Poll For Cov Paid (2009)

[chronograph 0]

i have clarified with my resales officer, the result as follow.

Cash Proceed 50K and above - apply 50%

Cash Proceed below 50K, you'll only get back 25k, the rest have to go to 2nd home for HDB loan only.

Say you cash proceed is 30k, you get 25k, 5k go to 2nd unit.

Aiyo, totally different interpretation from what HDB website says. Most will think that max cap at 25k. Those doing selling/buying got to be careful.

[Warrior88 0]

Extracts from Internet

loan applicants must use the full CPF proceeds and half the cash proceeds from the sale of the previous flat or $25,000, whichever is less, to finance their next home

http://www.chanlawrence.com/2010/07/some-h...l#ixzz0x4ogvExv

Extracts from Channel Newsasia

But under new rules, they can only keep S$25,000 or half of cash proceeds, whichever is higher.

http://www.sg-realestate.com/hdb-extends-s...re-flat-buyers/

Extracts from HDB website

Flat buyers can keep the greater of $25,000 or half of the cash proceeds (including the cash deposit received)

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/...at?OpenDocument

Edited August 20, 2010 by Warrior88

[Warrior88 0]

Base on HDB example, Dome81 is right

http://www.hdb.gov.sg/fi10/fi10297p.nsf/Im...Loan+AnnexA.pdf

For HDB loan, they always encourage owner to loan as little as possible, like wiping out all your CPF. controlling your cash proceeds ...so forth. Some more must pay COV upfront 10 days after 1st appointment. So, it is goods to work out your finiancial status

Cash proceeds < 50k , you keep 25k

Cash proceeds > 50k , you keep 50%

So it should be rephrased as buyer get to keep 50% of the cash proceeds or 25k, whichever is higher.

[sporty 0]

Base on HDB example, Dome81 is right

http://www.hdb.gov.sg/fi10/fi10297p.nsf/Im...Loan+AnnexA.pdf

For HDB loan, they always encourage owner to loan as little as possible, like wiping out all your CPF. controlling your cash proceeds ...so forth. Some more must pay COV upfront 10 days after 1st appointment. So, it is goods to work out your finiancial status

Cash proceeds < 50k , you keep 25k

Cash proceeds > 50k , you keep 50%

So it should be rephrased as buyer get to keep 50% of the cash proceeds or 25k, whichever is higher.

This will only encourage more buyers to take their loan from bank instead.

[davidbslee 1]

i have clarified with my resales officer, the result as follow.

Cash Proceed 50K and above - apply 50%

Cash Proceed below 50K, you'll only get back 25k, the rest have to go to 2nd home for HDB loan only.

Say you cash proceed is 30k, you get 25k, 5k go to 2nd unit.

Now where got people sell flat only earn cash proceed below 50k? Dun know why this so call new rule talking about and this will only encourage the COV go higher. Anyone agree with me? This is so call give chance to those people wanted to take HDB loan?????

Edited August 20, 2010 by davidbslee

[bepgof 20]

this will only encourage the COV go higher. Anyone agree with me?

2 hand 2 legs agreed!

Edited August 20, 2010 by bepgof

[forgotten 1]

Ahlamah I also interpreted the 50% rule like the rest of u. Luckily TS called up HDB to clarify.

HDB obviously wants to give more biz to the banks and wash their hands off some owners who can't pay instalments on time.

Edited August 20, 2010 by forgotten

[dome81 0]

Now where got people sell flat only earn cash proceed below 50k? Dun know why this so call new rule talking about and this will only encourage the COV go higher. Anyone agree with me? This is so call give chance to those people wanted to take HDB loan?????

you'll be surpise there're still people selling it for profit <50K.... my uncle is one of them... he move every 2-3 years.

He don't take loan for replacement unit, all he does was to find unit that he don't have to top up, use his profit for renovation and get to stay new location every one and then.

[mel77 1]

50% Cash proceed = Sold my 3rm at jurong for profit, i'll have to pay 50% of the cash proceed (profit) on top of my CPF, COV for 2nd unit.

Etc -

CPF 90K

COV 42k

CP - 50k

Total : 183k - purchase price - 319k (Loan from HDB)

If i take bank loan, yes i need to upfront 5% cash but not 50% cash proceed.

i can have more cash but higher loan, Pro & Con on this arrangement/switch.

Above compute exclude the stamp fee / legal fee etc etc

Same case for me. Didn't know about the 50% cash proceed thing and when HLE didn't approve was a blessing in disguise.

(If HLE approve, HDB will only loan us 28K+ for our new flat after the 50% cash proceed + wipe out our CPF)

[dome81 0]

Same case for me. Didn't know about the 50% cash proceed thing and when HLE didn't approve was a blessing in disguise.

(If HLE approve, HDB will only loan us 28K+ for our new flat after the 50% cash proceed + wipe out our CPF)

i have been chasing after them for HLE before i exercise OTP, after the stuipd cash proceed came in, i'm like WTF? Chase so hard for HLE and yet they want to suck me dry.... no choice i go to banker...

[volk 0]

Hi all

Just sold my 5i in b batok for cov 40k.

Reasonable? Can I get higher? (coming from selling point of view)

thanks

[chronograph 0]

Hi all

Just sold my 5i in b batok for cov 40k.

Reasonable? Can I get higher? (coming from selling point of view)

thanks

Already sold so don't look back otherwise there will be a whole lot of problems. Just laugh to the bank. Congrats.

[pixie 0]

Hi all

Just sold my 5i in b batok for cov 40k.

Reasonable? Can I get higher? (coming from selling point of view)

thanks

Think how much u earned by selling ur 5i and in addition 40K, u shld be already smiling to the bank, and not thinking how much MORE u could have earned.

*haiz*

Already profitted still want more...

[volk 0]

Think how much u earned by selling ur 5i and in addition 40K, u shld be already smiling to the bank, and not thinking how much MORE u could have earned.

*haiz*

Already profitted still want more...

Sellers and buyers are always in different sides...but not to forget, seller is also a buyer...always need a shelter over head

[Jgal 0]

Sellers and buyers are always in different sides...but not to forget, seller is also a buyer...always need a shelter over head

only applies to hdb.