Just want to also share my experiences. We had 2 names hdb1 (fully paid up). Bought another resale under owner-occupier hdb2 (hdb loan), sales completed, loan approved, renovated and moved in... We then sold hdb1. During the final sales completion of hdb1, we are asked to pay back an amount of $200k CASH (cannot use cpf) towards lowering the loan of hdb2. No, the amount wasn't about accrued interest of hdb1. It was just a clause in hdb2 loan contract. All agents and hdb officers don't know the rationale as well.. we put it down to a conditon to deter people from doing this.
@@HoneyMoneySG not really, its just one of the conditions you need to adhere to when using HDB loan. this is the HDB loan clause I'm hit with ($200k in cash).. under HDB loan application para 5. the last sentence is the crux.... 5. The Spouses of the Purchasers, who are listed as occupiers of Flat B (and are owners of Flats A) irrevocably authorize HDB to view their CPF Ordinary Accounts at the point of application for the purchase of Flat B. The CPF balance of the Spouse occupier will have to be paid in cash at the point of purchase of Flat B. The Spouses of the Purchasers, who are listed as occupiers of Flat B, will also be required to use (up to) 50% of their share of the cash proceeds from Flats A to reduce/redeem the loan granted to finance the purchase of Flat B. Upon the sale/ disposal of Flats A, the Spouse occupier's CPF refunds with accrued interest will also have to be paid in cash towards repayment of the loan granted for Flat B.
"Upon the sale/ disposal of Flats A, the Spouse occupier's CPF refunds with accrued interest will also have to be paid in cash towards repayment of the loan granted for Flat B." Which means that on sale of Flat A, if the CPF refunds + Accrued interest comes to $200k and refunded back into your CPF, you will need to come up with this exact $200k in CASH (not CPF) towards the payment of Flat B as the Occupier (not Owner)
Agree with the rest. The more this is shared, the more likely it'll get nerfed. Been seeing lots of content on this in the past year so maybe the nerf will be tabled for post election
My mum and me own a 5rm HDB as co-owner. I was told by a property agent that if I want to buy a 2nd property be it condo or landed ppty, i have to sell my share of HDB to my mum and incur ABSD. Is this correct?
owner occupier makes sense if you(the EO) are set on buying the pte property 5 years later. Alot of things can happen in this 5 years so the objectives must be very clear to you from the onset. It is also more feasible for young couples in 20s 30s cos you have a longer runway and at the peak of your earning capabilities. Then again, if u are power couple(financially) then the other option is to buy 1 pte each instead of going through the HDB route which ties u down for 5 years MOP. But personally I wouldn't advise this openly unless my clients ask me about it.
Tip: hdb owner topup the occupier cpf ma + sa to full via cpf oa transfer.. so as to maximise the income to flow into the occupier cpf oa for housing spend.
Rightfully, if the couple qualifies for hdb, means they are within max household income. If they can afford to go for owner-occupier, then it's very fishy. Either non disclosure or parents support financially 😂.
Actually there is no Max Income restrictions for the purchase of Resale HDB. The Restrictions only apply if you are buying a Resale HDB with HDB Grants or/and taking a HDB Loan. If you are purchasing the Resale HDB with NO GRANTS and a Private Bank Loan, there is no income ceiling ◡̈
Like as mentioned within as well. It is still not easy and not a game for just anyone. I believe if u ask any property agent they will recommend the same. So it isn't really a secret i feel. It's just stating things clear for ur consideration. Is that a path for u anot it's another question.
it is not correct to say that owner occupier status must be decided during BTO flat selection. You can still apply under joint tenancy 5 years later before key collection. At that point in time, you can still pay $300+ to HDB to switch manner of holding to owner occupier. In fact, this is how most couples do it because they have 5 years to think and grow their income, such that it is more comfortable for even the lower income spouse to service the entire loan
You will need to write in the HDB to check with them. It depends on what stage you are at. However, if you change from both owners to One Owner, One Occupier, there will be implications on the Loan Amount and Grants ◡̈
Such a confusing video.. The title is 'How to own....', but most of the video are personal issues like divorce, financial concerns, family's perspective etc..
I think singapore is one of the most ironic countries in the world.. Citizens using social housing to make a profit. Driving continental cars just to be park in social housing carparks. Agents selling social housing like its gold when its just a nicely decorated and polished brass. I get that singapore land is limited but that doesnt mean everyone who is currently living in social housing is some sort of millionaire who made it. What the government is doing is right - providing affordable housing for poor people... but its when poor people become delusional, pretentious and greedy - thats when all these prices comes and spoils society as whole.
