Should I Take $40k Grant

[tubecreamer 0]

Hi need a quick advice.

I am going to sign my Lease of Agreement in the evening later.

I heard that if I take the $40k grant (stay near parents), I need to return it back to government when I sell next time, with interest.

Question- is it worth taking the grant?

[marshmallow 0]

Hi need a quick advice.

I am going to sign my Lease of Agreement in the evening later.

I heard that if I take the $40k grant (stay near parents), I need to return it back to government when I sell next time, with interest.

Question- is it worth taking the grant?

it's not true that once you sell your flat, you have to pay back HDB the grant. it depends on what is the 2nd house you are getting.

i supposed you are a first timer that buy a resale flat near your parents , hence the $40k grant ($30k first timer grant + $10k near parents grant). in HDB's eyes, this is called the 1st subsidised flat from HDB.

if you take a 2nd subsidised flat from HDB (in this case, brand new flat e.g. BTO from HDB), you have to pay back the $$. it is called the resale levy.

read here, under the subtitle "Amount Payable under the Revised Resale Levy Policy". it's quite self explanatory:

http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/...vy?OpenDocument

the amount pay back depends on the flat type of your 1st subsidised flat.

if you don't intend to get any BTO in future, or don't think you will be eligible for new HDB anymore, then why not take the grant now

[forgotten 1]

If combined income of you and spouse is hitting 8K, quickly grab the grant this time!

[therat 18]

HDB provide 2 options

http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/...vy?OpenDocument

Making Payment for the Resale Levy

The resale levy payable is determined at the point of booking of the second subsidised flat. The payment of resale levy is regardless of the type of ownership (i.e. joint-tenancy or tenancy-in-common) and the share of interest in the flat.

If you are buying your second subsidised flat, you can:

* Pay the resale levy immediately at the point of resale, i.e. when selling your subsidised flat or

* Defer the payment until you buy another flat from HDB. If you opt for this, an interest at the prevailing rate of 5% per annum will be charged.

[tubecreamer 0]

sorry for the confusion.

I believe the 40k grant is for resale flats?

i am applying for a BTO. Do I enjoy any grants?

[May_dream1 14]

sorry for the confusion.

I believe the 40k grant is for resale flats?

i am applying for a BTO. Do I enjoy any grants?

BTO flats already at subsidies pricing so no more grants.

[therat 18]

direct HDB include BTO. No grant except AHG (Additional CPF housing Grant)

However this grant is only for household income not exceeding $5k.

[tubecreamer 0]

direct HDB include BTO. No grant except AHG (Additional CPF housing Grant)

However this grant is only for household income not exceeding $5k.

hi u r correct.

thanks for the clarification.

[bepgof 20]

BTO's price is not much different from resale, except BTO looks newer!

- BTO takes time to build

- Most at ulu ulu area, not much amenities, have to wait for a few years, can tahan?

- BTO's built-up area pretty small. Kitchen area lagi small with "open" concept. All colthing expected to be dried by wind not sunlight.

Forgotten got the point right & sharp.

sorry for the confusion.

I believe the 40k grant is for resale flats?

i am applying for a BTO. Do I enjoy any grants?

Edited March 1, 2011 by bepgof