samjas 0 Report post Posted March 4, 2011 Hi all We have a resale flat of 10yrs and took a grant at that time. We are going to select our new flat this month or APril. New Flat to be ready 2015. esdt cost : $270k Estd cash proceeds from sale of our house: $80k we need to pay levy back to hdb = $40k, balance we have is $40k. From our understanding, we need to sign agreement of lease within 4 months from the new flat selection date (which is ard aug 2011) We need to pay 10% downpayment(Cpf) if we are taking hdb loan for the new flat. However, when we sell our existing flat, we need to pay half of our cash proceeds back to our CPF. Qn: How do they calculate the half proceeds? for us, will it be 40k or 20k? If we take bank loan, we dont need to pay half of our proceeds back to CPF. However, we need to pay 10% cpf AND 10% cash as downpayment in aug 2011! We hope to get as much cash as we can when we sell the house in few years time. Now We have enough to pay 10% cpf but we do not hv enough cash 10% downpayment. If need be, we gota take loan for that Is it worth it? What if our sale of this house is sufficient to pay off the new house? does the abv still apply? Abv info is what i get from reading the hdb website. we have not get our apptm date yet. Anyone care to give some advice? appreciate lots! Share this post Link to post Share on other sites
chronograph 0 Report post Posted March 5, 2011 Hi all We have a resale flat of 10yrs and took a grant at that time. We are going to select our new flat this month or APril. New Flat to be ready 2015. esdt cost : $270k Estd cash proceeds from sale of our house: $80k we need to pay levy back to hdb = $40k, balance we have is $40k. From our understanding, we need to sign agreement of lease within 4 months from the new flat selection date (which is ard aug 2011) We need to pay 10% downpayment(Cpf) if we are taking hdb loan for the new flat. However, when we sell our existing flat, we need to pay half of our cash proceeds back to our CPF. Qn: How do they calculate the half proceeds? for us, will it be 40k or 20k? If we take bank loan, we dont need to pay half of our proceeds back to CPF. However, we need to pay 10% cpf AND 10% cash as downpayment in aug 2011! We hope to get as much cash as we can when we sell the house in few years time. Now We have enough to pay 10% cpf but we do not hv enough cash 10% downpayment. If need be, we gota take loan for that Is it worth it? What if our sale of this house is sufficient to pay off the new house? does the abv still apply? Abv info is what i get from reading the hdb website. we have not get our apptm date yet. Anyone care to give some advice? appreciate lots! Better give HDB a call on your case. My bet is u might end up with less cash if u take HDB loan. 50% cash proceeds and levy don't mix, so it should be 40k cash proceeds. That's just my understanding, call HDB. Share this post Link to post Share on other sites
davidbslee 1 Report post Posted March 5, 2011 (edited) Better give HDB a call on your case. My bet is u might end up with less cash if u take HDB loan. 50% cash proceeds and levy don't mix, so it should be 40k cash proceeds. That's just my understanding, call HDB. If not wrong, 40k for the levy and 40k for the 50% cash proceeds, means you will not have any proceeds left as you mention your total cash proceeds will be like 80k. If you want more cash on hand, go for Bank Loan because dun need to pay the back the 50% cash proceeds but still need to pay 40k levy fees as you are buying a new bto flat from HDB. But dun forget, once you are on bank loan you cannot refinance back to HDB loan liao. Any expert can confirm this? Edited March 5, 2011 by davidbslee Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 5, 2011 (edited) Is it 40K levy + interest back to HDB Board? Edited March 5, 2011 by forgotten Share this post Link to post Share on other sites
samjas 0 Report post Posted March 5, 2011 hi all.... yeap 50% sales proceeds + 40k levy = $0 cash. We will be making a trip down to hdb next wk to confirm all... And from my understanding, for the same property, once I apply for bank loan, i can't switch to hdb loan. If I change to another hdb again subsequently, I can still get hdb loan as each person can get 2 chance in lifetime. Up till now, most prob we will get bank loan. we wont be needing 30yrs full loan as we can pay off after we sell our house in few yrs time. maybe partial loan and balance in cpf to be used to reinvest. Hopefully can get higher returns... we may look at selling our flat now and stay with my dad. But its a 4 yrs period... decisions decisions decisions ... Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 5, 2011 (edited) hi all.... yeap 50% sales proceeds + 40k levy = $0 cash. We will be making a trip down to hdb next wk to confirm all... And from my understanding, for the same property, once I apply for bank loan, i can't switch to hdb loan. If I change to another hdb again subsequently, I can still get hdb loan as each person can get 2 chance in lifetime. Up till now, most prob we will get bank loan. we wont be needing 30yrs full loan as we can pay off after we sell our house in few yrs time. maybe partial loan and balance in cpf to be used to reinvest. Hopefully can get higher returns... we may look at selling our flat now and stay with my dad. But its a 4 yrs period... decisions decisions decisions ... You do not have to sell off your current house now. You only need to sell off your current house 4 years later, within 6 months from the date you receive the keys to your completed BTO unit. I am also waiting for my BTO. Edited March 5, 2011 by forgotten Share this post Link to post Share on other sites
samjas 0 Report post Posted March 6, 2011 Yah, now we dun have to sell. But if we sell, we don't need to pay 10% cash as downpayment.... Actually We have not get our appointment date for flat selection, but will be either this month or next month. Have you select your flat? Another qn is that what is the difference between Estimated Completion date(3Q 2014) and EDPD(3Q 2015)? People say that it will usually be earlier right? earlier than Estimated completion date or earlier than EDPD? Kiasu to find out all these now.... but we are So excited! Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 6, 2011 (edited) Yah, now we dun have to sell. But if we sell, we don't need to pay 10% cash as downpayment.... Actually We have not get our appointment date for flat selection, but will be either this month or next month. Have you select your flat? Another qn is that what is the difference between Estimated Completion date(3Q 2014) and EDPD(3Q 2015)? People say that it will usually be earlier right? earlier than Estimated completion date or earlier than EDPD? Kiasu to find out all these now.... but we are So excited! You can use CPF OA to pay for the downpayment. Do you and spouse have enough CPF OA to pay for it? If 1 of you is < 30 years old, downpayment is 5%. If both > 30 years old, downpayment is 10%. EDPD is the deadline HDB MUST complete the BTO. Usually we will get the keys near ECD. Yes I already selected my flat, ECD is next year. Edited March 6, 2011 by forgotten Share this post Link to post Share on other sites
samjas 0 Report post Posted March 6, 2011 You can use CPF OA to pay for the downpayment. Do you and spouse have enough CPF OA to pay for it? If 1 of you is < 30 years old, downpayment is 5%. If both > 30 years old, downpayment is 10%. EDPD is the deadline HDB MUST complete the BTO. Usually we will get the keys near ECD. Yes I already selected my flat, ECD is next year. Hi, We have enough to pay for downpayment. But bcos we intend to take bank loan and we have an existing housing loan when we apply for the bank loan, we need to pay 10% cash downpayment also. Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 6, 2011 Hi, We have enough to pay for downpayment. But bcos we intend to take bank loan and we have an existing housing loan when we apply for the bank loan, we need to pay 10% cash downpayment also. Huh I thought it's 5% cash for bank loan? I took bank loan for current house and will take HDB loan for my BTO house with HDB loan. I only paid 5% cash for bank loan. During booking of unit, HDB officer will ask you whether you want to opt for optional components (ceramic tiles and solid timber doors). You can start considering if you want to opt for them now. Share this post Link to post Share on other sites
samjas 0 Report post Posted March 6, 2011 Huh I thought it's 5% cash for bank loan? I took bank loan for current house and will take HDB loan for my BTO house with HDB loan. I only paid 5% cash for bank loan. During booking of unit, HDB officer will ask you whether you want to opt for optional components (ceramic tiles and solid timber doors). You can start considering if you want to opt for them now. my existing flat is under HDB loan and for our BTO flat, we will be taking bank loan. Thats why it is 10% We r taking bank loan cos we arent taking 30yrs loan.... and more flexibility in utilisation of CPF monies.... Most prob we wont be taking the Optional component. Did u take? Scared that the designs arent nice and bulk workmanship arent as good... Any advices? Do you know roughly how many appointments are scheduled each day? heeheee.... My fren's Q number = 27 and she got her date last wk. My Q number is 200+..... wonder when will we get.... Anyway we are seeing the geomancer today .... after today can shortlist already! woohoo!!! Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 7, 2011 (edited) my existing flat is under HDB loan and for our BTO flat, we will be taking bank loan. Thats why it is 10% We r taking bank loan cos we arent taking 30yrs loan.... and more flexibility in utilisation of CPF monies.... Most prob we wont be taking the Optional component. Did u take? Scared that the designs arent nice and bulk workmanship arent as good... Any advices? Do you know roughly how many appointments are scheduled each day? heeheee.... My fren's Q number = 27 and she got her date last wk. My Q number is 200+..... wonder when will we get.... Anyway we are seeing the geomancer today .... after today can shortlist already! woohoo!!! Me not sure about the appts per day. I thought HDB will sms/mail you about your selection date and time??? Woah u even go to geomancer to ask for advice. Me that time very chop-chop, just saw what were remaining units and chose the highest floor one available that didn't have a wall facing west outdoor LOL. By the time it was my turn, all the units having seaview were gone. We die die must chose 1 unit at that BTO cos our combined income were already hitting 8K, last chance for us to have a bite of the cherry. I took the optional components. The timber doors look decent. My friend has those timber doors, 6 years already still ok. For the HDB tiles at toilets, my mum has them, she said they get dirty easily. Anyway, I opted for them to save on cash. I intend to do epoxy paint over my toilet tiles. I don't dare to do overlay tiles cos forummers mentioned that it is easy for leakage if overlay is not done properly. GST will increase to 10% after GE + Labour cost is going up due to increase in foreign worker levy + Material cost going up due to increase in commodity price = My renovation's price tag will increase, so I better save up more cash haha! The thing about BTOs is that they are cheaper than resale but they are in wulu wulu locations. I still like my current house more Edited March 7, 2011 by forgotten Share this post Link to post Share on other sites
davidbslee 1 Report post Posted March 7, 2011 Me not sure about the appts per day. I thought HDB will sms/mail you about your selection date and time??? Woah u even go to geomancer to ask for advice. Me that time very chop-chop, just saw what were remaining units and chose the highest floor one available that didn't have a wall facing west outdoor LOL. By the time it was my turn, all the units having seaview were gone. We die die must chose 1 unit at that BTO cos our combined income were already hitting 8K, last chance for us to have a bite of the cherry. I took the optional components. The timber doors look decent. My friend has those timber doors, 6 years already still ok. For the HDB tiles at toilets, my mum has them, she said they get dirty easily. Anyway, I opted for them to save on cash. I intend to do epoxy paint over my toilet tiles. I don't dare to do overlay tiles cos forummers mentioned that it is easy for leakage if overlay is not done properly. GST will increase to 10% after GE + Labour cost is going up due to increase in foreign worker levy + Material cost going up due to increase in commodity price = My renovation's price tag will increase, so I better save up more cash haha! The thing about BTOs is that they are cheaper than resale but they are in wulu wulu locations. I still like my current house more Wow, that the good way to plan ahead. Share this post Link to post Share on other sites
forgotten 1 Report post Posted March 7, 2011 (edited) Wow, that the good way to plan ahead. Haha bobian cos we are not rich. Me must feed siblings. Hubby must feed car + parents + sister. Edited March 7, 2011 by forgotten Share this post Link to post Share on other sites
samjas 0 Report post Posted March 9, 2011 Haha bobian cos we are not rich. Me must feed siblings. Hubby must feed car + parents + sister. yah, they email us the queue number. now waiting for the letter for the actual date of appointment and exact pricing of the units. cos hubby believe in fengshui, thats why lor i agree... BTO always in ulu places.... THe one that we applied Vista spring/Orchid SPring is Yishun is a classic example. haha heard that Adora Green DBSS in yishun application is over 300%! isnt it expensive? hmmm.... We have not decide on the Optional component yet. Will see how Share this post Link to post Share on other sites
