Quick Answer: When Can I Sell My Resale Flat?

Is there MOP for resale flat?

Yes, there is a MOP (Minimum Occupation Period-5yrs) in all HDB flat, irregardless of new or resale, no matter whether it is under mortgage or not.

Thus anyone who bought HDB flat, you have to fulfill 5 years occupation period before you are allowed to invest in private property..

Can I buy a resale HDB flat after selling my private property?

As you just sold your private property, you cannot buy a BTO flat till 30 months AFTER you sold your private property. Hence you will need to be be buying a HDB resale flat in the open market. BTO flats (ie completely new subsidised HDB flats) are not available to you for 30 months after selling your private property.

Can I buy private property before mop?

Under current HDB regulations, you will need to fulfil your MOP before you are eligible to purchase a private property ie exercise the option of a private property. However, if you have a genuine reason, you may write in to HDB to ask for a waiver of the MOP period.

Does private property have mop?

Resale restrictions Public housing comes with a Minimum Occupancy Period (MOP). You have to live in the property for five years before you can rent out the whole flat, or sell it. … For private housing, there is no MOP, but your main worry is the Seller Stamp Duty (SSD).

How much cash do I need to buy a resale flat?

HDB flat buyers taking out a bank loan: 20% downpayment, of which at least 5% must be paid in cash. Private under-construction development: 20% deposit, of which at least 5% must be paid in cash. HDB resale flat: Deposit of up to $5,000 which must be paid in cash.

What is the minimum occupation period for resale flat?

Minimum Occupation PeriodPurchase ModeMOPResale flat bought from the open market without the CPF Housing Grant2-room flat or bigger5 years3 years2.5 years with an HDB loan and 1 year with bank loan/without any loanFlats bought under the Fresh Start Housing Scheme20 years6 more rows•Aug 5, 2020

Can I rent out my HDB flat and stay in private property?

You can choose to either stay in both properties if you have the financial means. … This is because eligible flat owners are who also owners of a private property are allowed to stay in their private property and sublet their HDB flat. However, prior approval from HDB is needed prior to subletting.

Can I rent my house if I just bought it?

A “Right to Let” mortgage says “we (the loan company) know that you are buying the property to let and that’s fine because we will charge you more”. So YES you CAN rent our a house you have just bought AS LONG AS IT DOES NOT BREACH YOUR MORTGAGE AGREEMENT.

What if I Cannot sell my HDB flat?

For those who are unable to sell their flats, HDB may grant them an extension of time and advise them to be realistic about their asking prices, he said, adding that the HDB will “continue to exercise flexibility for households with exceptional circumstances”.

Can you sell your house before 5 years?

Basically, it says you should never even consider selling until you’ve lived in the home for at least five years.

Can I use CPF to pay for resale flat?

You can use your CPF savings to pay for the entire purchase – if you wish to. If you are using a bank loan to buy a BTO flat, resale flat or private property, your WL would be 120% of your VL. If however you are using a HDB loan to buy a resale flat, your WL is lower, at just 100% of your VL.

How much CPF can I buy for resale flat?

For resale flat applications submitted to HDB from 28 Aug 2018, flat buyers taking an HDB housing loan will have the option of retaining up to $20,000 CPF savings in each buyer’s Ordinary Account (OA). The rest of the available CPF OA balance must be used to pay for the flat purchase.

Can I rent out resale flat?

Singapore Permanent Residents are not allowed to rent out their flat. If you bought your flat new from HDB or bought a resale flat with a housing grant from CPF: You must have occupied your flat for at least 5 years. To rent out bedrooms only: Only bedrooms from HDB flats that are 3-room or larger can be rented out.

How do you avoid resale levy?

How to avoid paying HDB Resale Levy? You do not have to pay any Resale Levy if: You are purchasing your first-subsidised HDB flat. You have only received the Proximity Housing Grant on your previous flat purchase and no other grants (in which case your property will not be considered a subsidised flat)

How can I buy a resale flat without an agent?

Without further ado, let’s dive into the process!Step 1: Register Your Intent to Buy. … Step 2: Plan Your Budget. … Step 3: Source for the HDB Flat of Your Dreams. … Step 4: Bargain With The Seller and Sign the Option to Purchase (OTP) … Step 5: Submit a Request For Value. … Step 6: Exercise the OTP and Pay Option Exercise Fee.More items…•

Do I need to sell my HDB If I buy a private property?

If you own a private property and then buy an HDB flat, you’ll need to sell the private property within six months. The only way to have both an HDB and a private property is to be a citizen, buy a flat, wait for the MOP to be over, and then buy a private property.

Can I rent my flat out?

1) Check your lease! So before you rent out your flat, check your lease for any restrictive covenants that do not allow subletting. … If your lease clearly states subletting is prohibited, then you do not have permission to do so, and you’ll need written permission from the landlord if you wish to let out the property.

Can I inherit my parents HDB if I own a private property?

Whether a private property owner can inherit an HDB or not depends on when the original owner purchased the HDB flat. If the HDB flat was purchased before 30th August 2010, then you can keep both the properties – the private residential property and the inherited HDB.

Can I own 2 HDB flats?

Yes, you can. For resale flats, HDB has a Conversion Scheme whereby eligible buyers/owners can apply to join up two existing flats on either of these two conditions: 1. You currently own a three-room HDB flat (or smaller) and want to buy an adjoining three-room or smaller resale flat.

Can I buy EC before mop?

5. We currently own a HDB flat bought from the resale market. … If you have not bought a flat directly from HDB before, it will depend on whether CPF housing grant was taken for the purchase of resale flat. If yes, you have to wait till your MOP is met before you can apply for an EC.

Can I transfer my HDB to my son?

Existing flat owners may transfer their flat ownership to immediate family members if the proposed owners meet all eligibility conditions.