Dear HDB Homeowners

ALL-YOU-NEED-TO-KNOW GUIDE IN A HDB SELLING TRANSACTION

You are moving at the right direction and a step closer towards your property journey.

Congratulations for completing the tutorial!

HDB Selling System

A summary of what you have learnt...

Step 1: Calculating Cash Proceed

Formula = Selling Price 'minus' CPF refund 'minus' Loan

  • Finding your Outstanding Loan

    • For Bank Loans, check with your bank

    • For HDB Loans, log in to HDB.gov.sg - My Flat - Financial Info

  • Finding your CPF Refund

    • Log in to

    • CPF.gov.sg - myCPF - Home Ownership

  • Finding your Selling Price

Step 2: Calculating CPF that can be used for the next house

  • For individuals below 55

    • Formula: Total CPF refund from usage of property + Available CPF

  • For individuals 55 and above

    • Formula: Total CPF refund from usage of property + Available CPF minus Full Retirement Sum (FRS)

    • Visit CPF Website to see your Full Retirement Sum since 1995

Step 3: Finding your next home affordability

Formula = (Grants + Total CPF available to be used + Loan Eligibility) X 0.95

  • Find out the grants that you are eligible

    • Second-timer couple living near parents/with parents = $20,000/$30,000

  • Find out your affordability based on Monthly Servicing Ratio(MSR)

Step 4: Understanding the Timeline and Other Jargons

  • Intent to Sell

    • This is like telling HDB, "Hey, I want to sell my house." It's the first step in letting HDB know you're planning to sell your flat.

  • Option to Purchase (OTP)

    • Think of this as a special promise. When someone wants to buy a house, they give the seller a small amount of money to hold the house for them. This promise lasts for a few weeks, and during this time, the seller can't sell the house to anyone else.

    • The option fee is negotiable from $1 to $1000.

  • Exercise

    • This is when the person who wants to buy the house says, "Yes, I'm sure I want to buy it." They do this before the special promise (OTP) time ends. It's like saying, "I'm keeping my promise to buy your house."

    • The exercise fee is negotiable from $1 to $4000.

  • Submission Period

    • Imagine you have some important homework. The submission period is like the deadline for when you need to hand in this homework. For selling a house, it means the time you have to send all the important papers to HDB.

  • Endorsement

    • This is like getting a gold star on your homework. It means someone important has checked the papers and says everything looks good and is correct.

  • Completion

    • This is the final part of selling the house. It's when everything is done, all the papers are signed, and the house officially belongs to the new owner.

  • Extension

    • Imagine you have to move out of your house, but your new house isn't ready yet. An extension is like asking for a few more months to stay in your old house until your new house is ready.

Are We a Perfect Match for Your Property Journey?

Let's Find Out Together!


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