Hdb Ups Mop For Resale Flats To 5 Years

[bepgof 20]

Hi Guys,

Need some advice here, i bought my unsubsidized flat in January (so siamed all the new rulings about 5yr MOP *heng ah* ), MOP in 3 years

But i was also intending to buy a pte property next year, so do i now have to wait for 3 years under this new ruling?

I want to rent out the pte and stay in my 3room flat as per old ruling.

Can this still happen? Or must i complete my 3 year MOP before i can even buy a private?

If so, it sounds abit wierd to me, because after my MOP of 3 years (or in the case of new owners, 5 years), i can rent out my flat AND buy a new private property, why would i bother staying in my flat? I would rent it out for better rental yields, this will be a nice snowball effect, in 5 years HDB prices would shoot up again due to this regulations? Or am i reading it wrongly?

1. Get it straight first. The 1yr, 3yr, 5yr MOP ... date is based upon 2nd appointment or so called "completion date". You bought in Jan = completion in Jan 2010? or completion > 5 march 2010? If later then 3yr (can't sell, can't whole unit sublet)

2. If non-subsidised, then can buy private anytime, but yr hdb still under loan right. And you need to take loan for pte right, then

2-1. Need to pay 10% cash upfront as "booking fee" instead of 5%.

2-2. Max loan quantum for pte = 70% of valuation.

The new rules are more to curbs(or prevent) ppl from BUYING, especially those with WEAKER financial basis. Now the pte loans are super "CHEAP", all ppl chiong to borrow, gov scare when time turn BAD, lose job.... then default payment, then MPs very busy entertaining residents, NEA has to send many park rangers to chase away campers at beaches around the "small red dot:......

Got money also don't buy now! Whether resale or new! Price sure drop, especially resale mkts. Developers likely to "hold" present prices for another 3 months or so.

Edited August 30, 2010 by bepgof

[neubie 2]

the new ruling affects those who exercised OTP before today? can i say as long as the 2nd appt not complete on today, the new ruling will be applied automatically?

[bepgof 20]

the new ruling affects those who exercised OTP before today? can i say as long as the 2nd appt not complete on today, the new ruling will be applied automatically?

Based on HDB officer's email reply to me, confirmed that the MOP start counting from 2nd appointment.

New ruling effects 30/8/10 refers to "resale application". Meaning all "resale application" starts from/on 30/8/10, all kena new rules. MOP starts counting from 2nd appointment date, not OTP date(except for uncompleted homes), nor 1st appointment/resale application.

For "uncompleted homes", OTP exercise date as "start date" for MOP(SSD).

Edited August 30, 2010 by bepgof

[salavanun 0]

Mop 5 years or 50 years no effect for me as i already 2nd HDB loan and 400k plus home with 30years loan to my neck. will never forgo to take up bank loan. It might only effect upper middle class whom can aford buy sell . private property? dreams.big yawn

[neubie 2]

Based on HDB officer's email reply to me, confirmed that the MOP start counting from 2nd appointment.

New ruling effects 30/8/10 refers to "resale application". Meaning all "resale application" starts from/on 30/8/10, all kena new rules. MOP starts counting from 2nd appointment date, not OTP date(except for uncompleted homes), nor 1st appointment/resale application.

For "uncompleted homes", OTP exercise date as "start date" for MOP(SSD).

meaning to say, all resale applications received before 30/8/10 will remain under old ruling?

[therat 18]

meaning to say, all resale applications received before 30/8/10 will remain under old ruling?

correct.

Those application reach HDB before 0000 hrs 30 Aug 2010 are under old ruling

[bepgof 20]

Mop 5 years or 50 years no effect for me as i already 2nd HDB loan and 400k plus home with 30years loan to my neck. will never forgo to take up bank loan. It might only effect upper middle class whom can aford buy sell . private property? dreams.big yawn

Who knows one day u kena toto, big sweep?

Edited August 30, 2010 by bepgof

[aflop 0]

1. Get it straight first. The 1yr, 3yr, 5yr MOP ... date is based upon 2nd appointment or so called "completion date". You bought in Jan = completion in Jan 2010? or completion > 5 march 2010? If later then 3yr (can't sell, can't whole unit sublet)

I confirmed with HDB previously when they first changed the ruling from "1year can sell, 3year can sublet whole unit" to "3year sell/sublet" that i would not be affected, i.e. i can sell my unit after 1year and sublet after 3 years.

2. If non-subsidised, then can buy private anytime, but yr hdb still under loan right. And you need to take loan for pte right, then

2-1. Need to pay 10% cash upfront as "booking fee" instead of 5%.

2-2. Max loan quantum for pte = 70% of valuation.

My flat is non subsidised but under loan.

I do not mind the new 10% cash nor 70% loan just yet, what i really want to know are my options at this point in time.

So does this mean that i can still buy a private now albeit with the new cash rulings?

[blue_skies 3]

I confirmed with HDB previously when they first changed the ruling from "1year can sell, 3year can sublet whole unit" to "3year sell/sublet" that i would not be affected, i.e. i can sell my unit after 1year and sublet after 3 years.

My flat is non subsidised but under loan.

I do not mind the new 10% cash nor 70% loan just yet, what i really want to know are my options at this point in time.

So does this mean that i can still buy a private now albeit with the new cash rulings?

Yup. I guess so long as your HDB purchase was done before 30 Aug, you won't be affected by the new ruling. You can probably buy a pte ppty once you have enough cash, no need to fulfil any MOP.

I would think it might be useful to email HDB to get confirmation in black and white too, just in case anything is overlooked. You never know with all these changes in rules

[Warrior88 0]

I confirmed with HDB previously when they first changed the ruling from "1year can sell, 3year can sublet whole unit" to "3year sell/sublet" that i would not be affected, i.e. i can sell my unit after 1year and sublet after 3 years.

Was there any announcement in May 2010. If there is I might have miss it. HDB so subtle abt this.

[therat 18]

Was there any announcement in May 2010. If there is I might have miss it. HDB so subtle abt this.

got.

had announcement in Feb or Mar 2010. not may 2010

[RIC 0]

Resale Flat bought in the open market (without CPF Housing Grant Scheme)

The minimum occupation period you need to meet depends on when we receive your resale application:

Resale Application Received Date MOP applicable

Before 5 March 2010

(includes owners owning their resale flat as at this date) 2½ years from effective date of resale if the owner takes a loan from HDB

1 year from the effective date of resale if:

i. the owner has not taken a loan from HDB; or

ii. he has taken a loan from the bank/financial institution to finance the purchase

5 March 2010 - 29 August 2010 3 years from effective date of resale, regardless of the type of loan taken by the owners or loan status

On or after 30 August 2010 5 years from effective date of resale, regardless of the type of loan taken by the owners or loan status

[kelvinangsw 0]

I will be getting my BTO flat next year. I purchase it 2 years ago. The MOP is 5 years for new flats.

Am I allow to buy private property during my stay in my new flats for the next five years?

[therat 18]

I will be getting my BTO flat next year. I purchase it 2 years ago. The MOP is 5 years for new flats.

Am I allow to buy private property during my stay in my new flats for the next five years?

No

cannot

No allow

When HDB allow BTO owner can buy private property during MOP period?

[bepgof 20]

No

cannot

No allow

When HDB allow BTO owner can buy private property during MOP period?

Must explain in details lah.

The issue here is : BTO= subsidised flat. If you buy resale & non-subsidise (no grant taken), then you can buy pte pty at any time you like,like me lor, hehe & haha.

Edited September 1, 2010 by bepgof