Half Of Sale Proceeds Go To New House

[elaine81 1]

Hi all ,

Would like to enquire is the above rule still on ?

And also can any wan teach me the formula to calculate sales proceed ?

I dun trust hdb calculator

I am buying a new flat from hdb , & taking a hdb loan.

Thanks in advanced

[yhliang 1]

Hi all ,

Would like to enquire is the above rule still on ?

And also can any wan teach me the formula to calculate sales proceed ?

I dun trust hdb calculator

I am buying a new flat from hdb , & taking a hdb loan.

Thanks in advanced

Yup,still on

http://www.renotalk.com/forum/index.php?showtopic=29855

[Wu Jiahong Alvin Ng 1]

are u selling ur resale n buying new flats??

[elaine81 1]

are u selling ur resale n buying new flats??

Yup

[Plastic3 0]

Hi all ,

Would like to enquire is the above rule still on ?

And also can any wan teach me the formula to calculate sales proceed ?

I dun trust hdb calculator

I am buying a new flat from hdb , & taking a hdb loan.

Thanks in advanced

The minimum cash proceeds you can keep after selling is $25,000.

Assuming your cash proceeds is $60,000, you can keep $30,000 & have to use $30,000 for new flat.

I posted 2 examples on my old blog last time, hope it is useful for you:

http://markdwg.wordpress.com/2010/03/06/new-hdb-second-concessionary-loan-policy

Best,

Mark

[Wu Jiahong Alvin Ng 1]

Ok, let say I'm selling my resale 4rm ard 350k est, buying a new flats at 350k.. Cpf 0, 40k resale levy, 120k outstanding loan to return to Hdb.. How much can I get back e sale proceeds??

[Bento28 0]

hi,

Pertaining to your question. If this is the second time you are getting a HDB loan then half of your proceed will go to your new house.

The HDB calculator is just a estimate gauge so it is just for your estimation.

[Plastic3 0]

Ok, let say I'm selling my resale 4rm ard 350k est, buying a new flats at 350k.. Cpf 0, 40k resale levy, 120k outstanding loan to return to Hdb.. How much can I get back e sale proceeds??

Will need to know the amount that needs to return to your CPF to calculate sales proceeds.

The amount that can be used for new flat also depends on age,

those above 55-years have to factor in minimum sum.

Best,

Mark

Edited April 29, 2012 by Plastic3

[elaine81 1]

can veify if my calculation , at the following correct

example my area estimated valuation 380k

380k - 150k( outstanding mortgage loan) = 230k ( sale proceed)

(new hse ) 230k - 90k ( cpf used ) = 140k ( shortfall for new hse )

230k - 140k = 90k ( actual sale proceed after buying new flat)

**** Can anyone correct me if wrong ? thanks

[Wu Jiahong Alvin Ng 1]

Bento, yes, this is my 2nd time applying for Hdb loan..

Elaine81, tats mean ur cash proceeds is 90k in cash in hand or??

[elaine81 1]

Bento, yes, this is my 2nd time applying for Hdb loan..

Elaine81, tats mean ur cash proceeds is 90k in cash in hand or??

Hi Ashanti , this is just an example , of cos I won't tell ppl hw much proceed I will get . Anyway I am nt very sure of the calculation , I am trying to get someone to verify

[yhliang 1]

can veify if my calculation , at the following correct

example my area estimated valuation 380k

380k - 150k( outstanding mortgage loan) = 230k ( sale proceed)

(new hse ) 230k - 90k ( cpf used ) = 140k ( shortfall for new hse )

230k - 140k = 90k ( actual sale proceed after buying new flat)

**** Can anyone correct me if wrong ? thanks

Hi,

I don't think hdb will consider the amount u going to pay for your new flat.

For my case, hdb base on the cash proceed i get after selling my flat.

Just apply for the HLE and you will know the exact amount, it will b stated on the the HLE.

Regards

Liang

Edited May 5, 2012 by yhliang

[elaine81 1]

Hi,

I don't think hdb will consider the amount u going to pay for your new flat.

For my case, hdb base on the cash proceed i get after selling my flat.

Just apply for the HLE and you will know the exact amount, it will b stated on the the HLE.

Regards

Liang

?? Sorry but I dun quite get u

[Haleary 1]

Hi,

U are buying NEW HDB flat 2nd time?

If so, u need to pay resale levy. Not minimum sales proceed. For the resale levy, u can refer to the HDB website, for which period u sold your first new flat / or resale flat with grant.

HDB calculator is the best tool to tell u an estimate based on your input. Of course, if u put in garbage, then u can't trust it.

We bot a resale flat and pending for completion end of this month. We used the HDB calculator and the sum stated is quite accurate.

[yhliang 1]

Erm,

Sorry to confuse u, i read thru ur post again.

Are you selling a "new" hdb and applying for another "new" hdb on 2nd time hdb loan. If that is so, i don't think u need to pay cash proceeds, only need to pay resale levy.

Its best to check with HDB. Just go to the HDB at TPY. Request to see the sales officer( dont bother to talk with the counter, i got different answer from them)

Hope this post helps