SG & PR are okay. Always refer to official HDB rules. www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/understanding-your-eligibility-and-housing-loan-options/flat-and-grant-eligibility/couples-and-families
Yep! One Citizen and One PR is considered a SC family nucleus so it is possible! What we mentioned is not possible is to have the PR be the Main Owner and the SC be the Essential occupier if you are buying as One Owner and One Occupier! Hope that clarifies!
I think singapore is one of the most ironic countries in the world.. Citizens using social housing to make a profit. Driving continental cars just to be park in social housing carparks. Agents selling social housing like its gold when its just a nicely decorated and polished brass. I get that singapore land is limited but that doesnt mean everyone who is currently living in social housing is some sort of millionaire who made it. What the government is doing is right - providing affordable housing for poor people... but its when poor people become delusional, pretentious and greedy - thats when all these prices comes and spoils society as whole.
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Know can already , no need to post so big online, later HDB close this lobang like your CPF SA shielding .
That’s why number one rule is never say, if it reaches youtube, it’s over soon…
Just want to also share my experiences.
We had 2 names hdb1 (fully paid up). Bought another resale under owner-occupier hdb2 (hdb loan), sales completed, loan approved, renovated and moved in... We then sold hdb1. During the final sales completion of hdb1, we are asked to pay back an amount of $200k CASH (cannot use cpf) towards lowering the loan of hdb2. No, the amount wasn't about accrued interest of hdb1. It was just a clause in hdb2 loan contract. All agents and hdb officers don't know the rationale as well.. we put it down to a conditon to deter people from doing this.
This may be something related to the quantum of 2nd HDB Housing Loan
dollarsandsense.sg/need-know-taking-second-hdb-concessionary-loan/
@@HoneyMoneySG not really, its just one of the conditions you need to adhere to when using HDB loan.
this is the HDB loan clause I'm hit with ($200k in cash).. under HDB loan application para 5. the last sentence is the crux....
5. The Spouses of the Purchasers, who are listed as occupiers of Flat B (and are owners of Flats A) irrevocably authorize HDB to view their CPF Ordinary Accounts at the point of application for the purchase of Flat B. The CPF balance of the Spouse occupier will have to be paid in cash at the point of purchase of Flat B. The Spouses of the Purchasers, who are listed as occupiers of Flat B, will also be required to use (up to) 50% of their share of the cash proceeds from Flats A to reduce/redeem the loan granted to finance the purchase of Flat B. Upon the sale/ disposal of Flats A, the Spouse occupier's CPF refunds with accrued interest will also have to be paid in cash towards repayment of the loan granted for Flat B.
"Upon the sale/ disposal of Flats A, the Spouse occupier's CPF refunds with accrued interest will also have to be paid in cash towards repayment of the loan granted for Flat B."
Which means that on sale of Flat A, if the CPF refunds + Accrued interest comes to $200k and refunded back into your CPF, you will need to come up with this exact $200k in CASH (not CPF) towards the payment of Flat B as the Occupier (not Owner)
Agree with the rest. The more this is shared, the more likely it'll get nerfed. Been seeing lots of content on this in the past year so maybe the nerf will be tabled for post election
My mum and me own a 5rm HDB as co-owner. I was told by a property agent that if I want to buy a 2nd property be it condo or landed ppty, i have to sell my share of HDB to my mum and incur ABSD. Is this correct?
owner occupier makes sense if you(the EO) are set on buying the pte property 5 years later. Alot of things can happen in this 5 years so the objectives must be very clear to you from the onset. It is also more feasible for young couples in 20s 30s cos you have a longer runway and at the peak of your earning capabilities. Then again, if u are power couple(financially) then the other option is to buy 1 pte each instead of going through the HDB route which ties u down for 5 years MOP. But personally I wouldn't advise this openly unless my clients ask me about it.
Very risky if the couple decide to separate lot of legal issues and then too late to go get another home
Tip: hdb owner topup the occupier cpf ma + sa to full via cpf oa transfer.. so as to maximise the income to flow into the occupier cpf oa for housing spend.
Very good, incorporate both CPF and HDB!
Great tip!!
Thank you Chris, great sharing. Looking forward to next home video :)
Rightfully, if the couple qualifies for hdb, means they are within max household income. If they can afford to go for owner-occupier, then it's very fishy. Either non disclosure or parents support financially 😂.
