With effect from 11-Jul-2012 :
- PR flat owners will be allowed to sublet their flat after meeting the MOP, if they have not sublet the flat before.
- Approval will be granted for 1 year only, instead of current 3 yrs
- Upon expiry of the 1-year period, the application to extend the approval will be assessed on a case-by-case basis, and granted only if there are extenuating reasons.
- The total period of subletting is capped at 5 yrs
To report suspected unauthorised subletting / use of flat, call HDB’s dedicated hotline @ 1800-555-6370
Wednesday, July 11, 2012
BTO May 2012
Source : hdb.gov.sg Tuesday, July 10, 2012Lease Buyback Scheme
Under the Lease Buyback Scheme (LBS), launched on 1 Mar 2009, HDB will buy back the tail-end of the lease of flats, leaving the elderly with a shorter 30-year lease (from original the 99-year lease).
In addition to the value of the housing equity unlocked from the shorter lease, the Government will top up the amount with $20,000 (under Budget 2012). Sale proceeds of the flat’s lease can be used to purchase the annuity plan from CPF. But flat cannot be sold in the open market or sublet (whole unit) anymore. To terminate the lease prematurely, the flat owner can: - Return the flat to HDB, and receive a refund for the residual lease pro-rated on a straight-line basis - If the flat is returned < 5 yrs, HDB will recover a pro-rated amount of the $20k subsidy - The Immediate Annuity plan will not be terminated and will continue to provide a lifelong monthly income - If the flat was bought with CPF savings, the lessees would be required to refund the sale proceeds to make up their cohort Minimum Sum, up to the amount of CPF savings that they had withdrawn and the interest that would have been earned on the withdrawn savings into their Retirement Account Thursday, March 29, 2012Latest changes to HDB ruling (Mar-12)
Announced Mar-2012.
If buyers change their mind after putting down an option fee to purchase a flat from HDB, they will now be barred from buying new BTO or resale flats with housing grants for a year. The ban also extends to new DBSS and EC. # Currently, upon booking the flat, buyers pay an option fee that ranges from $250 for a studio apartment, to $2,000 for a 4-room flat or bigger. . Tuesday, March 20, 2012Changes to rules on Sublet of Hawker/Mkt stalls
Effective from 1-Apr-2012 :
1) Subletting of hawker and wet market stalls will no longer be allowed .ie. Hawkers who rented stalls at market rate from the Govt, then sublet the stall to another tenant at a higher price, and pocket the difference. Current stallholders have up three years to comply, or when existing Tenancy Agreement expires from 1-Apr onwards. The rule change will affect only non-subsidised stalls - it is "illegal" for subsidised stallholders to sublet their stalls. 2) New policy - 'Joint Tenancy'. ie. each stall can have two tenants, as long as each stallholder personally operates the stall for at least four hours a day - with no full-day subletting 3) Min/Reserve rent No more Min/Reserve rent will be set. Vacant stalls will be allocated to the highest bidder even if the price is low, as long as there is more than one bid. . Sunday, March 18, 2012SRS
Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings
- Max yearly contribution is $12,750 - Tax relief allowed is the actual SRS contribution made - Can be used for investment (eg. Unit Trust). Any cash portion remaining in SRS will earn standard CPF-IA rates (ie. 0.05% pa) - Withdrawals are penalty-free only after the statutory retirement age (currently at 62) Eg. - if withdrawal is after retirement age, only 50% of the withdrawal amount will be subjected to tax - if withdrawal is before retirement age, 100% of the withdrawal amount will be subjected to tax, inclusive of the 5% penalty - Withdrawal can be spread over 10 years from the date of your first penalty-free withdrawal. - Based on current personal income tax rate, 1st 20k of income is tax-free .ie. to avoid getting tax, max withdrawal should be < 20k/yr Friday, March 2, 2012HDB Executive Condo (EC)
Eligibility
Same as application for new flats, in addition : # Income Ceiling Your average gross monthly household income must not exceed $12,000 # Ownership in Private Property Must not own/dispose/has an estate or interest in private property : - within 30 months before the date of EC application, and - between application date and taking possession of the EC # Ownership in HDB - MOP of 5 yrs before the date of EC application - must dispose of the flat within 6 months from TOP # Ownership in EC - need to wait out a 30-month period from disposal of current EC, before the date of new EC application Second-timers not required to Pay Resale Levy when buying EC Saturday, February 25, 2012HDB Studio Apartments
Studio Apartments come in two sizes, on 30-yrs lease :
-35 square metres -45 square metres No resale levy is payable when buying SA Eligibility Conditions -Singapore Citizen -at least 55 yrs old at the time of application -You must include your spouse in your application if unmarried/divorced/widowed, can be for own occupation -Average gross monthly household income < $10,000 -If currently owns flat, MOP of 5 yrs is required -If currently owns flat, must dispose of share in the flat within 6 mths of taking possession of the SA -If currently owns private property, must dispose of share in property before taking possession of the SA Note: HDB does not grant mortgage loans to SA buyers. The SA has to be paid in full when the buyer collects the keys Buying Of Flat by Private Property Owners
New Flat
As a private property owner, you cannot buy a flat direct from HDB. If you dispose your private property, you must wait 30 months before you are eligible to buy a flat direct from HDB. HDB may consider granting exemption to exceptional cases based on the merits of each case. Resale Flat Private property owner would have to sell their private property within 6 mths from the key collection of their resale HDB unit. HDB Resale Levy
A flat is considered subsidised, if you have bought it:
- Directly from HDB, or - From the open market with a CPF Housing Grant Each eligible family can purchase up to a maximum of 2 subsidised flats, in other words, enjoy 2 housing subsidies Resale levy is payable if you are buying a 2nd subsidised flat Amount Payable :  $20K Silver Housing Bonus
The bonus will be given to older Singaporeans (55 and above) who wish to downgrade their existing flat to a 3-room or smaller flat.
Net sales proceeds will have to be credited back into their CPF accounts - to be matched $—for—$ by the government, up to $20,000 ($15,000 in cash; $5,000 into CPF) Any amount above the minimum sum can then be withdrawn in cash, together with the $15,000 above, will form the total cash-in-pocket after the downgrade. The remaining amount in their CPF accounts will be used to purchase a CPF Life annuity plan.
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