Apply HDB New Flat Income > $8,000, Can Appeal?
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smurf:
I dun think it's only just $670. currently, we are paying around $800 cash for a house which cost around 480k. imagine a 700k house??
Hi smurf!
$670 is just an estimate. The actual amount depends on the age group of the couple, because the age group determines how many percentage of the 34.5% CPF contribution goes towards Ordinary/Special/Medisave accounts.
Like what jedamum said, the final amount is also dependent on the loan amount and tenure. If I am not wrong, you are not taking up a 30-year loan, right? -
winth:
We bought a more than 20 year old flat at a high premium. It was announced for SERs, my ILs made the loudest noise cos it was 45K COV for that run-down place.
Flats that have been earmarked for SERs are definitely more worth it. In fact, you got a good deal by just paying $45k COV. For SERs flats, buyers are usually willing to pay much more than that.
Perhaps Titank would like to look for flats with SERs potential? However, it is anybody's guess whether the flats will eventually go through SERs. -
qms:
think stamp duty is paid separately if I remember correctly. ya, no agent fee if buy directly from HDB.:)smurf:
...there are many other cost involved too. stamp duty, agent fee, lawyer fee, renovation cost, interests, so its not only 700k. Interest rate is the hefty one.
Actually, the cost estimates above have already taken into consideration stamp duties, etc. Agent fee? There is no agent fee if you buy direct from HDB, right? Maybe I forgot to indicate this. The calculation was made assuming the couple bought the flat directly from HDB. -
qms:
we are taking slightly shorter than 30 yr loan, but still $800 is a lot to pay. can u imagine your CPF all wipe out and still have to fork out cash, plus, it doesn't include renovation and stamp duty? also, you dun have any CPF UNTIL the loan are all paid up? and then when old, no CPF?smurf:
I dun think it's only just $670. currently, we are paying around $800 cash for a house which cost around 480k. imagine a 700k house??
Hi smurf!
$670 is just an estimate. The actual amount depends on the age group of the couple, because the age group determines how many percentage of the 34.5% CPF contribution goes towards Ordinary/Special/Medisave accounts.
Like what jedamum said, the final amount is also dependent on the loan amount and tenure. If I am not wrong, you are not taking up a 30-year loan, right?
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smurf:
think stamp duty is paid separately if I remember correctly. ya, no agent fee if buy directly from HDB.:)
Hi Smurf!
Stamp duty has already been taken into consideration in the calculation, regardless what mode you pay. -
is it? I remember when I paid, it wasn't leh. maybe need to ask lawyer again. :?
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qms:
how to know if a certain block is SERs? :?winth:
We bought a more than 20 year old flat at a high premium. It was announced for SERs, my ILs made the loudest noise cos it was 45K COV for that run-down place.
Flats that have been earmarked for SERs are definitely more worth it. In fact, you got a good deal by just paying $45k COV. For SERs flats, buyers are usually willing to pay much more than that.
Perhaps Titank would like to look for flats with SERs potential? However, it is anybody's guess whether the flats will eventually go through SERs. -
smurf:
how to know if a certain block is SERs? :?
It is usually announced to the press. However, by then, you will need to pay a premium to buy a flat. There will also be a sudden surge of sellers.
If you want to buy a flat before any announcement is made (at the risk that the place may not get en-bloc eventually, of course), you have to be familiar with the area. Usually, the old flats are the ones slated for en-bloc. Next, you need to look at the buildings. If the flats are old, and the structures are such that main upgrading (e.g. the type where a small room will be added) is not possible, possibility of en-bloc will be higher, too, etc etc.
Above are just my own observation on the flats that have been announced for en-bloc so far, so please don't hold me responsible.
:siam:
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btw, flats already announced for SERS come with own set of criteria. Buyer must not own pte property, must not have combined income more than 8K. Link to their criteria below:
http://www.hdb.gov.sg/fi10/fi10220p.nsf/WPDis/Selective%20En%20bloc%20Redevelopment%20Scheme%20%28e-SERS%29Policies%20-%20Buying%20a%20Resale%20Flat%20Announced%20Under%20SERS?OpenDocument
If you are high income/pte property owner who already own a flat BEFORE announcement, it's ok - you'll be entitled to the replacement. But if you have not owned it, then cannot buy.
Oh, if you want to tikam to get an old flat, consider also the surroundings if there is possibility of going SERS. if they cannot redevelop, likelihood is lower. -
winth:
now we know who are the rich ones around here...:evil:
Now, the value has doubled.
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