HDB and Condo
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financial_guru:
not HDB employee but my fren whose wife is housing agent
Were you told by a HDB employee? You can try their cust service line at 1800-8663066, but they close at 5pmmicollh:
r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB. -
hi micolh,
If you have fulfilled the min stay requirement, I’m fairly sure you can rent out your HDB flat (remember to notify HDB pls) and stay at your condo.
Some things you may have to note is that you can’t use CPF to pay for the condo UNLESS you have set aside x amount of money inside (it’s a percentage of the min sum ($120+K)). And under the latest laws, you won’t be able to sell your hdb to buy another hdb once you own a condo - you have to sell away all your private properties before you can buy another hdb. FYI only.
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hquek:
Hi hquek, thanks for the information. any idea where can i find this info on website?hi micolh,
If you have fulfilled the min stay requirement, I'm fairly sure you can rent out your HDB flat (remember to notify HDB pls) and stay at your condo.
Some things you may have to note is that you can't use CPF to pay for the condo UNLESS you have set aside x amount of money inside (it's a percentage of the min sum ($120+K)). And under the latest laws, you won't be able to sell your hdb to buy another hdb once you own a condo - you have to sell away all your private properties before you can buy another hdb. FYI only. -
micollh:
If you are referring to the amount to be set aside, better call up CPF. I got the info from them.
Hi hquek, thanks for the information. any idea where can i find this info on website?hquek:
hi micolh,
If you have fulfilled the min stay requirement, I'm fairly sure you can rent out your HDB flat (remember to notify HDB pls) and stay at your condo.
Some things you may have to note is that you can't use CPF to pay for the condo UNLESS you have set aside x amount of money inside (it's a percentage of the min sum ($120+K)). And under the latest laws, you won't be able to sell your hdb to buy another hdb once you own a condo - you have to sell away all your private properties before you can buy another hdb. FYI only. -
hquek:
If you are referring to the amount to be set aside, better call up CPF. I got the info from them.[/quote]icic. okok. as i cant find from HDB. shall check up from cpf.
Hi hquek, thanks for the information. any idea where can i find this info on website?micollh:
[quote=\"hquek\"]hi micolh,
If you have fulfilled the min stay requirement, I'm fairly sure you can rent out your HDB flat (remember to notify HDB pls) and stay at your condo.
Some things you may have to note is that you can't use CPF to pay for the condo UNLESS you have set aside x amount of money inside (it's a percentage of the min sum ($120+K)). And under the latest laws, you won't be able to sell your hdb to buy another hdb once you own a condo - you have to sell away all your private properties before you can buy another hdb. FYI only. -
hi micolh,
on the sum to set aside, I've found the 'answer' from cpf board - it's half the min sum:
Yes, you may use your CPF to purchase more than one property.
However, if you already own a property (HDB flat or private residential property) bought with your CPF savings and wish to buy another property with CPF savings after 1 July 2006, you must set aside half of the prevailing Minimum Sum before you can use the excess savings in your Ordinary Account for the second/subsequent property. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet this required amount.
Please note that as the Minimum Sum will be raised in July each year, the amount you need to set aside will be adjusted accordingly. Please click here for more details.
If you currently own more than one property bought with CPF savings before 1 July 2006, you need not set aside half of the prevailing Minimum Sum unless you subsequently buy another property using your CPF savings on or after 1 July 2006.
Please note that this is not applicable if you are applying to use your CPF to purchase a second or subsequent property with non-related singles. Non-related singles can only jointly use their CPF to purchase one property (HDB flat or private residential property). -
hquek:
Any idea how much is the \"half of the prevailing Minimum Sum before you can use the excess savings in your Ordinary Account for the second/subsequent property.\"hi micolh,
on the sum to set aside, I've found the 'answer' from cpf board - it's half the min sum:
Yes, you may use your CPF to purchase more than one property.
However, if you already own a property (HDB flat or private residential property) bought with your CPF savings and wish to buy another property with CPF savings after 1 July 2006, you must set aside half of the prevailing Minimum Sum before you can use the excess savings in your Ordinary Account for the second/subsequent property. Savings in the Special Account (including the amount used for investments) and Ordinary Account can be used to meet this required amount.
Please note that as the Minimum Sum will be raised in July each year, the amount you need to set aside will be adjusted accordingly. Please click here for more details.
If you currently own more than one property bought with CPF savings before 1 July 2006, you need not set aside half of the prevailing Minimum Sum unless you subsequently buy another property using your CPF savings on or after 1 July 2006.
Please note that this is not applicable if you are applying to use your CPF to purchase a second or subsequent property with non-related singles. Non-related singles can only jointly use their CPF to purchase one property (HDB flat or private residential property). -
Currently, the Min sum is $123K. You will need to set aside $61.5K before you can use the excess in Ord account. This amount will be raised incrementally each year (in July).
The set aside amount can come from Ordinary account (includes the amount used for investments) and Special account. It’s NOT just the money in your ordinary account.
Unless you are paying the whole amount, you may have to consider also how much banks are willing to loan. -
hquek:
Currently, the Min sum is $123K. You will need to set aside $61.5K before you can use the excess in Ord account. This amount will be raised incrementally each year (in July)
oh yeah i jst found the info from cpf http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/Reach55-2.htm
thanks a lot. -
micollh:
The old rule is that if you buy a private property after you own a HDB, you have to stay in HDB.
r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB.
The rule has changed a few years ago when there was not enough affordable rental properties. The new rule is that if you complete MOP, you can stay in private property and rent out the HDB.
How do I know? I did this myself. Your agent friend need to beef up knowledge.
BTW, IRAS actually will still apply owner property tax on your HDB. Seems their system still follow the old rules. You have to write in then they will change for you.
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