HDB and Condo

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HDB and Condo

Postby micollh » Wed Apr 27, 2011 11:08 am

anyone can advise, if i already paid up mu HDB loan, meaning completed the payment and thinking of buying a condo .. how should i go about it? is it still allowed with the new housing rules? i understand that if i were to get a condo, i cant stay in it? but have to stay in HDB and rent out the condo ? Pls advise. Thanks

micollh
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Re: HDB and Condo

Postby financial_guru » Wed Apr 27, 2011 3:44 pm

micollh wrote:anyone can advise, if i already paid up mu HDB loan, meaning completed the payment and thinking of buying a condo .. how should i go about it? is it still allowed with the new housing rules? i understand that if i were to get a condo, i cant stay in it? but have to stay in HDB and rent out the condo ? Pls advise. Thanks


There is a minimum occupation period of 5 yrs before HDB owners can buy a private property.
Check out: http://www.hdb.gov.sg/fi10/fi10296p.nsf ... enDocument

There's a table below illustrating the new rules

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Re: HDB and Condo

Postby micollh » Wed Apr 27, 2011 3:50 pm

financial_guru wrote:
There is a minimum occupation period of 5 yrs before HDB owners can buy a private property.
Check out: http://www.hdb.gov.sg/fi10/fi10296p.nsf ... enDocument

There's a table below illustrating the new rules


will be 5 years after this year. so after 5 years can buy condo. but still it's for renting out cannot stay in right? meaning if i were to buy a condo now, i have to stay in HDB but rent out the condo ?

micollh
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Re: HDB and Condo

Postby financial_guru » Wed Apr 27, 2011 4:33 pm

micollh wrote:
will be 5 years after this year. so after 5 years can buy condo. but still it's for renting out cannot stay in right? meaning if i were to buy a condo now, i have to stay in HDB but rent out the condo ?


I can't find any further restriction after the 5 yr period. I think you can choose to stay at either one and rent out the other. Its your choice.

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Re: HDB and Condo

Postby micollh » Wed Apr 27, 2011 4:36 pm

financial_guru wrote:I can't find any further restriction after the 5 yr period. I think you can choose to stay at either one and rent out the other. Its your choice.


r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB.

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Re: HDB and Condo

Postby financial_guru » Wed Apr 27, 2011 5:31 pm

micollh wrote:
r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB.


Were you told by a HDB employee? You can try their cust service line at 1800-8663066, but they close at 5pm

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Re: HDB and Condo

Postby starlight1968sg » Wed Apr 27, 2011 6:35 pm

micollh wrote:
financial_guru wrote:I can't find any further restriction after the 5 yr period. I think you can choose to stay at either one and rent out the other. Its your choice.


r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB.

I was told the above too;
I have to stay in hdb but rent out the condo.
But this is never my preference; I would like to live in the condo and rent out my hdb flat.

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Re: HDB and Condo

Postby QuiteKSMum » Wed Apr 27, 2011 7:05 pm


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Re: HDB and Condo

Postby teh_oh » Wed Apr 27, 2011 9:10 pm

Hi,
When I read the details of the application form included in the link given above, it did not state restrictions that HDB owners cannot stay in private property and rent out HDB. However, this may be one of the criteria they look at when assessing your application to rent out the flat.

Under the application form, under Reasons for Subletting (item l):

l. Flat owners of subsidised flats (flats purchased directly from HDB or from the open market with a CPF housing grant) who have occupied their flats for at least 5 years.
Reasons Reasons^ (Refer to Annex A1 or B1):
_____________________________________________________________________________________________________

Then under Annex A1,
Flat owners applying to sublet the whole flat under “k” (occupied the non-subsidised flat for at least 3 years) or “l” (occupied the subsidized flat for at least 5 years) have to provide the reason for subletting in Main Application Form.
Please select one of the reasons appended below and fill it in Main Application Form.
Reasons For Subletting of Flat (“k” and “l”)

Stay in quarters provided by employer;

Stay in living quarters of commercial premises;

Stay with aged parents to take care of them;

Stay with children/relatives due to illness;

Stay with parents who take care of my children;


Stay at own private property;

Work overseas;

Study overseas;

Need additional income for retirement;

Need additional income for other financial needs; or

Rental income is attractive.


Others (please specify it in Main Application Form)





Am I missing anything here? Are there any new regulations?

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Re: HDB and Condo

Postby micollh » Thu Apr 28, 2011 8:20 am

starlight1968sg wrote:
micollh wrote:
financial_guru wrote:I can't find any further restriction after the 5 yr period. I think you can choose to stay at either one and rent out the other. Its your choice.


r u sure? this is not wat i was told. tt's why i want to check. they said if u owned HDB, u buy condo, u cannot stay in condo. but have to stay in HDB.

I was told the above too;
I have to stay in hdb but rent out the condo.
But this is never my preference; I would like to live in the condo and rent out my hdb flat.


me too. :)

micollh
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