Actually there is no Max Income restrictions for the purchase of Resale HDB. The Restrictions only apply if you are buying a Resale HDB with HDB Grants or/and taking a HDB Loan. If you are purchasing the Resale HDB with NO GRANTS and a Private Bank Loan, there is no income ceiling ◡̈
Like as mentioned within as well. It is still not easy and not a game for just anyone. I believe if u ask any property agent they will recommend the same. So it isn't really a secret i feel. It's just stating things clear for ur consideration. Is that a path for u anot it's another question.
it is not correct to say that owner occupier status must be decided during BTO flat selection. You can still apply under joint tenancy 5 years later before key collection. At that point in time, you can still pay $300+ to HDB to switch manner of holding to owner occupier. In fact, this is how most couples do it because they have 5 years to think and grow their income, such that it is more comfortable for even the lower income spouse to service the entire loan
By transferring joint owners to owner-occupier, the sole owner have to pay back the CPF contribution to the out going owner + accrued interest~
You mention most couples did that after 1st HDB appointment but before key collection. I wonder where you get your data from?
@@Cedricchoy that was the case for my bto estate. More than 10 examples
Gov shouldn't allow ppl to own both and make use of hdb for investment purposes
i think there is 35 years old criteria to meet before u can buy flat on open market right? correct me if im wrong.
Can the occupier of 1 hdb owner-occupier scheme go and get another HDB, such that both husband and wife have a hdb each?
You can’t. When you are married, you are in a family nucleus and a family unit cannot hold 2 HDB.
If my partner and I already applied for our BTO as both occupiers, are we able to change to occupier and co-applicant in the future?
You will need to write in the HDB to check with them. It depends on what stage you are at. However, if you change from both owners to One Owner, One Occupier, there will be implications on the Loan Amount and Grants ◡̈
Chim, nice sharing. Learn a lot
Gurus said don't own anything ia the best. 😂. No tax, no bills to pay. Most importantly, nobody is after you. 😅
Such a confusing video.. The title is 'How to own....', but most of the video are personal issues like divorce, financial concerns, family's perspective etc..
My spouse is a PR, can I make her the owner?
can this apply to both PR's as a couple buying an HDB or Private? meaning 2 PR's, 1 as the owner and 1 as the essential occupier.
Sadly this cannot work for PRs in a HDB Setting, as the Main Applicant/Owner needs to be Singaporean ◡̈
Ur intention is good but if u post it online and on public, upper people know liao and GG
Still need 2 people name .....
I think singapore is one of the most ironic countries in the world.. Citizens using social housing to make a profit. Driving continental cars just to be park in social housing carparks. Agents selling social housing like its gold when its just a nicely decorated and polished brass. I get that singapore land is limited but that doesnt mean everyone who is currently living in social housing is some sort of millionaire who made it. What the government is doing is right - providing affordable housing for poor people... but its when poor people become delusional, pretentious and greedy - thats when all these prices comes and spoils society as whole.
Wish to confirm, One citizen and one Singapore PR not able to be both owners?
SG & PR are okay. Always refer to official HDB rules.
www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/understanding-your-eligibility-and-housing-loan-options/flat-and-grant-eligibility/couples-and-families
Yep! One Citizen and One PR is considered a SC family nucleus so it is possible! What we mentioned is not possible is to have the PR be the Main Owner and the SC be the Essential occupier if you are buying as One Owner and One Occupier! Hope that clarifies!
Very risky as if the couple decides to separate after a few years one will be left without a hdb or a hefty loan on a condo lot of legal issues 😢
If me and spouse co owns a resale hdb already, are we able to make the change? ;/
Unfortunately no.. you need to sell and buy again.
Yeap Ryan is correct! The process of making the change is known as Decoupling which is NOT ALLOWED for HDB flats ◡̈
Your intention is good but soon this will be nerf just like your credit card. Not everything need to shared. 😂
Property agents are bottom tier of society
I think singapore is one of the most ironic countries in the world.. Citizens using social housing to make a profit. Driving continental cars just to be park in social housing carparks. Agents selling social housing like its gold when its just a nicely decorated and polished brass. I get that singapore land is limited but that doesnt mean everyone who is currently living in social housing is some sort of millionaire who made it. What the government is doing is right - providing affordable housing for poor people... but its when poor people become delusional, pretentious and greedy - thats when all these prices comes and spoils society as whole.
@@sawfeesh yo who r u bro thats a very well thought out comment. damn.. subbed i guess