I currently own a 5rm HDB flat in Jurong. I intend to sell it to buy a 4rm flat. Will there be any tax imposed to me as I am downgrading?
Posted by Asdriana on Jul 15, 2009 in HDB Questions | 2528 Views
Latest Answers by Real Estate Professionals (8 Answers)
Answer Posted on Jan 30, 2010
hi
Whther you need to pay reale levy depends on whether did your current flat brought directly from HDB and did you take any housing grant for purchase of your current flat.
Do call me for furthur clarification
97936597
THE ARC SYSTEM of selling
Whther you need to pay reale levy depends on whether did your current flat brought directly from HDB and did you take any housing grant for purchase of your current flat.
Do call me for furthur clarification
97936597
THE ARC SYSTEM of selling
Answer Posted on Jul 16, 2009
Hello Asdriana
You are doing a great thing. Effectively, you would be reducing your loan amount. However you would need a bit more cash upfront to make this work, as explained by fellow agents here.
You can contact me below if your want to hear me out.
Regards
Asta 90059053
astapura@propnex.com
www.astapura.com
You are doing a great thing. Effectively, you would be reducing your loan amount. However you would need a bit more cash upfront to make this work, as explained by fellow agents here.
You can contact me below if your want to hear me out.
Regards
Asta 90059053
astapura@propnex.com
www.astapura.com
Answer Posted on Jul 15, 2009
Hi Asdriana,
I assume that you are referring to the resale levy. Resale levy is only payable if you were to buy another subsidized unit direct from HDB. In your case, the levy would be $45,000 and it must be paid in cash. If you are not planning to purchase another subsidized unit direct from HDB, you will not be subjected to this levy.
If you are intending to purchase a 4rm unit from the resale market using bank loan, you would need to pay 5% of the valuation price in cash. Any 'COV' (cash over valuation) agreed between you and the seller must also be settled in cash. We will need to do a detailed financial plan before determining if this is the best course of action for you.
Do feel free to contact me at 98808428 if you have further queries.
Frances Yen
Senior Team Director
ERA
I assume that you are referring to the resale levy. Resale levy is only payable if you were to buy another subsidized unit direct from HDB. In your case, the levy would be $45,000 and it must be paid in cash. If you are not planning to purchase another subsidized unit direct from HDB, you will not be subjected to this levy.
If you are intending to purchase a 4rm unit from the resale market using bank loan, you would need to pay 5% of the valuation price in cash. Any 'COV' (cash over valuation) agreed between you and the seller must also be settled in cash. We will need to do a detailed financial plan before determining if this is the best course of action for you.
Do feel free to contact me at 98808428 if you have further queries.
Frances Yen
Senior Team Director
ERA
Answer Posted on Jul 15, 2009
Hi, Asdriana
You may contact me at 90602433 on selling of your HDB Flat.
Regards
Vincent (Mr Vrealty)
90602433 Hp
Managing Director
VREALTY GROUP
Registration No 53113832A
50 Chin Swee Road #09-04 Thong Chai Building Singapore 169874
More than 500 buyers / investors with our company. Immediate Viewing for your Property! Properties Wanted Urgently!
http://www.VrealtyGroup.myweb.sg
FREE Advertising and Website for Owners!
Sample of Website: http://www.vrealtygroup.myweb.sg/230
Hassle Free with VREALTY GROUP Open House 24/7 System
http://www.VrealtyGroup.myweb.sg
Record Breaking Price with VREALTY GROUP Spin Selling System
http://www.VrealtyGroup.myweb.sg
VREALTY GROUP Legal Advisory
http://www.VrealtyGroup.myweb.sg
VREALTY GROUP Cobroke Agents Network of more than 5,000 agents from more than 450 real estate agencies
http://www.VrealtyGroup.myweb.sg
You may contact me at 90602433 on selling of your HDB Flat.
Regards
Vincent (Mr Vrealty)
90602433 Hp
Managing Director
VREALTY GROUP
Registration No 53113832A
50 Chin Swee Road #09-04 Thong Chai Building Singapore 169874
More than 500 buyers / investors with our company. Immediate Viewing for your Property! Properties Wanted Urgently!
http://www.VrealtyGroup.myweb.sg
FREE Advertising and Website for Owners!
