Applying Bto Flat While Staying At Current Resale Flat..

[Wu Jiahong Alvin Ng 1]

Hi all, my questions are.. Now am staying at my own resale 4 rooms, meanwhile I had applied BTO 4room. Today I checked mt balloting results, I was given a Q nos of 279/656 4 rooms units., currently my spouse is working with a Mthly salary of 1.7k .. Cpf not much, cash also few k. But sooner Hdb will send us letter to us to select our new flats, I just want to know me n my spouse cpf left with only few hundreds cos of Mthly instalments where we currently live it, so do I go with it to book my BTO flats as it need down payments ??? As advises??? Tia

[salavanun 0]

Hi ashanti

I guess u should have checked even before applying. The next question is whether yr next loan will be from bank or hdb. on booking day i think for 4 room u need pay only about 1000d. Is best u seek advice from the hdb officer. from what i know u have 6 month to sell off yr resale unit after u collect keys for new place. so timing is important as yr funds are in yr existing house. regards

[PuffDog 0]

Ashanti, a 20% down-payment is required after successful selection of flat, and that can be from your cpf or cash.

Otherwise, if your current flat has no more outstanding mortgage then the 20% down will not be required.

If you realized at this stage that you are unable to proceed with the selection, the penalty is only a one year ban from making new application.

[Wu Jiahong Alvin Ng 1]

Yes, j have checked with Hdb officer thru e phone.. Need to downpayment 10% of e new flat purchase as am a 2nd timer for Hdb loan.. in e meanwhile I just wait for e letter between June to oct to go select my new flats, understand tat when comes to select e new flats, a 2k is payable for 4room for option fee, n 4mths later I have to pay a 30++k based on my new flat 250k. N stamp fee which currently I dun have this 30k CASh in hand to pay.. So dilemma whether to proceed for my selection of flat???? If I proceed my selection of flat n pay 2k n mths later if I dun have this 30k++ then my option fee will be forfeited...

[Huatah 0]

Hi ashanti

I guess u should have checked even before applying. The next question is whether yr next loan will be from bank or hdb. on booking day i think for 4 room u need pay only about 1000d. Is best u seek advice from the hdb officer. from what i know u have 6 month to sell off yr resale unit after u collect keys for new place. so timing is important as yr funds are in yr existing house. regards

From what I know, he/she have to sell off their existing house before collecting keys.

[chronograph 0]

Lost touch of the rules and regulation, you have better check with HDB.

What u can do is contra if taking loan from HDB, or private bank name it as bridging loan.

That's you have to time your sell and buy very closely so as to allow the fund to return back to CPF for your buying. The contra loan is to help pay for the buying should your sell fund did not return in time to CPF, usually this window is not more than 2 weeks.

Never take up another cash loan to pay the 30k.

Edited July 10, 2012 by chronograph

[chronograph 0]

Should have 6 month grace period to sell after collecting key to new unit.

My brother did that, but have to finance 2 units(resale, new HDB) housing loan at the same time till selling off the resale.

From what I know, he/she have to sell off their existing house before collecting keys.

[Wu Jiahong Alvin Ng 1]

I will selling my resale 4rm this half a yr.. Then rent a 3rooms unit with my cousins to share e rental.. Now in e process of going resale checklist n my agent will ask e valuators Frm Hdb to come valuate my Hse, n in w meanwhile look for buyers.. I will use some of my cash for rental this est 3-4yrs while waiting for my BTO at Keat hong to complete.. So during this few yrs will be renting a 3rooms with my family n cousin.. Hope everything go smoothly thru e process.. As for e 10% downpayment for my new flats agent told me not to worry, after I selling my this Hse already then can use cpf/cash to pay, no withdrawal of money yet cos HLE n bank loan to decide when e new flat is nearer to TOP..

[Wu Jiahong Alvin Ng 1]

Mid August my family n I will go Hdb hub select our new bto unit n 2k of option fee on tat day, 4mths later when signing of agreement lease then need to pay e 10% of flat purchase.. So if I will to use HLE then this will be my 2nd concessionery loan Frm Hdb, 40k resale levy to return back to Hdb.. So 3-4 yrs down e road then my hubby n me will decide whether to go for Hdb loan or bank loan,

[zzx23 0]

i believe with regards to the new ruling of the 1year ban, I clearly heard that the ban will be imposed to those drop out after "booking" their flats. i.e. paid the booking and exercised the OTP.

so:

1) if you drop out before you booked, you wont be imposed the 1yr ban

2) a 4 room flat booking fee is $2k in cash, refundable upon Signing of the S&P stage when they collect from you the 10% or 20% deposit depending if your loan is 90% or 80% respectively.

3) if your flat is about 450k, the CPF is 45k (if 90% loan) or 90k (80% loan). I suggest you take the 90% loan and see if you can squeeze out the 45k if you really want the flat.

Edited July 12, 2012 by zzx23

[Batman 0]

If financially can afford, go private. Then dun need to be bothered by all e tupid HDB rules n regulations.

"Bite the bullet" for a few years, then sell n cash out. Then "roll" again

Edited July 12, 2012 by Batman

[chronograph 0]

Did your agent tell you the 40k resale levy need to be pay by cash?

Besides, have your agent consider the rule on half of proceeding goes into buying new house?

So many rules there, you better confirmed if you are affected by the above? If so, u got to be careful the cash profit you will be getting for the sales.

Mid August my family n I will go Hdb hub select our new bto unit n 2k of option fee on tat day, 4mths later when signing of agreement lease then need to pay e 10% of flat purchase.. So if I will to use HLE then this will be my 2nd concessionery loan Frm Hdb, 40k resale levy to return back to Hdb.. So 3-4 yrs down e road then my hubby n me will decide whether to go for Hdb loan or bank loan,

[Wu Jiahong Alvin Ng 1]

>chronograph, yess, my agent did told me 40k use by cash, half e cash proceed have to go to cpf if I take Hdb loan, however I taking a bank loan, so 5% cash needed for downpayment , remaining 15% will use cpf to deduct when nearer to TOP! ;p

[realconsultant 0]

>chronograph, yess, my agent did told me 40k use by cash, half e cash proceed have to go to cpf if I take Hdb loan, however I taking a bank loan, so 5% cash needed for downpayment , remaining 15% will use cpf to deduct when nearer to TOP! ;p

Have you talk to any mobile banker about loan yet? Dont get caught last minute when bank refuse to give you a mortgage loan.

Just be sure bank can give enough laon so that you done have to top up with cash for the downpayment.

Good luck

[Wu Jiahong Alvin Ng 1]

>realconsultant, yes my agent did a I.P.A Frm bank.. N already approved.. Just need to sell my current flat for e assurance Frm bank tat I can cover e new Hse mortgage Loan Frm e bank.. So e bank can loan me up to 80% of e selling price of e flat.. E remaining 20% will be cpf combine with cash.. Tks for ur gentle reminder...