Half Of Sale Proceeds Go To New House

[elaine81 1]

Oh , I am selling resale hdb flat & buying new hdb flat , 3rd time loan frm hdb

[elaine81 1]

Just to add on , this time is the 2nd time buy frm hdb

[Haleary 1]

Hi Elaine,

Maximum can only loan 2 times from HDB. Did u get special approval from HDB for the 3rd time loan? Else u need to go bank loan.

Based on your inputs, ur first flat is new from HDB, then unsold it, buy resale, n now buying NEW HDB flat.

You will need to pay Resale levy, based on your first unit ( unless u already paid it previously)

When you apply for new flat, I believe you would also have the HLE approval in hand, for NEW flat right? That letter should be able to tell you ow much Resale levy u have to pay to HDB.

For financial info, like how much is your loan amount to repay monthly, the HDB financial calculator will be able to provide u with the necessary info as long as you input your figures right. It's quite simple.

Alternatively, you can go TPY and see the loan officer to clarify it.

Good day

[elaine81 1]

Hi Elaine,

Maximum can only loan 2 times from HDB. Did u get special approval from HDB for the 3rd time loan? Else u need to go bank loan.

Based on your inputs, ur first flat is new from HDB, then unsold it, buy resale, n now buying NEW HDB flat.

You will need to pay Resale levy, based on your first unit ( unless u already paid it previously)

When you apply for new flat, I believe you would also have the HLE approval in hand, for NEW flat right? That letter should be able to tell you ow much Resale levy u have to pay to HDB.

For financial info, like how much is your loan amount to repay monthly, the HDB financial calculator will be able to provide u with the necessary info as long as you input your figures right. It's quite simple.

Alternatively, you can go TPY and see the loan officer to clarify it.

Good day

Hi Heleary ,

yup hv appealed to get from HDb 3rd loan . , and as for the resale levy as i hv sold before 3 rd mar 2006 , so calculation should be .

selling price of my 1st subsidised flat x 20 % = ans , ans *5% * 7yrs.

[HappyHouse88 0]

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 your calculation although look right.. but does not seem to be a real-life scenerio..

You are assumming the sale proceed is the the same as the cost of your new flat. And that 230k are in cash. No mention of stamp duty also.

Let re-calculate again.

Transaction 1 : selling of existing house

Estimate sale price : 380k

Sale proceed : 230k (380 -150)

Cash in hand : 140k (230 -90 ) assuming 90k of your proceed goes back to CPF. If you didnt use CPF for your existing house. Yes.. then you get $230k in cash.

Transactions 2 : buy new house.

Estimate buy price of the new house : 230k

CPF to be used for the new house: 90k

Stamp duty of the new flat (assume used cpf) : 1.5k

shortfall for the new flat : 230-90-1.5k = 138.5k

If you not taking any mortagage for the new flat, you then have to topup 141.5k in cash.

If you taking hdb loan, then 1)if you get 230k cash from selling your house, you need to put back 115k cash back, you only have 115k cash at hand.

2) if you get only 140k cash from selling your house, you then need to give back 70k to hdb, you only have 70k cash at hand.

However, 115k/70k, you still need to deduct sale levy.

Edited May 8, 2012 by HappyHouse88