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chew@PPLe

If Enbloc, Stay Where?

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I heard there is a renovation grant of 30k too. is this talking about the 30K discount or is it a separate grant

there is no S$30k grant for renovation, there is however what you call S$30k cash advance if your hdb buy back price is greater then your oustanding loan, then you may have the option to advance that amount of money. it is just like a form of Contra not a grant at all.

thus if your hdb buy back price is lower then your outstanding loan, then LL lar. your oustanding loan must include all $$ withdrawn from CPF, accrued interest from CPF and your incurred interest.

 

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there is no S$30k grant for renovation, there is however what you call S$30k cash advance if your hdb buy back price is greater then your oustanding loan, then you may have the option to advance that amount of money. it is just like a form of Contra not a grant at all.

thus if your hdb buy back price is lower then your outstanding loan, then LL lar. your oustanding loan must include all $$ withdrawn from CPF, accrued interest from CPF and your incurred interest.

thanks for clearing it up. My old flat is fully paid up so i guess i can get the advance to use for renovation.

 

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thanks for clearing it up. My old flat is fully paid up so i guess i can get the advance to use for renovation.

one more point to add which i forgot earlier, the S$30K will not be advanced in full, the excess will be dispatched to you with-holding S$10K till you hand over the keys of your existing unit and inspection of your unit is in condition based on your valuation, then the remaining S$10K will be dispatched and all without any accrued interest :dancingqueen:

 

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one more point to add which i forgot earlier, the S$30K will not be advanced in full, the excess will be dispatched to you with-holding S$10K till you hand over the keys of your existing unit and inspection of your unit is in condition based on your valuation, then the remaining S$10K will be dispatched and all without any accrued interest :dancingqueen:

if the refund the homeowner is supposed to get is more than $40K, then the homeowner can get the full $30K advanced payment...

there is no accrued interest on the withheld amount because the official date of disbursement of the refund is the date of surrendering of the old flat... note that the $30K is an ADVANCED payment... if HDB wants to, it could actually DEDUCT the accrued interest on the $30K before disbursing the advanced payment, but it did not...

Edited by redbottle
 

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hi,

there is a $30K discount on the new flat offered to you under SERS, but if i'm not wrong, a $30K discount is actually a standard discount offered to all first-time applicants buying from HDB direct (or $40K if the flat is near parents)...

so, actually, SERS has no additional discount, other than the standard discount...

this is quite true, that private buyers will offer u higher than HDB...

This is not true. There's no 30K or 40K discount when first timer is buying NEW flat. SERS replacement flat is a new flat.

So, SERS replacement flat still have additional discount, because it's priced as NEW flat PLUS 30K discount.

 

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So what happens if at the point of enbloc is announced, your combined income is more than 8k? Is there a rule that you cannot have the benefit then because more than 8k cannot take HDB loan? Anybody had this experience?

 

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I'm also curious to know.

Maybe no benefit but still entitle to unit at mkt rate with the amt from SERs:) - just my guess

Edited by raincole
 

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