Help with HDB Flats

last SG · 2006-04-06T13:40:43+00:00

It's a HDB loan cause they every month also chase me for payment !

photo_seeker SG

The current flat that I'm staying is approximately 6 years and the first flat purchased with CPF and HDB grants.Currently owes around $50k in loans from HDB.

Thinking of selling this flat now for around $250k and get one new HDB 4 rooms which is $190k and earns $60k profits to clear the loans owed. Even if loan is required, it will be much lower at around $10k only.

I'm not sure if I can buy one first before selling the current one cause I have no where to place the furnitures and stays at. And, how much subsidies will I received?

I've tried calling HDB but their line is busy, so thought of coming online and see if there's any experienced people around.

Thanks in advance. Very Happy

dork3d SG

Me not quite sure if you downgrade your flat from 5-room to 4-room, heard that there will be no rebate or subsidy given and you will need to take on a housing loan from the banks at prevailing interest rates.

There is deadline for selling off your old flat after you bought your new flat, think it's a month if not wrong.

Maybe youncould check up HDB website for more details.

Xcert SG

U owe 50k in loans from HDB...how about grants and the cpf money that U put in?

U might have to top up ur cpf after the sale of ur flat...reason is to stop people from speculative buying and selling for profit like some years back...so I also suggest U email or call HDB up...now still early....let their hotline warm up first...try calling later... Laughing Mr. Green

gerrykoh SG

Reported in news yesterday that if u downgrade, u cannot take HDB loan.
I guess it is better to sell first before buying.
There is less stress in case u cannot get a good price for your present 5-rm.

As for your furniture/appliances, u can always store them in a warehse.
Check the classifieds- there are companies that provide this type of service.

shinta SG

u can always arrange with the buyer to take over the place later...

thats what my dad use to do... Very Happy

the first time was when reno wasn done in time for us to move in.. so end up we stayed at the old place for a few mths extra... in the mean time.. we were payin the buyer around 1k in terms of rent for every 1 mth we stayed..

Mr. Green

CoolMyth SG

You shall get a housing agent. He shall be able to provide you with the best advice needed. Smile

Xcert SG

best for agent confirmed

best for buyer or seller depends on where the wind blows at that time... Rolling Eyes

dcx SG

hMz….can downgrade? I’ve thought of buying a 5-Rms HDB flat and intend to sell it off in a 5~7yrs time and switch/”downgrade” to 4-Rms and maybe could get abit of money from the sale of the 5-Rms flat to use for other purposes…but then heard from my friend said something that we can’t just “downgrade” like that becoz last time got alot of ppl did that n garment has post a restriction on that…not too sure if it’s applicable to HDB or private properties,i.e. condos’

CoolMyth SG

Well, the agent I had was quite good. (At least we didn't face any problems dealing with him) Laughing

It really depends on how you get the agent and also a bit on luck.

photo_seeker SG

Mine is a 4 Rooms corner unit, not 5 rooms. So not considered downgrade right?

newmanmback SG

this is serious if u cannot service your 5-rm and has to downgrade...i believe downgraders cannot buy a new flat from HDB newly built ones and hhas to source for a newer one in the open market...only upgraders can but new unsold HDB flats.

u need to go down to HDB and talk to them ask for advice tell them details of your property and situation..once u hav all the information u need then go look for agent...dun go agent first then HDB...listen to what both sides have to say and work on it accordingly...u can also rent out one or 2 rooms of your existing flat to earn the money to service your 5-rm flat....50k loan is not much and there are ppl who borrow more than what u did.....work out if u can fetch enuff from the rentals to pay off the monthly instalments

gl Mr. Green

photo_seeker SG

Mine is a 4 room !

newmanmback SG

i think same...cannot get direct new flats from HDB only open market...pls check with HDB as i may be wrong and the regulations changed

Mr. Green

Xcert SG

well...if U trust ur agent that much....then its up to U...

ya...contacts and luck counts...

but one thing I learnt from agents is that every potential sale is a new one...meaning...if he did a good job the last time...it doesnt mean it will also be a good job this time...so keep ur eyes open big big Laughing Mr. Green

newmanmback SG

aiyo throw everything to agent...tell him/ her look for a flat for u and sell your current one but must at he same time coordinate timing very well....giv him/ her all the chance he can earn commission but i htink if they can do it re=ight for u worth while orso Mr. Green

photo_seeker SG

I’m looking more for new flats so that I can do all the renovations and stuffs myself .

newmanmback SG

seconf hand flat orso can but must remove the existing one and renovate again loh...no prob one if u wanna renovate....the main prob is money and cash only take note some new flat design and build one okay floor got tiles oredi so u may want to hack them away and renovate again

Mr. Green

photo_seeker SG

Most new flats are only tiles in the kitchen and toilet and not the rest. I only want to redo my kitchen cooking and basin and also my room. And don't want 2nd handed because there might be flaws and stuffs.

Anyone can help, maybe agents? I've received 2 PMs but I'm too busy to call. Maybe if you're able to guide me here?

Thanks !

zaxis SG

just 2 cent
always remember HDB there has
SALE unit & RE sale unit

althougth they are under one roof
before you sign paper, they do not communicate each other

once you signed they talk to each other.

when you sell, you deal with RE sale UNIT

when you buy new, you deal with SALE UNIT

Evil or Very Mad Twisted Evil

BufPuf SG

i tht hdb loans are not for first time applicants?

if we first time buy flat
we can only borrow from bank rite?