AskGuru Q&A Community

Hi,

They need not sell their existing flat to apply BTO, unless they don't have sufficient monies for the 10% downpayment and 3% stamp duties for BTO flat selection. Is their existing flat bought direct from HDB?

Depends on their CPF utilized + accrued interest to be refunded, and their existing CPF RA amount. It will go towards fulfilling FRS first.

Is the existing flat bought direct from HDB back in 1999 ?

Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

Hi,

1) They don't have to sell first to apply for a new BTO.
The things they have to note are:
(a) They must have 10% funds for the BTO. This has to be paid on the flat booking day, which is 6~9 months from the successful balloting.
(b) Legal fees (lower few hundreds if no loan taken) and buyer stamp duty (~3%).
(c) They only need to pay the 90% using sale proceeds and/or loan at the time of key collection.
(d) If they are buying a 2-rm flexi, then no loan will be provided. They have to pay all at the day of flat booking together with legal fees and stamp duty.

2) The CPF refunded from the sale will be used to meet their FRS. You may refer to this link to understand te detail:
https://www.cpf.gov.sg/member/home-ownership/using-your-cpf-to-buy-a-home/cpf-refund-when-selling-or-transferring-property
(Making refunds -> last paragraph after Figure 2)
You may put up an application to the CPF for approval on amount of funds you needed from the sale to pay for the BTO if needed.

3) You will have to check this with the HDB as the only grant for BTO is the EHG:
https://www.hdb.gov.sg/-/media/doc/EAPG/EHG-amount-Couples-and-Families.ashx

4) I would suggest you raise the other concerns with the HDB to receive a black-and-white to protect your interest:
https://services2.hdb.gov.sg/webapp/BF12AWFeedback/BF12SFrontController?service=ServiceFeedback&operation=createFeedback

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer Read More

Hi, appreciate your sharing. Able to do HFE first to determine the loan before proceeding to decide what is best options for them.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More

Do your parents have the finances for 10% downpayment as well as stamp duty for the BTO purchase? If they have, and if they fulfill the eligibility criteria for BTO application, you can actually appeal to CPF to set aside the funds from the sale of current flat to be utilised for their next purchase, thus the funds refunded to the CPF OA including accrued interest can be used for the HDB purchase if they have not met their CPF FRS.

Perhaps you can try to apply for HFE first to see the outcome?

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

-----

Note: We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us!

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

Visit and Like my facebook page at https://www.facebook.com/GerylLimSince2009/ - Aspiring To Be The Best Real Estate Agent In Singapore

Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

-----
Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ http://l.ead.me/7772 Read More

My Answer with regards to your Question:

CPF Funds Upon Selling HDB: When selling their HDB flat, any CPF funds used for the purchase (including both CPF OA and CPF RA funds) will be returned to their CPF accounts accordingly. If they have not met the Full Retirement Sum (FRS) in their CPF Retirement Account (RA), the funds returned will first go towards meeting the FRS requirement before any excess is returned to their CPF Ordinary Account (OA).

apply HFE to see your eligibility,...

Let me assist further ,.....pm me

Whatsapp me at 9856 9255 

I am Sorry that This platform does not allow me to direct contact you.

You can reach me at https://wa.me/6598569255.

I am Happy to Help with No obligations! If you have any more questions or need assistance, FEEL GOOD to let me know. I am here for You! Cheers :)

See my REVIEWS here: (Just need to Copy and Paste the link)

https://www.propertyguru.com.sg/agent/able-s-k-toh-61591

Final A,B,C NOTES:

(A): For BUYERS: SOLUTION for sourcing of RESALE and NEW PRIVATE Home such as Condominium or Landed properties. Represent you as BUYER > Currently there will be NO FEES CHARGED TO YOU/ FREE SERVICE. IN ADDITION:

(B)I can connect you with reputable banker for Private housing loan (IPA, In –Principle Approval), free of charge with no obligation.

(C) Finally , for mortgage home insurance matters , i have liasing partner to fulfill your needs as well .

YES , A ONE STOP SOLUTION Especially For You !

Singapore has hovering over 30000 licensed agents for the last 10 years as property agents come and go .And in my opinion, property guru is the most effective marketing platform this season in Singapore

So, what’s the odd / chances that 2 complete strangers get to link together by property guru ?

So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

ABLE Toh-ERA, Singapore

Mobile :( +65) 9856 9255  “ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me Read More