Pros and Cons of buying HDB resale flat  * HDB Resale prices are negotiated between seller and buyer. All prices are generally lower than private property by 50%.  * 85% Singaporeans live in HDB estates. While private property prices of Singapore continued to fall in 2016, the Housing Board resale market continued to show signs of stabilising.  * Application of buying HDB resales flat must have at least 1 Singapore Citizen (SC) or 2 Singapore Permanent Residents (SPR) listed. For details please refer to : Eligibility of buying HDB resales  * HDB Resales buyer pays much lower Stamp Duties Tax than non-SPR foreign investor for private property. The Stamp Duties for SPR is normal Stamp Duties of 3% plus extra 5% for first property, while foreigner pays extra 15%. Helplines of Singapore Stamp Duties : 65-64604923.  * For young foreign family looking for "school district", Singapore is an ideal alternative for its billingual education system, safe living environment, and its political stability.  * It's huge commitment of Singapore government to maintain a safe and pleasant living environment, all eligible HDB resale buyers are subject to the following conditions.

The features of HDB resales


MOP

The sellers must fulfil Minimum Occupation Period (MOP) for 5 years before they can sell their flat. MOP is calculated from the date the sellers collect the keys to the flat. It excludes any period where they do not occupy the flat, such as when the whole flat is rented out.

EIP

The Ethnic Integration Policy (EIP) helps to maintain a good ethnic mix in HDB estates. The EIP is in place to preserve Singapore’s multi-cultural identity and promote racial integration and harmony. It ensures that there is a balanced mix of the various ethnic communities in HDB towns. The EIP proportion set for a block/ neighbourhood is based on the ethnic make-up of Singapore.

SPR

The Singapore Permanent Resident (SPR) quota was implemented to better integrate SPR families into the local community. Non-Malaysian SPR households applying to buy an HDB resale flat need to be within the SPR quota for the block (8%) / neighbourhood (5%).

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Even sellers complete MOP, they will not be able to sell their flat to a particular buyer if the sale causes their blocks' or neighbourhoods' EIP and/ or SPR quota to exceed.

* This flat has been approved by HDB to resell. It's MOP, EIP, SPR checked and approved.  * Seller can handle the sales of this flat on her own.

Other information




Acquiring Private Property

After you become a HDB flat owner or occupier, you can choose to acquire private residential properties in Singapore or overseas if you can fulfil the eligibility conditions above. When you acquired a Singapore private porperty, you have to sell your HDB flat within 6 months of acquiring your Singapore private property.

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Cost and fees for HDB resale buyer

- Resale application administrative fees for SGD 80.

- Insurance. Fire insurance e.g.

- Legal fees. If HDB acts for buyer as the mortgagor, legal fee is around SGD 1,500.00 for this flat subject to 70% mortgage loan approved by a bank. HDB cannot act for buyer's mortgagee bank. The bank will therefore engage its own lawyers to prepare the relevant loan documentation. Buyer will be required to pay another legal fees to them. Buyer can check directly with bank as to the fees that will have to pay to bank's lawyers.

Cost and Fees of HDB buyer

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HDB Resales mortgage loan

Up to 80% of the purchase price of your resale HDB flat. One of the prestige banks in Singapore for your information :

HDB home loan - UOB Bank

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Values added to buyer

- No tenancy agreement. Clean apartment immediately available

- 3 months guarantee after sales. In terms of flat's defects

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