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Hi, Am looking to buy a resale flat with my mom. We are able to get $290k in loan from HDB, with $170K in cpf and grants. However, the issue is that the BSD and ABSD is quite high (25k) in cash, which we don’t have. Is it possible to write in to IRAS and pay the late repayment or extend the option period and exercise the OTP later to shorten the time between payment due date and completion date? Does it work for resale flats? Please advise as I’m looking for agents as well! Thank you!
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5 Answers

Hi,
There is no ABSD for HDB homes. You only pay BSD. So, please do contact me so that we can work out the finer details.
Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
www.goodpropertiesguide.com Read More
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Good afternoon,

I assume you are selling a HDB flat and buying another HDB resale flat as well, and also that your MOP of 5 years are fulfilled. If this is the case, not to worry, ABSD remission is automatically granted as it is understood the owner has to sign an undertaking to sell off the HDB within 6 months after getting the next resale HDB. This means the ABSD is not an concern for your calculations. Only the BSD is payable.

Since you are taking HDB loan for the next purchase, you can consider to take up HDB contra facility as well. I have helped various HDB owners to sell and purchase concurrently and to help them to smoothly transit to their next place. Happy to tailor the approach for your housing plans as well. Please contact me at wa.me/6597432395 !

hanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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We were fortunate to have met Ivan Ng. He was thorough in going through what the complicated home-selling process required of us and more so in understanding what we would like to achieve from the sale of our unit. His responsiveness and assurance, was a trait that we really appreciate. We managed to secure a sale that exceeded our expectation with Ivan’s advises. The offered price for our unit was a record set for the flats in the neighborhood. This was definitely supported by the fact that Ivan’s listing of our unit was detailed and stood out from other listings. Because of this, we also engaged Ivan's service to help us search and buy our new resale home. After some searches and viewings, we managed to secure one at a reasonable price with his help. With Ivan’s cheery and positive demeanour, selling our unit to procuring a new one, was a smooth journey for us. It was a pleasure to have worked with him.

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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, there is no ABSD payable for purchasing of HDB flat.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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YT Tan (陈永达)
Good evening,

you mentioned about your concern on stamp duty. Are both of you SPR?

Care to share more about your situation so I will be in a better position to advise and assist further.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

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Travis Toh Guo Zheng
Yes, it is possible to write to the Inland Revenue Authority of Singapore (IRAS) to request an extension of the option period (OTP) for the payment of late repayment or to request a shortening of the time between the payment due date and the completion date. However, IRAS has the discretion to grant or reject such requests, and there is no guarantee that your request will be approved.

If you are facing financial difficulties and need more time to pay the late repayment, it is advisable to reach out to IRAS as soon as possible to discuss your situation and explore available options. IRAS may be able to offer you a payment plan or other arrangements to help you manage your tax debt.

Travis Toh
 +65 88554382 
R067234C
travistoh.era@gmail.com Read More
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