If you are planning on Selling HDB Flats, then you should have known about; after Selling HDB Flats here is where your sales proceeds will go.
- Are your mortgage loans fully paid?
If not, then your sales proceeds will first be used to pay off the outstanding loan.
- If you finance your home with your CPF sayings
You will need to refund part of the proceeds through your CPF ordinary account. This amount consists of “The Principal Amount” withdrawn from your ordinary account to pay for your home and the accrued interest you would have earned. If these savings had not been withdrawn for those over 55-years old the amount refunded will be transferred to your retirement accounts up to the full retirement sum. These amounts include the principal amount withdrawn the accrued interest you would have earned, and any property pledged if you had made one.
After Selling HDB Flats any access above the full retirement some will be returned to you.
- Other outstanding payments due (Solicitor’s fee, etc.)
Part of your proceeds will also be used for other outstanding payments. What’s all the above have been settled any remaining proceeds will be paid out to you in cash, so you might be asking why I need to refund the principal amount plus accrued interest when I sell my flat.
When you use your CPF savings to buy a home you are using money meant for your retirement upon Selling HDB Flats refunding the principal amount plus the accrued interest to your CPF account helps you have the same amount of retirement savings as they would have been if no draw was made. Restoring retirement funds this way means you will be better prepared to meet your needs during your golden years.
HDB is the largest developer and master planner of public housing in Singapore. Each town is comprehensively planned and self-sufficient with facilities to meet the need of everyone.
Your HDB Flat is a permanent home before Selling HDB Flat it is important to plan ahead and consider the factors that may affect the selling process so here are some guides before you plan on Selling HDB Flat
- Check your eligibility to sell
- Flat owners must have physically occupied the flat over present period
- As you prepare on Selling HDB Flat it is important to do the sums carefully
- Use the Sales Proceeds Calculator to work out the estimated amount of the cash you may get from the sales. From this, you will be able to assess your budget to buy your next home.
If you need financing to buy your next flat, check the housing loan amount you can get from the HDB or a financial institution. You can find out more about the HDB loan eligibility conditions on HDB INFO WEB. If you are taking a bank loan, do approach the financial institution for advice. Before taking up a housing loan and committing to Selling HDB Flat, consider changes in circumstances that may affect your ability to service the loan comfortably. These considerations include an increase in interest rate decrease in the household home due to job changes or unemployment and financial adjustments as you provide for your spouse and children while caring for your parents.
Next, check the buyer’s ethnic group and SRP quota eligibility for your flat online or on your mobile phone. Use the Re-sale flat prices before Selling HDB Flats to check recent transacted prices. This will assist you in the price negotiation with potential buyers.
HDB conducts seminars on policies and procedures on Selling HDB Flats. The seminars are conducted in English, Mandarin, Malay, and Tamil. You can view the details on HDB INFO WEB.
After you have planned and considered the factors that may affect your decision about Selling HDB Flat, you can complete and submit the resale checklist online.
After 1st Jan 2018, sellers will adore a streamlined resale procedure with the overview of the new HDB Resale Portal for Selling HDB Flats. Sellers can log in to the HDB Resale Portal with their Sing-Pass to jump their resale voyage. Over the portal, sellers will be showed their Selling HDB Flats journey, and they can trail the growth of their business.