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Hi, the resale levy will be applicable if they have previously taken grants before, or purchased the room flat as a BTO.

Before everything is done, will advise to get a HFE done first before proceeding.

The resale levy for a 3room flat will be $30k if applicable.

Yes they will be able to continue staying in their flat until maybe 4 months prior(maybe earlier) to key collection to start selling their property.

Since they are elderly, they are eligible for deferred downpayment scheme, which only requires them to pay stamp duty and legal fees first, with the rest of the payment during key collection.

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Good day to you,

Once your HFE application is approved, you will receive the necessary figures regarding the resale levy. If you plan to finance the 2-room flexi unit from your current property, it's wise to coordinate your sale with the collection of the keys for the new unit. Additionally, considering your current age, you may need to contribute to your retirement account if either of you falls short of the Basic Retirement Sum.

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1. **Resale Levy Details**: A $30,000 resale levy applies if they previously used grants or bought a BTO flat. Confirm this by completing the HFE (Housing Flat Eligibility) application first.

2. **Timing for Moving**: They can stay in their current flat until about 4 months before collecting keys for the new unit, giving them time to sell their existing property.

3. **Deferred Downpayment Scheme**: As seniors, they qualify for this scheme, requiring only stamp duty and legal fees upfront. The remaining payment is due during key collection.

4. **Retirement Account Top-Up**: If their CPF Retirement Account falls short of the Basic Retirement Sum, they may need to top it up to meet the requirement.

5. **Financial Coordination**: Plan the sale of their current flat to align with the key collection of the new 2-room Flexi unit to ensure smooth financing.

6. **Explore Grants**: Check if they are eligible for additional housing grants, which can further reduce costs.

*As Lao Tzu wisely said, "The journey of a thousand miles begins with a single step." Start with the HFE application to pave the way for a seamless transition.*

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Hi

When you apply the HFE letter, they will indicate whether the couple is eligible for new flat BTO application, and any resale levy payable (if any). If you happen to know their property purchase history, I can also help you to analyze whether they are still eligible.

Assume they are eligible, they are required to pay up to 10% of the purchase price for downpayment of the flat at the point of Agreement of Lease (booking of unit)

3 to 4 years when the flat is ready for key collection, they need to settle the balance of the purchase price before they can collect the keys. This means they have to time their 3-room sale close to the key collection date.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

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I would be glad to assist you.
Feel free to contact me at wa.me/6597100155
Hope to hear from you soon.
Pei Mobile: (65) 9 7 1 0 0 1 5 5.
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It is best to direct the questions to HDB, and also to apply for HFE. For financing aspects, it can be arranged for the buyers to put up the downpayment only, with the rest of the payment done upon key collection.

——

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Hi,

1) If you have applied for a BTO/SBF in your life or bought a resale flat with grant(s), it means that you will be subject to the resale levy.
2) The resale levy is based on the BTO/SBF flat type (or type of resale flat with grant(s)).
3) The resale levy is discounted for those who right-size to 2-room flexi flat. The maximum resale levy payable on a 2-room Flexi flat with a 45-year lease is $18,000.
https://www.hdb.gov.sg/about-us/news-and-publications/publications/hdbspeaks/resale-levy-ensures-fair-subsidy-allocation

4) If you are buying a lower lease, the levy will be further reduced.
5) You are able to continue staying in the current flat until the keys are ready for collection.
6) You will need to pay downpayment, buyer stamp duty and legal fees at the point of signing the lease agreement.
7) The final payment will only be needed at the completion.
8) If the key collection notice come earlier, you can time your flat market campaign according to the given completion date. And use the sale proceeds for the final payment.
9) You can even utilize the contra facility to minimize the waiting time.
10) If the key collection notice did not provide any notice period. You will have to explain to the HDB officer about your plan and request for delay key collection so that you could sell your flat at market rate at the given complete date.

All the best!

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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.
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