forgotten

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You can keep your cash proceeds if u take bank loan. I think the govt is not imposing the Quantum rule on people taking bank loan, as we already have to pay 5% downpayment in cash.

I manage to find the info on HDB site. You are not affected by the new policy! Luckily you bought your new house earlier. Please read the page:http://www.hdb.gov.sg/fi10/fi10296p.nsf/Pr...6C?OpenDocument "Implementation Date The revised second loan policy is implemented with immediate effect as follows: Transaction Types | Cut-Off Date Purchase of New Flats or DBSS Flats | Date of booking of flat and HLE Application received by HDB on or after the date of policy announcement Purchase of Resale HDB Flats | Date of HLE Application on or after the date of policy announcement Purchase of Replacement Flats Under SERS | Date of HLE Application by SERS flat lessees for new SERS sites announced on or after the date of policy announcement "

To those selling/buying house now, you can check ethnic & PR quoto of the block here. http://services2.hdb.gov.sg/webapp/BB29ETHN/BB29STREET LOL~ My block's PR figure has exceeded the 8% PR quota.

HDB revises loan policy THE Housing Board has removed the upgrading condition for homeowners applying for a secondary concessionary loan from HDB, in a move to help flat owners right-size and exercise financial prudence. This means the second HDB loan will be made available to all households regardless whether they upgrade, downsize or move to the same flat type. Minister for National Development Mah Bow Tan, who announced this in Parliament on Friday, said the focus is on helping families to right-size their housing choices. Currently, only households that are upgrading to a bigger flat type are eligible to apply for a second concessionary loan from HDB. This may have advertently encouraged some to upgrade even though it may not be prudent for them to do so, said Mr. Mah. In a statement, HDB said the change 'will benefit families that need to right-size to smaller flats but do not have sufficient proceeds from the sale of their existing flats'. However, HDB flat buyers who have disposed of their private properties will remain ineligible for a second concessionary loan, it said. To further encourage financial prudence, Mr Mah also announced that HDB will reduce the quantum of the second concessionary loan, based on the full CPF proceeds and part of the cash proceeds from the sale of the existing or immediate past HDB flats. For example, if a couple receives $60,000 in CPF refund and $80,000 in cash proceeds from the sale of their flat, they will need to use their CPF money ($60,000) and half of their cash proceeds ($40,000) to pay for their next flat. HDB would then grant them a loan that is $100,000 less. The couple then retains $40,000 in cash proceeds. HDB said the move to right-size the loan quantum 'will ensure that flat buyers do not take a larger second concessionary loan than necessary, and can help to reduce the likelihood of subsequent mortgage arrears'.

If people can only sell off HDB houses after 3 years, it will probably reduce the supply of houses in the resales market. Demand wise, it's hard to predict.

S'pore-PR couple pays more THE Government on Friday further sharpened the differentiation in housing benefits between citizens and PRs. Currently, all Singaporean couples and a citizen-PR couple are eligible to buy new flats and apply for housing grants if they buy resale flats. With immediate effect, a citizen-PR couple will have to pay a $10,000 premium for new HDB flat. If they buy a resale flat, they will get $10,000 in their housing grant. For example, if a Singaporean who marries a PR is eligible for a CPF Housing Grant when they buy a resale flat, they will get $20,000, or $30,000 if they are staying near their parents, instead of $30,000 or $40,000 respectively. However, if the PR family member eventually takes up citizenship, or the couple has a child who is a citizen, this $10,000 will be given back to them. Eligible households can apply to HDB within six months of the change in household citizenship status to claim the $10,000 Citizen Top-Up via CPF. National Development Minister Mah Bow Tan, who announced the new policy in Parliament on Friday, said it is meant 'to provide an incentive for PRs to take up citizenship... and also reinforce the principle that Singaporeans are our priority'. Mr Mah also pointed out that despite growing concerns of some residents or immigrants pushing up HDB flat prices, 'there is no evidence that specific buyer groups, like PRs and private property owners are driving up prices'. As of 2009, PRs make up 14 per cent of the population living in HDB flats, but PR families own only 5 per cent of HDB flats, said Mr Mah.

New flat quota for PRs THE Government has imposed a limit on the number of flats non-Malaysian permanent residents can buy in any public housing block or estate, with immediate effect. The quota will be set at 5 per cent for neighbourhoods and 8 per cent for blocks and will apply on top of the existing Ethnic Integration Policy (EIP). National Development Minister Mah Bow Tan said in Parliament on Friday that this was meant to prevent foreigner enclaves in HDB estates. 'Even though PR enclaves are not a problem today, we should put precautionary measures in place early. Otherwise, it might be difficult to unravel problems later,' he cautioned. 'It is important that PRs integrate well in our local communities as they are long-term residents in Singapore.' The HDB said PRs buy flats all over Singapore, but there are some towns in the western and northern regions where the proportion of PRs owning flats are slightly higher than the national proportion of 5 per cent.

