Sale of HDB flats (Policies) Flashcards
what is OBF?
Open booking of flats
who is considered a first-timer applicant?
for those who have not received any housing subsidy from HDB before
What do second-timers have to pay for that first-timers don’t?
how much do they have to pay?
Levy based on their first subsidised flat
2 room - $15k 3 room - $30k 4 room - $40k 5 room - $45k Exec - $50k Exec condo - $55k
if a couple buy a private property after the 5 yr MOP, can they keep both properties?
Yes if the couples are SC+SC / SC+SPR.
No if it’s SPR+SPR (must sell HDB within 6 months of completion of sale of private)
what are the types of transfer of flat ownership? [5]
- resale of part share ( only for divorced couples, and only if divorce is finalised after 5 year MOP)
- Inclusion of owners
- Exclusion/withdrawal of owners
- Outright Transfer (father xfer to son)
- Substitution of owners (daughter sub son)
what are the eligibility schemes under HDB? [8]
- Public scheme
- Fiance/fiancee
- SC Singles
- Orphans
- Joint Singles
- Non-citizen spouse
- Non-citizen family (only for resale)
- Conversion Scheme (only for resale)
conditions, eligibility, and income ceiling for public scheme?
- must be SC+SC / SC+SPR
- SPR+SPR (min 3 year status) can only buy resale
- must form a family nucleus
- 2 rm =
conditions, eligibility, and income ceiling for fiance/fiancee scheme?
- must produce valid marriage cert within 3 months from taking possession of flat
- SC+SC/ SC+SPR / SPR+SPR (resale, 3 yr status)
- 2 rm =
conditions, eligibility, and income ceiling for OrphanS scheme?
- at least one must be aged 21 and above
- at least one parent and child must be SC
- same income ceiling as public scheme
- if buying resale = no income ceiling if not taking any grants
conditions, eligibility, and income ceiling for Single/Joint Singles scheme
Single
- unmarried / divorced (min 35 years old)
- orphan / widowed (min 21 years old)
- income
conditions and eligibility for Non-citizen spouse scheme
- SC + non citizen / non-SPR
- must have 1 SC
- NC must have valid visit pass / work pass
conditions and eligibility for non-citizen family scheme
- not eligible for new flat, only resale
- no income ceiling if not taking grant
- at least 1 parent/child must be SC / have a long term visit/work pass. - valid for at least 6 months
what is the conversion scheme?
- to combine 2 flats into 1 unit
- for resale flat only (3 rm and smaller)
- must be possible to tear down adjourning wall
- to sell as 1 unit
who are not allowed to buy a new flat? [6]
- cancelled a flat application after booking
- second timers / first timer singles who did not book the flat after successful application
- Already took 2 subsidies
- Owned a private property within 30 months of date of booking
- Income exceeds ceiling
- Have not fulfilled MOP
what is the Fresh Start Housing Scheme for 2nd timers? [4]
- a special scheme for second timers with a child/children below 18, and sold their previous subsidised flat and are currently living in a rental flat
- can go for short term lease (between 45-65years) –> if choose 60-65years lease, can get $35,000 grant
- MOP is 20 years
- Levy capped at $30,000
what are the schemes to help Singapore’s ageing population? [4]
- Lease buyback scheme
- Silver Housing Bonus Scheme
- Deferred downpayment scheme
- temporary loan scheme
terms of the lease buyback scheme? [7]
- at least 1 above 65 years old
- income ceiling
terms for Silver Housing Bonus Scheme?
- aged 55 and above
- flat / private property’s AV is below $13k. if below $13k=get bonus $30,000
- current property not sold yet / does not enough another property
- downsizing to 3 room or smaller flat
terms for deferred downpayment scheme?
- only for those aged 55 and above
- only pay downpayment upon collection of keys
terms for temporary loan scheme?
- for anyone with an existing flat
- booked new flat, submitted intention to sell old flat
- waiting for sale proceeds to pay off loans and new flat
what is SDS and who is it for? [payment for HDB flats]
Staggered Downpayment scheme.
for young couples aged 30 and below to pay their downpayment in 2 instalments.
- public / fiance/fiancee scheme
- at least 1 first timer
- buying new flat
what is EIP?
Ethnic Integration Policy.
- only applicable to resale flats
what is the SPR Quota for?
- only for resale flats
- for non-Malaysian SPR
neighbourhood : 5% , block : 8% - need to fulfil both EIP and SPR Quota
eligibility for DBSS?
- design, build and sell scheme
- public, fiance/fiancee, orphans scheme
- SC+SC/ SC+SPR
- at least 21 years old
- income
eligibility for EC?
- public, fiance/fiancee, orphans, joint singles
- at least 21 /35 years old
- SC+SC / SC+SPR
- income
Conditions for owning an EC
- 5 year MOP
- cannot invest in other properties during MOP
- not allowed to rent out whole EC during MOP
- to sell off existing HDB within 6 months from TOP
who can you sell the EC to after 5 year MOP?
after 5 years :
- SC/SPR
- no need family nucleus
- no income ceiling / grants
after 10 years:
- SC, SPR, foreigners, corporate bodies
if buyer withdraws after exercising EC OTP, how much is forfeited?
5%
what are some HDB upgrading programs? [3]
- Home improvement program. (HIP)
- Enhancement for active seniors (EASE)
- Neighbourhood Renewal Programme (NRP)
what happens if the blocks or towns are too old?
- redeveloped for vibrancy
- SERS - Selective en bloc redevelopment Scheme
- residents cannot vote - compulsory acquisition by HDB
