iNz Residence Resale Levy Questions & Answer (Q&A)
This Question and Answer Guide include all that when come to selling or buying a HDB flat, you should understand about HDB resale levy on Executive Condo.
Many HDB flat sellers believing that they must pay a levy provided that they sell their HDB flat. Nonetheless, this isn’t true. Let’s find the response to all your questions out here.
Q: What’s HDB resale levy?
A: The term “levy” is a sort of tax levied by a statutory board. Resale levy is the cash HDB flat owners have to pay when buying their second subsidised HDB flat to HDB
Q: Why do we need to pay resale levy?
A: When Singaporean families buy their second subsidised flat together with the objective to lessen the subsidy of the second subsidised flat a resale levy is imposed by hDB.
Q: What’s a subsidised HDB flat?
A: An HDB flat is deemed subsidised In The Event the flat bought from the open market with CPF Housing Grant or is bought directly from HDB.
Q: Can resale impose pay using CPF economy?
A: No, resale levy can’t be paid using CPF economy.
Q: Can resale impose pay in instalment?
A: No, resale levy can’t be paid in instalment.
Q: What happen if my cash net income is insufficient to settle the resale levy?
A: You’d need to settle the balance levy using your cash economy in case your cash profits from the selling of your present HDB flat isn’t sufficient to finish paying off the HDB resale levy.
Q: Do I need to pay resale levy if I sell my first subsidised flat to get a private condominium or HDB resale flat?
A: No, when you get your second subsidised flat from HDB You simply require to pay resale levy.
Q: If I’m selling my DBSS flat and purchasing a flat that is subsidized, do I need to pay HDB resale levy?
A: Yes, one of buying DBSS flat of the status is the fact that in the event that you get a subsidized HDB flat, you may require to pay resale levy. But If after selling your DBSS flat, you purchase Executive condominium or another DBSS flat, resale flat, you won’t be responsible for the HDB resale levy.
Q: If I purchase or downgrade another HDB flat of exactly the same kind as my present flat, can I avoid paying resale levy?
A: No, you don’t have to pay resale levy provided that the flat is bought from the open market. The wellspring of loan doesn’t matter in any way.
Q: Do I have to pay a HDB resale levy if I inherited a HDB subsidised flat?
A: You’ll need to pay resale levy for those who have at any time sold a HDB subsidised flat. But in case you haven’t sell any subsidised HDB flat, when transferring the flat to your name you WOn’t require to pay resale levy.
Q: Do I need to pay HDB resale levy after selling my Executive Condominium if I purchase a brand new flat direct from HDB that I bought with CPF Housing Grant?
Q: Do I have to pay HDB resale levy if I sold my Executive Condominium that I bought with CPF Housing Grant and get a brand new DBSS flat or a different EC from the developer?
A: For those who is presently holding a subsidised flat or have sold, before you can take possession of the flat you’d have to cover the resale levy.
Q: What’s the sum of resale levy I have to pay?
A: The resale levy relies on your own level kind in case your first subsidised flat was sold after 3rd March 2006.
Q: I bought my first flat under the Single System from the open market with a CPF Housing Grant, I’m now married and intending to purchase a BTO flat. Do I need to pay resale levy?
A: Yes, you should pay half of the resale levy on the basis of the flat kind of your first flat when you get a brand new flat by means of your partner.
A: With the revision, HDB flat sellers are not any longer given the choice to cover the resale levy in the stage of selling a subsidised deferred or flat resale levy payment with interest.
Questions you have but not in this Q&A? Dial 97563430 for more information on eligibility questions.