Sample of Website: http://www.vrealtygroup.myweb.sg/230
Hassle Free with VREALTY GROUP Open House 24/7 System
http://www.VrealtyGroup.myweb.sg
Record Breaking Price with VREALTY GROUP Spin Selling System
http://www.VrealtyGroup.myweb.sg
VREALTY GROUP Legal Advisory
http://www.VrealtyGroup.myweb.sg
VREALTY GROUP Cobroke Agents Network of more than 5,000 agents from more than 450 real estate agencies
http://www.VrealtyGroup.myweb.sg
Answer Posted on Jul 15, 2009
Hi Asdriana,
There will not be tax on this downgrading.Unless you have previously taken grant from HDB and will be subjected to the resale levy. But you will need to use a bank loan for your next purchase in the resale market.
If there is anything that i can of assistance,please feel free to contact me at 9768 1214
Cheers,
George Tan
tan.george@rocketmail.com
There will not be tax on this downgrading.Unless you have previously taken grant from HDB and will be subjected to the resale levy. But you will need to use a bank loan for your next purchase in the resale market.
If there is anything that i can of assistance,please feel free to contact me at 9768 1214
Cheers,
George Tan
tan.george@rocketmail.com
Answer Posted on Jul 15, 2009
Hi Asdriana,
I assume ur current 5rm HDB is bought directly frm HDB and took up a HDB loan.
You will not be taxed for your 4rm purchase if it is bought from the resale market. However, you will be required to take a bank loan to finance for this 4rm flat.
Let me know if you need further assistance, as i specialise in jurong west.
Cheerz.
Brandon - ERA Marketing Director
HP: 8233 23 23
Email: aw.brandon@gmail.com
I assume ur current 5rm HDB is bought directly frm HDB and took up a HDB loan.
You will not be taxed for your 4rm purchase if it is bought from the resale market. However, you will be required to take a bank loan to finance for this 4rm flat.
Let me know if you need further assistance, as i specialise in jurong west.
Cheerz.
Brandon - ERA Marketing Director
HP: 8233 23 23
Email: aw.brandon@gmail.com
Answer Posted on Jul 31, 2009
HI I AM LAVANYA FROM PROPNEX
NOW THE MARKET IS GOOD I HAVE BUYER FOR 5 ROOM FLAT IN JURONG WEST VAL+GOOD CASH
PLS FEEL FREE TO CALL ME 91451424 WE WILL DISCUSS ABOUT FINANCIAL PLAN THS
NOW THE MARKET IS GOOD I HAVE BUYER FOR 5 ROOM FLAT IN JURONG WEST VAL+GOOD CASH
PLS FEEL FREE TO CALL ME 91451424 WE WILL DISCUSS ABOUT FINANCIAL PLAN THS
Answer Posted on Jul 16, 2009
Hi Asdriana,
There won't be any Tax imposed for your 5rm flat after selling.
There will be some cash involve when buying the 4rm flat (COV + 5% Valuation price) for taking Bank Loan.
Please feel free to give me a call for a non-obligation discussion @ 9027-6142 (kenlim09@gmail.com).
Regards,
Ken Lim
C & H Group
There won't be any Tax imposed for your 5rm flat after selling.
There will be some cash involve when buying the 4rm flat (COV + 5% Valuation price) for taking Bank Loan.
Please feel free to give me a call for a non-obligation discussion @ 9027-6142 (kenlim09@gmail.com).
Regards,
Ken Lim
C & H Group
Ask a Question
Search Questions & Answers
Browse Questions by Categories
Advertising in PropertyGuru (272)
Condo Questions (4540)
Design, Deco & Renovation (57)
General Questions (2952)
HDB Questions (2547)
Home Buying (5690)
Home Financing (909)
Home Selling (1214)
Investing in Singapore (384)
Living in Singapore (77)
Property Agents (677)
Property Legal Advice (366)
Property Market (536)
Renting Property (2464)
Using PropertyGuru.com.sg (169)
Thank you. Yes the flat I hv now was bought directly from HDB abt 6yrs ago. Since this is answered, I will discuss with my husband further. Should there be anything else I will contact you.