:bigeyes: i see... my landlord was telling me about his resale and did mention something about resale levy.
what do you mean by each Singaporean is eligible for 2 subsidies? let's say .. for example ..
1st implicit one via direct from hdb, 2nd one for resale? am i right?
You and your spouse will be considered as having enjoyed a housing subsidy for the purchase of a new flat.
Minimum Occupation Period (MOP)
You have to occupy the flat for 5 years before you can sell it in the open market. You can submit an application to buy another flat direct from HDB or a new DBSS flat after 5 years from the date you bought your DBSS flat.
Resale Levy:
The resale levy is meant to reduce the housing subsidy that can be enjoyed by flat buyers in the purchase of their second subsidised flat from HDB. It also ensures a fairer allocation of housing subisidies between first-timer and second-timer flat buyers.
You are liable to pay a resale levy when you sell the subsidised flat after meeting the minimum occupation period, and buy a second subsidised flat from HDB or an Executive Condominium (EC) from the developer (or take over ownership of a subsidised HDB flat or an EC within 5 years from the date of issuance of the Temporary Occupation Period).
If you do not intend to buy a second subsidized flat from HDB or an Executive Condominium (EC) from the developer, for example, if you are buying a resale flat, a new DBSS flat or a private residential property, you need not pay the resale levy.
The resale levy has been revised with effect from 3 March 2006. The revised resale levy is a fixed amount that is pegged to the flat type of the first subsidised flat as given below:
Flat Type of the First Subsidised flat Revised Resale Levy
2-room - $15,000
3-room - $30,000
4-room - $40,000
5-room - $45,000
Executive - $50,000
This fixed amount gives flat owners certainty about the resale levy they need to pay. It helps owners of smaller flats to plan ahead if they wish to upgrade to a bigger flat when they are financially ready, as well as owners of bigger flats in financial hardship to buy a smaller flat.
The revised resale levy will apply to second-timer flat buyers who book their second subsidised flat and submit their application to sell or transfer their first subsidised flat, on or after 3 March 06.
You will need to pay the resale levy:
If you sell your existing flat AFTER taking possession of the second subsidised flat. The resale levy will be deducted from the sale proceeds at the point of selling your existing flat in open market. Any shortfall will have to be topped-up in cash.
If you sell your existing flat BEFORE taking possession of the second subsidised flat. The resale levy has to be paid in cash at the point of taking possession of your second subsidised flat.
You can opt to pay the resale levy immediately at the point of resale or defer the payment until you buy another flat from HDB. If you opt to defer the payment, an interest at the prevailing rate of 5% per annum will be charged.
HDBs mortgage financing is not extended to the payment of deferred levy.
Where are you going to find a 48th floor view of both keppel wharfs and the city, as well as prime location for only 377k
