Saturday, November 7, 2009

HDB for sale

Purchasing a flat could be one of the biggest financial commitment you may make. If you are thinking of purchasing a resale flat from the open market, there are certain considerations that need to be made be made, such as financial planning, eligibility to buy, entering into Option to Purchase, among other things.

Getting a good flat need some good planning. Making thorough research, including online searching and reading through newspaper classifieds to find out the trends and prices of various estates where there are HDB for sale. This is important to ensure that you get an ideal home. The official Housing Development Board website provides extremely comprehensive information and e-services to guide you along in your purchase of a HDB flat.

There are several rulings that determines if you can get a HDB for sale, or if you are eligible for certain categories of flats. It is important to ensure that you have met these conditions before buying a flat. To buy a resale flat, you must:
=> Qualify under one of the HDB's eligibility schemes
=> Satisfy the ethnic integration policy

HDB for sale - Eligibility Scheme for Public Scheme

This Eligibility Scheme for Public Scheme allows a person (with a proper family nucleus) to obtain a HDB for sale from the open market. To be able to buy a resale flat using this method, these are the conditions that you would have to meet to be eligible:
You must:
=> Be a Singapore Citizen or Permanent Resident
=> Have at least one listed person staying in who is a Singapore Citizen or Permanent Resident.
=> Age: Must be at least 21.
=> Must form a proper family nucleus for example:
     * Your spouse and children, if any; or
     * Your parents and siblings; or
     * Your children under your legal custody, care and control (for widowed, divorced or separated persons).
=> There is no cap on how much you are earning, unless you are applying for CPF Housing Grant and/or an HDB loan.
=> You can own private property (unless applying for CPF Housing Grant) but must live in the HDB resale flat.
=> You can buy a HDB for sale in any town/estate as long as the approved proportion of your ethnic group has not been reached.
=> You may apply for the CPF Housing Grant for Family or Singles if you meet all the eligibility conditions for CPF Housing Grant Scheme for Family or Singles.

Friday, November 6, 2009

Finding a HDB for sale

Thinking of getting a HDB flat, but balking at the amount of procedures you have to familiarise yourself with and eventually go through? The path to getting an idea flat may be a tough one. To most people, property is, after all, one of the major investments one would make and it comes with a hefty price.

There are also many procedures to understand and follow. Some of them include HDB regulations while others are legal requirements.To help you with your purchasing journey, there are many web resources available in getting that great HDB for sale. Some of them are listed below:


ST701
This is web portal operated by Singapore Press Holding.
http://property.st701.com
 
Singapore Condo
From their link: "...our team of expert consultants gives the property investor exclusive access to the best and up-and-coming developments. With our eyes on the horizon and ears to the ground, we help you make the best choice, at just the right time..."
http://www.singaporecondo.com
 
iProperty
About them: "...iProperty.com Singapore is Singapore’s leading real estate website. Each and every month, we help tens of thousands of Singaporeans, expatriates and foreigners find their dream homes or investment properties. We provide the largest database of the most up-to-date listings to help you make informed decisions. We are also the official partner of the Singapore Institute of Estate agents (IEA), and MSN’s exclusive property partner, powering their real estate channel. Using our site, you can rent or buy apartments, condominiums, landed properties, commercial property, hdb for sale, new condominium projects. You can also search for specialist agents using our Agent Directory or developers using out Developer Directory...."
http://www.iproperty.com.sg
 
Nation Property
About nation property: "...The national-property portal was designed with the purpose of it being a one-stop property information portal, which enriches buyers and sellers on real estate information and analyses over Singapore property market...."
http://nationproperty.sg
 
Property Guru
About them: "...Property Guru is Singapore's best online property expert - no one does it better than us. We make Singapore's real estate market easier to understand, provide real-time access to relevant information and (most importantly) help find properties for sale or for rent! No more wading through pages of Classified newspaper listings or wasted phone calls...."
http://www.propertyguru.com.sg
 
Singapore Expats
http://www.singaporeexpats.com

CPF Housing Grant

There are two types of  housing grants available for getting an existing HDB for sale: Family and Singles


Family type of grant

You would be able to obtain a housing grant to buy the HDB flat if you and your spouse are getting a HDB for sale for the very 1st time, and did not previouly obtained a housing subsidy before.

This housing grant comes in the form of cash that would be deposited into the couple's CPF account. This is provided by the goverment so that Singaporeans can afford to purchase a resale flat from the open market for the very first time.

Please note:
All the persons who are listed as occuping the flat must meet the prevailing eligibility conditions for the CPF Housing Grant, such as:
* You must be a first-timer household
* Must meet the income ceiling requirement
* Must be a citizen
* Do not own private property

In addition to the family type of grant, a person can also apply for Additional CPF Housing Grant (AHG). This is valued between $5,000 and $40,000 on top of the family type of grant. However, they do need to meet the eligibility conditions.

For persons who obtain HDB for sale directly from the Housing Development Board, only the AHG is available. This too depends on certain conditions being met. In addition, there is no other grant to be obtained. as these HDB for sale are already sold at a subsidised price.


Singles type of grant

If you are a unmarried singaporean getting a HDB for sale for the very first time, and have not obtained any subsidy for housing previously, you can apply for the CPF housing grant in your purchase of HDB for sale.

This grant is a subsidy provided by the government to help eligible first time buyers to purchase a resale flat from the open market. These are the conditions to be met:
* You should be single and aged 35 (or above). Those who are buying a resale HDB flat to live on their own, under the Single Singapore Citizen Scheme (SSC) can apply for a Singles Grant of $11,000
* 2-4 singles (singaporeans) aged 35 (or above) can jointly obtain a HDB for sale under the Joint Singles Scheme & apply for a maximum of a pair of Singles Grants (worth $22,000)
* A singaporean aged 21 (or above) who marries a non-citizen spouse (he/she must have a social visit pass with at least six months of validity) can purchase a resale HDB under the Non-Citizen Spouse Scheme and apply for a Singles Grant (worth $11,000)
* Single citizens aged 35 (or above) can purchase a resale flat to stay with their parents, under the Public Scheme. He or she can then apply for a higher-tier Singles Grant (worth $20,000)
* Singles purchasing a HDB for sale under the JSS can also apply for the higher-tier singles grant. Each of them can apply to obtain a $11,000 to $20,000. The amount will depend on whether his/her parents are going to stay together with them in the apartment that they have intended to purchase. For siblings buying a resale flat under JSS, the grant amount is $20,000 for one sibling and $11,000 for the other.