Straits Times, Mar 5, 2010 3-year minimum occupation The revised policy will apply to resale transactions where applications are received by HDB from Friday. Existing HDB owners of non-subsidised flats will not be affected. THE Housing Board will raise the minimum occupation period (MOP) for the resale of non-subsidised flats to three years, in a move to reinforce owner-occupation and curb speculation. Announcing the extended period in Parliament on Friday, National Development Minister Mah Bow Tan said this will align the minimum occupation for home owners to resell and fully sublet non-subsidised flats. Previously, those who take an HDB concessionary loan have to meet an MOP of 2.5 years, while those who take a bank loan or do not take a loan must occupy the flat for a year. Responding to concerns raised by MPs during the debate on the National Development Ministry's budget in Parliament, Mr Mah reiterated that HDB flats are primarily meant to provide owners with a roof over their heads, and not for speculation or short-term profit. Hence, they are required to stay in their flat for a minimum period before they can sell it in the open market. To foster owner-occupation, Mr Mah said the minimum occupation period for resale of non-subsidised flats will be increased to three years. He said the trend of HDB owners selling their flats shortly after the minimum occupation period has been rising, although the numbers are not large. 'However, if the trend continues, buyers who genuinely need housing could be crowded out,' said Mr Mah. The revised policy will apply to resale transactions where applications are received by HDB from Friday. Existing HDB owners of non-subsidised flats will not be affected, said the HDB.

I hope u can be humane enough not to be thinking of using a lawyer to chase a poor divorcee out of his/her own house! They already suffered years of pain in their marriages, failed in their marriages, have to struggle with their divorcee status in society etc Please don't inflict them further pain. Who knows maybe the divorcee doesn't want to sell the house because he/she has no other place to stay with his/her kid? The divorcees have the rights to drag 1 year later, then sell off their house.

"can the courts grant an order to sign the necessary documents if one party is willing to sign? " The answer is no. But HDB side will ask them to dispose their HDB unit 6 months after their divorce is finalised. I will say that HDB side is compassionate towards divorcees. HBD allowed my friend to sell his house off 1 year + after his divorce was finalised. I have a few divorcee friends who sold off their houses last year. Even if you manage to get the valuation report done, you still need to get both parties to sign on the resale application form before your agent can submit it to get your HDB 1st appointment date. What if that unwilling party refuses to sign on documents, refuses to turn up for HDB 1st appointment? Be prepared for lots of delays if you decide to go ahead with this unit's OTP, as one party is uncooperative. Well if I'm you, I'll continue to source for other units, while I wait for both parties of this unit to agree to sell it off. There are still other units out there waiting for you hehe.

Paiseh

Agree. There are both good & bad agents from all agencies.

http://wuslu.com/index.php?product=display&pid=15573 I came across one at above site. $135.

Well, my agent is from Propnex. Her service is good so far.

Curryqueen, What's your decision?

URL to check ratio: http://services2.hdb.gov.sg/webapp/BB29ETHN/BB29STREET

Sigh ... my current agent (representing me, buyer) die die refused to lower her rate leh. I have to pay her 1% + GST. However, she indeed gives good service these months.

FYI, I saw Tampines IKEA sell the zebra picure (with frame) without the pink eye brow.

Is government trying to drive up the prices of private properties? Government seems desperate to fill up the deep holes (huges losses) left behind by GIC & Temasek Holdings lor. Increase prices of so many things these months!

Straits Times 26 Feb Feb 26, 2010 Residential DC rates up For landed residential sites, the largest increase of 17 per cent will be levied on developments in the Tanglin, Holland, Sixth Avenue, Bukit Timah and Cluny Road areas), Sentosa and even the outskirts in Hougang, Toa Payoh and Ang Mo Kio areas.-- ST PHOTO: ALPHONSUS CHERN THE Government has raised the development charges (DC) payable by property developers for enhancing the use of residential sites. The DC rates for landed homes will go up by an average of 12 per cent for the next six months from March 1, said the Ministry of National Development on Friday. It was unchanged in the previous six-monthly revision. The rates for non-landed homes will rise by 8 per cent on average, compared with 2 per cent previously. But DC rates for commercial sites will fall by 2 per cent on average, with rates for sites in Raffles Quay and Shenton Way areas falling by as much as 13 per cent. But development charges for commercial sites on Sentosa will shoot up by 13 per cent. For landed residential sites, the largest increase of 17 per cent will be levied on developments in the Tanglin, Holland, Sixth Avenue, Bukit Timah and Cluny Road areas), Sentosa and even the outskirts in Hougang, Toa Payoh and Ang Mo Kio areas. The new rates will apply to projects which have been granted provisional permission (PP) or a second and and subsequent extension to the PP on or after March 1.

Wow 5 bedrooms ...

Please correct me if I am wrong... If the buyer has enough CPF funds, he can pay 15% CPF + 5% cash right?

Pay at 1st appointment - apply to HDB loans Pay at 2nd appointment - apply to bank loans I'm taking bank loan, so my lawyer is passing my cheque (COV+5% downpayment) to HDB at 2nd appointment.