinary Account (OA) to pay the downpayment. Otherwise, the option fee goes towards the cash portion of the downpayment.

Is stamp duty required for resale flat?

The resale housing market will get a boost after the Bombay High Court said stamp duty cannot be collected retrospectively on resale of old properties whose sale agreements are insufficiently stamped or not registered. … “Transactions done before 1985 did not require stamp duty and registration.

How much does a 3 bedroom EC cost?

Cost of BTO and EC And a 3-Bedroom Premium (1,001 – 1,098 SQFT) Executive Condo in the same estate, The Criterion EC, is selling between $740,800 and $836,000. By comparison, the price of an Executive Condo is easily 2 to 3 times that of a BTO.