Buying Flat That Has Been Announced As En-block (sers)

[jeddie 0]

actually, i have been flipping the papers, and surfing the net everyday. I am more "on" than my agent....i made my own calls etc....

maybe there will be more units for sale after CNY...see how...

[ausbee 0]

hi, i have a question on SERS. not sure if anyone here could answer...

I bought my SERS 4-room flat in 2005. we will be upgrading to 5 room flat under the replacement scheme. Am i eligible for the 2nd HDB concessionary loan if our combined income exceeds $8k when taking up the 2nd loan? at the time of purchasing the 4-room SERS flat, our income was less than $8k and we took up our 1st HDB loan.

[zirhk3355 1]

Wow, that's a good question. I am also quite split on this because the HDB's website is confusing.

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Bad news first:

http://www.hdb.gov.sg/fi10/fi10220p.nsf/WP...t)?OpenDocument

In Para 2, it is mentioned that:

"Buyers who are given a concessionary interest rate housing loan to buy the SERS flat will also be eligible for another housing loan at concessionary interest rate for the replacement flat. This is on the condition that they do not own or have an interest in any private property (residential or otherwise including overseas properties) or become ineligible for a concessionary interest rate housing loan."

So does that mean if your income goes above $8K, then you 'become' ineligible??

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But the good news is, I tried this questionaire on my eligible interest rates for replacement flat:

http://www.hdb.gov.sg/bp17/bp17002p.nsf/QEIR?OpenForm

Once I clicked on the 'Yes' for Qn 3:

"Have any of the applicants or essential occupiers taken a housing loan (from HDB) at concessionary interest rate for the existing SERS flat?"

The system auto-prompt that I will be eligible for HDB loan.

Hence, my assumption here is that if you are eligible for HDB loan for your SERS flat, then you will automatically be eligible for HDB loan for your replacement flat.

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So which is which?? Sorry I dun have the clear answer for you but hope I had shed some light. Nevertheless, do get HDB to give you a written confirmation so as to be sure. You can submit this online form:

https://www.hdb.gov.sg/bp17/bp17002p.nsf/RCHL?OpenForm

Good luck and do let us know the answer too!!

[ausbee 0]

Hi zirhk3355,

thanks for the info!

i would tend to go for your 2nd scenario. My replacement flat is still a long time away, in mid 2011. so i shall worry about that 3 yrs down the road.

Your home is very nicely done up!

[fanguojun 0]

Hi,

not sure if this qn had been asked.

if my resale 4-room flat had been announced for SERS and my wife (who is the co-owner) has a private property in her name, can we select a 5-room flat as a replacement?

[Topspin 1]

Hi,

not sure if this qn had been asked.

if my resale 4-room flat had been announced for SERS and my wife (who is the co-owner) has a private property in her name, can we select a 5-room flat as a replacement?

The following was extracted (partial) from the HDB FAQ:

Flat owners who are ineligible to buy flats from HDB if not for SERS will be offered up to a new 4-room replacement flat or the equivalent of their existing flat type, whichever is bigger, at a designated site, at HDB's subsidised price.

However, if these flat owners can meet the following conditions specified in Table 2 before collection of keys to their selected replacement flats, they will be offered the same SERS rehousing benefits as the flat owners who are eligible to buy flats from HDB. Table 2: Conditions to qualify for a new 5-room replacement flat at HDB's subsidised price, with a further 20% price discount of up to $30,000

Table 2:

Sold a private property within 30 months before SERS announcement

• Take up the replacement flat themselves instead of selling the existing flat

In short, I think you are not elligible for 5 room as you still own a private property during SERS announcement. You may want to check with HDB as well to be very sure.